Beat the street: Megacaps and chips higher ahead of US data; Tesla; Hot cocoa
US stocks likely to rise as most chip and megacap stocks are indicated higher ahead of consumer confidence data. Tesla offers US customers a month's trial of its driver-assist technology, Full Self-Driving.
Plus, cocoa prices soar to record highs.
(AI Video Summary)
Tesla
In today's edition of "Beat the street", Angeline Ong coverd all the tradable news you need to know ahead of the Wall Street open. Tesla is giving American customers the chance to try out their technology that helps with driving for free. This comes at a time when Tesla is facing more competition in the electric vehicle market and not as many people are buying their cars. The Dow Jones, a measurement of the stock market, didn't show much reaction to this news. Instead, investors are more interested in upcoming economic information like consumer confidence and core PCE numbers.
Interview with John Stoltzfus
Ong is joined by, John Stoltzfus, who works at Oppenheimer Asset Management, and he thinks that people are still worried about prices going up and the Federal Reserve, which is like the bank of the US, is trying to handle things carefully. He also thinks that the S&P 500, which is another way to measure the stock market, will go up by the end of the year. He expects companies in the S&P 500 to make more money in 2024.
Indicies
In the world of technology stocks, the NASDAQ, which measures a bunch of technology companies, keeps going up but seems to be getting tired. The US and China, two big countries, are having an important meeting that might make some progress, but they still have a lot of differences. Chris Beauchamp from IG knows a lot about the markets, and thinks the NASDAQ 100 will go up more. However, he thinks there might be some bumpy times because of economic information and how things are going with the euro.
Company news
UPS, a delivery company, said they expect to make more money in 2026 than people thought.
Major tech company, Dell, is trying to save money, which might make their shares worth more.
Cocoa
The price of cocoa, which is used to make chocolate, is at the highest it has ever been because of a lot of things, like the weather and people wanting more chocolate.
Dow Jones
As the stock market opens, the Dow Jones is still going up, but investors are being careful because they are waiting for information about core PCE and consumer confidence.
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