Good morning. Happy Friday.
The Asian/Pacific markets leaned to the upside. South Korea, India, Australia, Singapore and the Philippines did well; China and Hong Kong were weak. Europe, Africa and the Middle East currently lean down. Turkey, the UAE, Switzerland and Norway are up; Germany, Finland, Hungary, Italy, Portugal, Austria and Sweden are down. Futures in the States point towards a big gap down open for the cash market.
————— VIDEO: The January Barometer + Trifecta —————
The dollar is up. Oil is up; copper is down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Wage watch
The labor market is still “out of balance,” Fed Chair Jerome Powell said at a press conference earlier this week, putting today’s non-farm payrolls report high up on the watchlist. Economists expect the U.S. economy to have added 185K jobs in January, down from the 223K added in December, with the unemployment rate forecast to tick up to 3.6% (from 3.5%) amid an increasing amount of layoffs. However, the bigger piece of the puzzle is wage growth, which will directly influence how central bank policymakers view the current inflation landscape and how the economy is developing.
Bigger picture: The Fed wants to make sure that new job growth slows enough to cut the gap between labor supply and demand, so that wages don’t contribute to inflationary pressures. This dislocation was seen in the recent JOLTS report that showed the number of job openings unexpectedly rising to just over 11M in December vs. 10.4M in the previous month. With almost two job openings for every job seeker, that can lead to higher wages, such as the recent increase seen at Walmart (WMT), the nation’s largest employer.
The labor force participation, which has stayed stubbornly low since the pandemic, also isn’t helping. In December, it ticked up to 62.3%, from 62.2% in the previous month, but remains a full percentage point below its February 2020 level. Remember, until the Fed’s next monetary policy decision, there will be one more non-farm payrolls report, two more consumer price index releases, as well as one on personal consumption expenditures report – each of which gives more insight into inflation dynamics. See why SA contributor Damir Tokic expects today’s payroll report will confirm an imminent recession.
Revisions on tap: There are several factors in this morning’s NFP report – published at 8:30 AM ET – that could shed new light on the state of the labor market. First off, the Labor Department will release its annual benchmark revisions that seek to iron out seasonal fluctuations with more definitive data in the establishment survey. In addition to updating the formulas, new population figures will be incorporated in the household survey – which affects the employment rate – due to fresh estimates from the U.S. Census Bureau. (6 comments)
Tech wreck
Risk-on sentiment deflated after the bell on Thursday following a slew of disappointing results from Big Tech. iPhone weakness and FX headwinds led Apple (AAPL) to report a FQ1 miss, prompting shares to fall 3.7% AH. Things weren’t any better at Amazon (AMZN), which posted softer cloud growth and slipped 5.1%, as well as Alphabet (GOOG, GOOGL), which stumbled 4.6% after missing Wall Street estimates (see what Google said about artificial intelligence). Despite the losses, all three stocks were net gainers on Thursday – following a bumper session during regular trading – though concerns remain. Keep an eye out for how a macro slowdown and a hit to demand are making the digital economy more challenging. (90 comments)
Subject to interpretation
Central banks continue to be in focus, especially as policy diverges following an aggressive rate-hiking party. Compared to a slower 25 basis point increase by the Federal Reserve earlier this week, the Bank of England and European Central Bank both raised rates by 50 basis points each on Thursday. While the former indicated that a pause could be coming, the latter said it expects to increase rates again in March. Bank officials and policymakers have also indicated that the fight against inflation is not yet over, and it’s “too soon to declare victory,” but many market participants are trying to translate those signals into dovish events. (9 comments)
Surprise!
Defensive sectors are still the place to look for stocks that can provide a combo of value and growth, according to BofA’s quantamental Alpha Surprise model. The approach uses a combination of its Dividend Discount Model (the value or ‘alpha’ portion) and the BofA vs. Consensus Forecast Earnings Surprise Model (the growth or ‘surprise’ portion). Merck (MRK), Cardinal Health (CAH) and General Mills (GIS) are among the new names on the list for February (see all the latest additions and deletions). For a more technical take on large-caps, our latest screen shows many more S&P 500 (SP500) stocks in Overbought territory than Oversold (here’s the full list). (6 comments)
Today’s Economic Calendar
8:30 Non-farm payrolls
9:45 PMI Composite Final
10:00 ISM Service Index
1:00 PM Baker-Hughes Rig Count
What else is happening…
Ford (F) CEO says automaker ‘left $2B in profits on the table.’
EV race: XPeng (XPEV) heats up the competition in Europe.
Qualcomm (QCOM) earnings show effects of smartphone slowdown.
Weakness in China leads to comp sales miss at Starbucks (SBUX).
Next target: Nordstrom (JWN) jumps as Ryan Cohen said to take stake.
Short squeeze rallies may be firing up again – watch these stocks.
Falling demand for COVID therapy hurts Eli Lilly’s (LLY) topline.
ConocoPhillips (COP) slips after Q4 miss; return program a bit light.
As Blinken prepares for trip to China, spy balloon spotted in the U.S.
Hershey (HSY) issues bullish guidance despite macro uncertainty.
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Good morning. Happy Thursday.
The Asian/Pacific markets were mixed. South Korea and Taiwan did well; Hong Kong and the Philippines were weak. Europe, Africa and the Middle East are currently posting big gains. The UK, Poland, Germany, Finland, Hungary, Spain, the Netherlands, Italy, Israel and Sweden are up more than 1%. Turkey is down. Futures in the States point towards a moderate (S&P) and big (Nas) open for the cash market.
————— VIDEO: The January Barometer + Trifecta —————
The dollar is down slightly. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Meta gets betta
Back from the edge of the metaverse, social media giant Meta Platforms (META) soared more than 20% in after-hours trading on Wednesday as investors renewed their confidence in CEO Mark Zuckerberg. Helping the situation was a big revenue beat, as well as a massive $40B share buyback program. Meta also released a forecast for FQ1 revenue that could reach as high as $28.5B, which would top sales seen during Q1 of 2021 (and was right before Apple’s (AAPL) privacy measures heavily dented its ad revenues).
SA commentary: “The social media company continues to heal by reining in wild expense growth,” wrote Marketplace author Stone Fox Capital, adding that the tech giant trades closer to ~15x updated ’23 EPS targets with eventual upside from reductions in Reality Labs spending. “Shares are not as cheap as they were in 2022, following a 75% share price increase from the 52-week low,” warned fellow Marketplace author Jonathan Weber, while Livy Investment Research gave another quick take after the earnings report, citing progress and outstanding executions risks.
On a conference call with analysts, Zuckerberg called 2023 the “year of efficiency,” with the company “focused on becoming a stronger and more nimble organization.” Meta has already laid off a “substantial majority” of the approximately 11,000 employees it said it would let go this past November as the firm continues to right-size itself. The social network also ended the period with 2B daily active users, which was better than estimates, and has made progress on its artificial intelligence discovery engine and strong engagement from Reels.
Into the verse: In a blow to the Federal Trade Commission and its Chairwoman Lina Khan, a federal judge ruled yesterday that Meta can buy virtual reality company Within Unlimited. The decision suggests that Meta can now board the M&A train to build up its grand vision of the metaverse, similar to its strategic purchases of Instagram and WhatsApp that allowed it to dominate the social space. It’s a long-term bet, with Meta’s Reality Labs unit losing $4.3B during the quarter, bringing its total loss to $13.7B for 2022. (152 comments)
Path to a soft landing
As expected, the Federal Reserve hiked its policy rate by 25 basis points to 4.50%-4.75% on Wednesday, slowing the rapid tightening campaign that had dented stocks and other assets in 2022. “We’ve [now] raised rates four and a half percentage points, and we’re talking about a couple of more rate hikes to get to that level we think is appropriately restrictive,” Fed Chair Jay Powell declared. “Why do we think that’s probably necessary? We think because inflation is still running very hot.” While the central bank reiterated that it would be data-dependent, investors are already seeing the light at the end of the tunnel, with the Nasdaq Composite Index finishing the session up 2% (Bitcoin (BTC-USD) and cryptos also got a boost). “The rate hike cycle is not done just yet, and with the Fed still pulling liquidity out of the markets, investors would be wise to remain vigilant,” cautioned Seeking Alpha contributor Ahan Vashi. (216 comments)
Debt developments
Additional optimism was seen over in Washington as House Speaker Kevin McCarthy said he had a “very good discussion” with President Biden about government spending and the debt ceiling. “I would feel better if I was the markets based upon the meeting I had today,” McCarthy told reporters. “We have different perspectives, but we both laid out some of our vision of where we’d want to get to. And I believe, after laying them both out, I can see where we can find common ground.” Extraordinary measures are already being employed by the Treasury, with Secretary Janet Yellen warning of big consequences for the U.S. economy if the debt limit is not resolved (which has prompted talk about a $1T coin solution). President Biden is also weighing new candidates for his top economic team, with reports suggesting that Fed Vice Chair Lael Brainard and longtime confidant Jared Bernstein could lead the National Economic Council and Council of Economic Advisers. (3 comments)
New mutants
The FDA-authorized oral COVID-19 therapy developed by Merck (MRK), called Lagevrio (molnupiravir), is leading to new mutations in the virus with the potential for further spread. That’s according to a preprint study of millions of viral samples, which was conducted by researchers in the U.S., the U.K.’s Francis Crick Institute, Imperial College and the University of Liverpool. While the drug-linked mutations of the virus haven’t been shown to be more immune-evasive or lethal, some worry that it could lead to more contagious or dangerous strains of COVID. Merck (MRK) has declined to accept molnupiravir – which it expects to have added $5.2B–$5.4B in sales for 2022 – can cause variations, noting that the virus has mutated during the pandemic due to its uncontrollable spread. Pfizer (PFE) has separately rejected resistance worries regarding its COVID-19 pill called Paxlovid. (50 comments)
Today’s Economic Calendar
7:30 Challenger Job-Cut Report
8:30 Productivity and Costs
8:30 Initial Jobless Claims
10:00 Factory Orders
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
What else is happening…
Energy boom! Shell (SHEL) posts record Q4 profit of $9.8B.
Biden to signal support for ConocoPhillips’ (COP) Alaska oil project.
Job openings unexpectedly climb in December; quits rate stays steady.
The most overbought/oversold S&P 500 stocks to start February.
Samsung (OTCPK:SSNLF) unveils Galaxy S23 phone with 200MP camera.
On the move: Investors buy the comeback story at Peloton (PTON).
Altria (MO) boosted by earnings beat, optimistic outlook.
FTX founder Sam Bankman-Fried’s bail conditions amended by judge.
Another round of layoffs at Rivian (RIVN) trims 6% of workforce.
More cuts: FedEx (FDX) rises after axing 10% of management jobs.
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Good morning. Happy Wednesday. Happy Fed Day.
The Asian/Pacific markets did great. China, Hong Kong, South Korea, Taiwan, New Zealand, Thailand and the Philippines posted solid gains. Europe, Africa and the Middle East are currently mostly up. Denmark, the UAE, Greece, Finland, Norway, Hungary, Spain and the Czech Republic are up; Poland and Turkey are down. Futures in the States point towards a negative open (after being down moderately) for the cash market.
————— Masterclass Overview –>> here —————
The dollar is down. Oil is up; copper is down. Gold and silver are down. Bonds are up.
Stories/News from Seeking Alpha…
Fed Day
Traders widely expect the Federal Reserve to slow its pace of rate hikes to 25 basis points today, down from a 50 bps increase in December, which followed four back-to-back 75 bps hikes. It follows recent economic data that showed inflation decelerating over the past few months, giving evidence that rate hikes are starting to work. On Friday, core PCE inflation, the Fed’s preferred measure, came in at 4.4% Y/Y for December, though the overall figure still remains well above the central bank’s 2% goal.
Snapshot: The Fed’s rapid tightening, which started in March 2022, was intended to reduce demand for goods and services, and bring it more into balance with supply to ease inflationary pressures. Jay Powell and Co. are now assessing the impact of the tightening already in place, so keep a close eye on his press conference that starts at 2:30 PM ET. Of particular note will be whether the statement of “ongoing [interest rate] increases” will be included (it has been in every FOMC statement since last March).
Many recent remarks from Fed officials expect the terminal rate to exceed 5%, with none indicating a willingness to cut for the rest of the year. The Seeking Alpha community appears to agree, with 64% of respondents to this week’s Wall Street Breakfast survey believing that rates will hit 5% or more in 2023. Earlier in January, Minneapolis Fed President Neel Kashkari even said he sees the federal funds rate rising to 5.4% before pausing.
SA commentary: Stocks aren’t reflecting that outlook. Michael Kramer of Mott Capital Management points out that financial markets have eased to levels not seen since the spring of 2022 and may force the Fed to push back on the market’s dovish stance. SA contributor Logan Kane also writes that traders “are clamoring for a pivot,” while Chris Lau looks at five considerations after the Fed’s first rate hike of 2023. (106 comments)
As goes January…?
While Snap’s (SNAP) earnings may have jarred some sentiment, equities wrapped up January with some surprises as the benchmark S&P 500 (SP500) finished the month with a gain of 6.2%. The rally means that stocks hit the so-called “January Indicator Trifecta,” which gives the blue-chip index close to, if not a 100% historical probability of rising strongly for 2023 as a whole, according to Jeff Hirsch of the Stock Trader’s Almanac. The clear leaders of the S&P 500 have been sectors like Consumer Discretionary, Communication Services, Real Estate, IT and Materials, though individual players like Warner Bros. Discovery (WBD) and Tesla (TSLA) have stood out in January’s top 10 best-performing stocks. (7 comments)
Competitive edge
It’s “code red” at Google (GOOG, GOOGL) as the tech leader tries to respond quickly to the threat posed by ChatGPT. OpenAI’s chatbot has made waves since it went public late last year, and even prompted rival Microsoft (NASDAQ:MSFT) to take a multi-billion stake in the company. Google is now testing ChatGPT-like products that use its LaMDA technology (Language Model for Dialogue Applications), such as a chatbot called “Apprentice Bard” that could give detailed answers (even to recent events), as well as integrating new chat technology into its search engine. As AI turns into a significant investing conversation, this actively managed ETF – that makes its trading decisions based on artificial intelligence – doubled the return of the S&P 500 in January. (56 comments)
Water Rush
A Jan. 31 deadline to strike a deal on voluntarily cutting water use of the Colorado River has come and passed amid a historic drought and record low reservoir levels. While a proposal called the “consensus-based modeling alternative,” was jointly submitted by six Western states, California – the largest user of the Colorado River – is not on board. It plans to submit its own plan to protect one of America’s most important natural resources, which supplies water to 40M people. The federal government might now have to impose cuts that will likely end up in court, while Wall Street is smelling dollar signs from the latest crisis as water turns into a hot commodity.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:00 Job Openings and Labor Turnover Survey
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
What else is happening…
House Republican proposes classifying marijuana as Schedule III substance.
U.S. natgas futures wrap up biggest monthly decline in 22 years.
PayPal (PYPL) to lay off 2,000 employees in another round of cost cuts.
AMD (AMD) CEO says company in ‘good position’ for data center gains.
Tesla (TSLA) updates on capex spending, Autopilot probe and Bitcoin.
Downturn! Intel (INTC) cuts employee pay, slashes CEO salary by 25%.
FDA to overhaul food safety division in wake of baby formula issues.
Exxon (XOM) dividend untouched after record annual profit.
McDonald’s (MCD) swings lower with inflation worries in the mix.
GM (GM) revs up Q4 earnings, makes major lithium investment.
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Good morning. Happy Tuesday.
The Asian/Pacific markets were mostly weak. China, Hong Kong, South Korea, Taiwan, Malaysia, Indonesia, Thailand and the Philippines posted moderate losses. Europe, Africa and the Middle East are mixed with a lean to the downside. Poland, Italy and Israel are up; Denmark, Turkey, South Africa, Finland and Hungary are down. Futures in the States point towards a positive open (after being down moderately) for the cash market.
————— Masterclass Overview –>> here —————
The dollar is up slightly. Oil and copper are down. Gold and silver are down. Bonds are up.
Stories/News from Seeking Alpha…
Big Tech on deck
Get ready for the big show! The busiest week of the Q4 earnings season is about to kick off, with more than 100 companies representing nearly a third of the S&P 500’s market value set to report results. Heavyweights like Caterpillar (CAT), Exxon (XOM), GM (GM), McDonald’s (MCD) and Pfizer (PFE) are on tap this morning, but things will quickly turn to tech after the bell. Snap (SNAP) is set to provide an early look into what is cooking in the world of online advertising, user growth and consumer spending, after Microsoft (MSFT) issued conservative guidance last week and revealed that new business growth slowed in December.
Next up: Meta Platforms (META) will disclose its quarterly results tomorrow, while Alphabet (GOOG, GOOGL), Amazon (AMZN) and Apple (AAPL) are gearing up for Thursday. According to FactSet, overall earnings are projected to decline for the season, with technology and media companies among the top losers. Massive layoffs have already hit the industry as a consumer spending slowdown and an aggressive Fed weakens growth-oriented sectors of the economy.
“In the last 90 days, Wall Street analysts have overwhelmingly lowered their earnings estimates ahead of results this week; 42, 46, and 33 downward revisions for Meta, Alphabet, and Apple, respectively,” writes Steve Cress, Head of Quantitative Strategies at Seeking Alpha. He gives a full Quant overview ahead of the earnings, but only one name stands out as a consensus Strong Buy before the big show. The three mega-cap tech stocks’ results could influence the market for months to come, but also check out other Strong Buy technology recommendations that can be found on the SA Top Technology Stocks screener.
Other catalysts: Earnings season is not the only thing on investors’ minds. The FOMC today will kick off its first meeting of 2023, which should provide more clarity on Fed policy direction for the rest of the year. This week’s Wall Street Breakfast poll will remain open until the FOMC press conference tomorrow, so make sure to vote and see what the Seeking Alpha community thinks about where rates might be headed in 2023.
Ruled out?
Will the U.S. send F-16 jets to Ukraine to help in its war against Russia? “No,” President Biden told reporters, ruling out the fourth-generation fighters. Some believe that the decision might eventually be reversed, which could be a boon to defense players like Lockheed Martin (LMT), especially given pressure from Poland and other NATO allies. In fact, there have already been several times that the U.S. administration was resistant to a particular weapons system, only to approve it after rounds of negotiations (M1 Abrams tanks and the Patriot missile defense system). Emmanuel Macron is also set to meet Ukraine Defense Minister Oleksiy Reznikov today in Paris, where such requests may be on the table, after the French president said “by definition, nothing is excluded” in terms of military assistance (Russia might also be mobilizing another 200K troops). (10 comments)
World economic outlook
While concerns about a recession continue to worry markets, fresh optimism was seen in the latest forecasts from the IMF. Resilient demand and spending in the U.S. and Europe, strong labor markets, China’s reopening and the easing of an energy crisis saw the fund upgrade its global economic growth outlook after three cuts in the previous year. Global gross domestic product will likely expand by 2.9% in 2023, 0.2 percentage points higher than estimated in October, and there is a “narrow path” where the U.S. can avoid a recession. “The outlook is not worsened this time around, which in itself is good news, but it’s not enough,” IMF Chief Economist Pierre-Olivier Gourinchas declared, flagging the current price environment (see Mohamed El-Erian wants steeper rate hikes to tame inflation). (115 comments)
New export controls
The battle over silicon continues as the U.S. considers cutting off Chinese telecoms equipment giant Huawei from all of its American suppliers. While the firm has been blacklisted for several years – over national security concerns and to limit China’s technological advances – certain goods were allowed to be sold to the company. For example, Intel (INTC) and Qualcomm (QCOM) received permission to sell 4G smartphone chips to Huawei in 2020 (after heavy lobbying efforts), though for others like Broadcom (AVGO), the bans have wiped out large amounts of revenue. Additional items that may now be in the crosshairs include artificial intelligence, Wi-Fi 6 and 7, and high-performance cloud and computing products. (4 comments)
Today’s Economic Calendar
FOMC meeting begins
8:30 Employment Cost Index
9:00 S&P CoreLogic Case-Shiller Home Price Index
9:00 FHFA House Price Index
9:45 Chicago PMI
10:00 Consumer Confidence
3:00 PM Farm Prices
What else is happening…
Another key automaker follows Tesla (TSLA) in cutting EV prices.
Ukraine war helped speed shift away from oil and gas – BP.
J&J (JNJ) blocked from using bankruptcy to resolve talc lawsuits.
DOJ collects depositions for Spirit (SAVE)-JetBlue (JBLU) lawsuit.
‘Avatar 2’ (DIS) leads for seventh week, becomes global No. 4 all-time.
COVID public health emergency coming to an end on May 11.
Lucid (LCID) may have Saudi backing even if buyout doesn’t happen.
Elon Musk’s Twitter payments system could include a crypto option.
Here are the top small-cap stock ideas from MKM’s chart team.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets leaned down. China and Taiwan did well; Hong Kong, South Korea and the Philippines were weak. Europe, Africa and the Middle East are mostly down. Denmark and Israel are up, but Poland, Turkey, Finland, Germany, South Africa, France, Hungary, the Netherlands, Portugal and Austria are down. Futures in the States point towards a relatively big gap down open for the cash market.
————— Masterclass Overview –>> here —————
The dollar is up slightly. Oil is up; copper is down. Gold is up; silver is down. Bonds are down.
Stories/News from Seeking Alpha…
Auto sales crown
Toyota (NYSE:TM) is not only defending its title as the world’s top-selling automaker for a third year in a row, but it is doing so by a wide margin. Including subsidiaries Hino Motors and Daihatsu, group sales reached 10.5M vehicles in 2022, compared to the 8.3M of its second-ranked rival Volkswagen (OTCPK:VWAGY). The news comes after Toyota shocked the industry with its first CEO transition in 14 years that could indicate a stronger focus on next-generation vehicles.
Bigger picture: Despite production constraints caused by COVID-19 and increased demand for semiconductors, Toyota’s total sales were in line with its figure from 2021 versus a 7% annual drop seen at VW. Pressures from poorly stocked dealerships and dwindling savings have been seen across the globe, as well as the U.S., which just marked its worst showing for car sales in over a decade. Financing new vehicles is also growing more expensive than ever, with 15.7% of American car buyers having a record-high monthly payment of more than $1,000.
In 2021, Toyota even surpassed General Motors (NYSE:GM) as the best-selling automaker in the U.S. (see how here), though it doesn’t remain its long-term goal as the company sets its sights on the transformation of the auto industry. Toyota has been diversifying its portfolio into a broad range of vehicle classes, including ICE, EV, hybrid and hydrogen fuel cells, a strategy that it has continued to pursue for decades (the first Prius was released in 1997). While Toyota has recently doubled down on its all battery-electric vehicles, SA author Doron Levin says it is not moving fast enough when factoring in its global footprint, though he does like the company’s dividend, which is paying a yield of nearly 3%.
Fully electric or plug-in hybrid? As the BEV or PHEV debate rages on the world stage, many are sizing up how things will play out, especially given governmental intervention (see green energy subsidies and tax breaks) and the starting lines of various automakers. SA contributor Ramy Taraboulsi flags some interesting winners in the race, even if their strategies and business models are flawed. See how he stacks up the visions of Toyota versus Tesla (NASDAQ:TSLA), as well as their core competencies and financial projections. (365 comments)
Prices at the pump
U.S. gasoline prices have surged 12% over the past month to average $3.51 per gallon, threatening the Fed’s inflation fight and potentially extending last year’s big rally in refinery equities. Although winter storms in December contributed to tighter supply, January’s mild weather may have led to more drivers that are pushing up pump prices. Gasoline exports have also doubled from a year ago as China’s reopening means there are more people using fuel, while diesel is rising again toward 2022’s highs as Europe bans Russian oil products starting Feb. 5. Valero (VLO) was the first of the major refiners reporting Q4 earnings last week, easily beating Wall Street estimates and wrapping up its best year on record. Seeking Alpha Quant Ratings are also heavily bullish on industry players like PBF Energy (PBF) and Marathon Petroleum (MPC). (42 comments)
China’s response to ChatGPT
Chinese search giant Baidu (BIDU) is reportedly planning to roll out an artificial intelligence chatbot service similar to OpenAI’s ChatGPT in March, which would launch as a standalone application and gradually merge with its search engine (will Microsoft do the same?). To note, chatbots in China currently focus on social interaction, though ChatGPT performs better at more professional tasks, such as programming and essay writing. Apart from research in AI, Baidu is developing autonomous driving technology. Last month, the company was also dropped from the Nasdaq 100 amid several changes to the closely watched index.
Today’s Economic Calendar
10:30 Dallas Fed Manufacturing Survey
What else is happening…
Apple (AAPL) likely to report weak Q1, but investors eye the outlook.
That’s original: Netflix (NFLX) dominates most-streamed programs of ’22.
Boeing (BA) prepares for last delivery of iconic 747 jumbo jet.
Cost cuts? Minimum purchase requirement raised at Amazon Fresh (AMZN).
Ethereum (ETH-USD) expected to shine the most among cryptos – survey.
Renault (OTCPK:RNLSY), Nissan (OTCPK:NSANY) overhaul their alliance.
SEC investigates Elon Musk over Tesla (TSLA) self-driving claims.
Credit card banks continue long slog back to normalized delinquency rates.
A Bed Bath & Beyond (BBBY) bankruptcy could give these stocks a boost.
How is AI used in medical devices, diagnostics and drug development?
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