?? Meta Debuts New AI Chip

S&P 500 5,160.64 -49.27 (-0.95%)

Dow Jones 38,461.51 -422.16 (-1.09%)

NASDAQ 16,170.36 -136.28 (-0.84%)

Market close: April 10, 2024

Breaking News

Meta unveiled details about its next generation AI chip referred to as “Artemis,” that will help Meta reduce its reliance on Nvidia's AI chips. CNBC reports.

The Warm Up

4Runner: Toyota Motor has revealed a new 4Runner SUV for the first time in nearly 15 years — completing a recent redesign of the automaker’s current trucks and SUVs. CNBC reports.

Interlabel: The Federal Communications Commission is rolling out mandatory ‘nutrition labels’ for internet providers’ plans. The information will now be standardized across providers and displayed in a new disclosure. CNN reports.

Credit-Crunch: Fitch cut its outlook on China's sovereign credit rating to negative on Wednesday, citing risks to public finances as the economy faces increasing uncertainty. Reuters reports.

Cuts: Apple is laying off more than 600 workers in California, marking the company’s first big wave of post-pandemic job cuts amid a broader wave of tech industry consolidation. ABC reports.

Tech-Laws: EU's new tech laws are working; independent browser companies in the European Union are seeing a spike in users. Reuters reports.

Stamp-Hike: The U.S. Postal Service filed a notice with its regulators to increase prices. The First-Class “Forever” stamps will increase to 73 cents from 68 cents. CNN reports.

Tech Thursday

Big Tech’s grip on social media is a growing problem.

A single trillion-dollar company controls Facebook, Instagram, Threads and WhatsApp. That concentration of digital ownership can create real-world harm, as a recent censorship dispute with Meta lays bare. Last week, Meta apologized after blocking links by a nonprofit newspaper and an independent journalist who published a report that criticized Facebook and accused it of suppressing posts related to climate change. Meta denied that it was censoring content and blamed an unspecified “security issue.”

Read More

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Yesterday’s Biggest Movers

The closing price of the top three market percent gainers trading near or above $3 on April 10.

(All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time)

1. $RENT: Rent the Runway

Total gain: (40%)

The stock appeared to be moving on no notable news.

2. $SKYE: Skye Bioscience

Total gain: (40%)

The company announced today that it has received approval to list its common stock on the Nasdaq Global Market. Benzinga reports.

3. $IFBD: Infobird Co

Total gain: (33%)

The stock appeared to be moving on no notable news.

Today’s Notable Earnings

(Estimate and Actual numbers represent Earnings Per Share in US Dollars)

CONN Conn's

4Q 2024

Before Market Open Estimate: -1.57 Actual: -1.25

FAST Fastenal

1Q 2024

Before Market Open Estimate: 0.53 Actual: 0.52

LOVE Lovesac

4Q 2024

Before Market Open Estimate: 1.92 Actual: 1.87

Today’s Key Economic Dates

Time (ET) / Report / Period

8:30 am Initial Jobless Claims

8:30 am Producer Price Index

12:00 pm Boston Federal Reserve President, Susan Collins, speaks

Extra-Time

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Parting Thoughts

"Successful investing takes time, discipline and patience.”

― Warren Buffet

Sourced in: Buffett's Tips A Guide to Financial Literacy and Life By John M. Longo, Tyler J. Longo · 2020

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