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Live Updates: Nasdaq Composite Surges Ahead of S&P 500 (SPY)
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Live Updates
Uber Shares Under Pressure
Shares of Uber (Nasdaq: UBER) are down 6.1% today after General Motors (NYSE: GM) announced they’d cease funding of their Cruise robotaxi division. Uber had announced a partnership with Cruise previously, so GM throwing in the towel on the division gives Uber one less option as it prepares to battle Alphabet‘s (Nasdaq: GOOGL) Waymo expanding rapidly across the U.S. and Tesla (Nasdaq: TSLA) preparing to launch a robotaxi service.
Healthcare Stocks Struggling
Healthcare is under the most pressure today, with the sector falling 1.21%. Drug manufacturers are under pressure with Eli Lilly (NYSE: LLY) down 1.26%.
However, the biggest drops are in healthcare plans. Unitedhealth Group (NYSE: UNH) is down 5.14% and Humana (NYSE: HUM) is down 3.14%.
Technology stocks are seeing massive gains on Wednesday. Alphabet (Nasdaq: GOOGL) continues its winning streak after announcing a quantum computing breakthrough on Monday while other stocks like Meta Platforms (Nasdaq: META), Netflix (Nasdaq: NFLX), Amazon (Nasdaq: AMZN), and Tesla (Nasdaq: TSLA) are seeing strong gains.
Overall, the Nasdaq Composite is up 1.52%. Let’s see how that compares to other major market indexes as of 11:30 a.m. ET:
- Nasdaq-100: Up 301.02 (+1.53%)
- Russell 2000: Up 4.26 (+.18%)
- S&P 500: Up 48.79 (+.81%)
- Dow Jones Industrial Average: -4.57 (-.01%)
Here are some of the biggest storylines driving the market today. Amongst stocks in the SPY, technology stocks are performing best while healthcare stocks are down more than 1% on a day when most industries are in the green.
Apple Partners with Broadcom
One of the biggest trends in the AI space is large hyperscalers (Meta, Google, Amazon, Microsoft) working on their own custom AI chips. To date, Apple has been the least aggressive big tech company when it comes to large spending on data centers.
However, now that Apple has begun rolling out its Apple Intelligence features, the company is getting more serious about investing in large data centers. Today, The Information reported that Apple is working with Broadcom to design a custom AI chip and networking solutions. Broadcom has helped Google design its TPU processors which have been a key factor in the company gaining market share against larger cloud competitors like AWS, so it’s not surprising Apple would select Broadcom to help with this project.
Broadcom (Nasdaq: AVGO) shares are up 6.13% on the news.
Inflation Numbers Don’t Rattle the Markets
The Bureau of Labor Statistics released fresh inflation data this morning. The headline figure is that the consumer price index (CPI) increased at a rate of 2.7% in November. That’s a slight acceleration from October’s reading of 2.6%, but markets seem to be taking the number in stride.
Some of the areas where inflation is running the hottest include:
- Eggs: 37.5% price increase from last year
- Juice and Drinks: 17.2%
- Ground Beef: 4.8%
- Motor Vehicle Insurance: 12.7%
- Elderly Care: 9.9%
- Health Insurance: 5.9%
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