Nvidia's stock surged in after-hours trading as the company exceeded quarterly estimates again and provided optimistic guidance for
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2023-08-24 | Sign Up | View Online | Advertise
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S&P 500 4,436.01 +1.10%
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Markets & Economy
Economic data in Europe just went from bad to worse (2 min read)

Business activity in Europe contracted again in August, reaching its lowest point since November 2020. The euro zone's composite purchasing managers' index fell below expectations to 47.0, indicating a decline in economic activity. The service sector, which had been a support, is starting to show signs of weakness, matching the struggling manufacturing sector. This brings discussion to the ECB's potential actions in its upcoming meeting as the economy faces the challenges of higher rates, energy prices, and subdued external demand.
China’s Slowdown Has an Upside for BRICS Bloc Dealmakers (4 min read)

According to the executives at the BRICS summit this week, China’s economic slowdown is likely to allow other nations to attract more investment aimed at emerging markets. The slowdown in China has impacted global markets and commodity demand. It will be a challenge for China to reverse this trend in the near term, which can affect countries reliant on Chinese exports. However, leaders at the summit believe this could benefit other economies in BRICS, like India for example, as investors look for alternatives in emerging markets.
Business & Stocks
Nvidia reports a massive jump in revenue, driven by demand for AI chips (2 min read)

Nvidia's stock surged in after-hours trading as the company exceeded quarterly estimates again and provided optimistic guidance for the current period. Both earnings and revenue in Q2 were much better than analysts had anticipated. Nvidia forecasts Q3 revenue to be approximately $16 billion, which would represent about 170% annual sales growth. All of this reflects strong demand for Nvidia’s chips amid the AI boom as investors had hoped. Nvidia also authorized $25 billion in share buybacks that, in theory, should assist in lifting its stock price even higher.
Global Investors Abandon China Blue Chips in $11 Billion Selloff (2 min read)

Global investors are selling Chinese blue-chip stocks in a record streak, indicating waning interest in the country’s top players amid a growing market decline. Foreign funds have collectively withdrawn $11 billion over the last 12 days, marking the longest retreat since 2016. This massive exit is driven by concerns in China, which include the property crisis and deflation that have shattered hopes for economic recovery this year. China’s equity benchmark is down about 8% this month and the selling continues, revealing growing bearishness.
Funds & ETFs
GraniteShares' Single Stock ETFs Will Follow Nvidia, Tesla, AMD (3 min read)

GraniteShares, a $1.7 billion asset manager known for its single-stock ETFs, introduced a new set of ETFs that rides the wave of trading momentum around popular stocks like Nvidia, Tesla, and AMD. These ETFs offer both leveraged long and short exposure to these stocks, catering to investors looking for easy ways to capitalize on market moves. The company said the launch of these new ETFs is because of the high demand for those stocks as single-stock ETFs gained traction as a short-term trading tool for investors.
Long Jim Cramer ETF Closes After $1.3M in Inflows (2 min read)

An ETF tracking Jim Cramer's stock picks, the Long Cramer Tracker ETF (LJIM), will close after gathering only $1.3 million since its March launch. LJIM buys stocks that Cramer recommends and was created by Tuttle Capital to provoke Cramer's lack of accountability in his stock picks. Its counterpart, the Inverse Cramer Tracker ETF (SJIM), which shorts Cramer's picks, will remain open. Despite the closure, LJIM actually outperformed SJIM this summer, but Tuttle believes it was due to “lucky” bets on high-flying tech stocks during the AI rally.
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