Rumble Inc. receives a massive $775 million investment from Tether, boosting its stock price significantly. Tether’s investment reflects shared values of decentralization and free speech. Rumble plans to use the funds for growth and a stock buyback offer.
The stock market experienced significant volatility this week, starting with optimism for a “Santa Rally” but quickly shifting to uncertainty after the Federal Reserve’s hawkish statement. However, positive inflation data revived hopes for year-end gains. Historically, the stock market tends to rally in late December, and certain stocks have shown strong year-end performance in the past.
A recent poll reveals that investors believe Nvidia is poised to benefit the most from a potential Santa Claus rally. With Nvidia significantly outperforming the market and its Magnificent 7 peers in 2024, investors are optimistic about its continued growth. Other stocks such as Tesla and Amazon are also seen as strong contenders in a potential year-end market surge.
Wall Street analysts have revised their price targets for several major companies. Notable changes include price target increases for Darden Restaurants, FedEx, and Coinbase, while Nike and Lennar experienced reductions. Analyst ratings varied from Buy to Market Perform and Equal-Weight, reflecting a diverse range of opinions on the companies’ prospects.
Palantir Technologies, after a significant stock price surge, saw a 3.62% drop in pre-market trading. This follows a neutral rating from an analyst citing valuation concerns despite strong fundamentals. A large, new U.S. Army contract, however, may provide a counterbalance to the negative market reaction.
Broadcom CEO Hock Tan forecasts a decade-long boom in artificial intelligence, driven by massive investments from tech giants in custom AI processors. Broadcom is a key supplier to major AI players like OpenAI and Apple, and Tan predicts tens of billions of dollars in additional annual revenue from AI chips by 2027. Broadcom’s stock price has surged over 101% year-to-date, reflecting investor confidence in the AI market’s future.
Donald Trump transferred his entire stake in Trump Media & Technology Group (DJT) to a revocable trust, causing a 5.31% drop in the company’s stock value. The $4 billion transfer involved 114,750,000 shares, leaving Trump as the sole beneficiary. This follows his previous criticism of Nasdaq and hints at a potential NYSE move. The market reaction indicates investor uncertainty about Trump’s future role in the company.
Sidus Space, Inc. (SIDU) secured $14.1 million in a recent funding round. While the company is progressing well with its LizzieSat-2 satellite, slated for launch in December 2024, its shares fell 7.10% in premarket trading. The funds will be used for working capital and general corporate purposes.
Wall Street anticipates the largest ever “Triple Witching” day on December 20th, with over $6.6 trillion in options contracts expiring. This event, occurring four times a year, could cause significant market volatility due to the simultaneous expiration of various contracts. Pre-market indicators show a negative trend for major indices, raising concerns about potential market fluctuations.
The CNN Fear and Greed index shows “Extreme Fear” as US stocks have a mixed performance. The Dow ended its longest losing streak since 1974, but gains were short-lived. Micron Technology shares fell 16%, despite better-than-expected earnings, while positive economic data had little market impact. Investors await earnings reports from Carnival and Winnebago.
