Commentary- Testing AI News For This Week 

Wall Street started off 2024 with subtle losses, with the S&P 500 and Dow Jones Industrial Average futures dropping 0.8% and 0.6% respectively before the opening bell on the first trading day of the year. Despite easing inflation, resilient economy, and the prospect of lower interest rates, stocks fell from their near all-time highs. This week, investors and economists also await new crucial employment data including November job openings, weekly jobless claims, and December jobs report. In international markets, Hong Kong’s benchmark and Shanghai declined due to signs of weakness in Chinese manufacturing and property sectors. Meanwhile, the U.S. dollar rose against the Japanese yen, and WTI crude traded up to $73.31 per barrel. Source: Traverse City Record Eagle

Tesla is reportedly going to release delivery numbers for the fourth quarter today, with expectations of a record-breaking 475,000 to 480,000 units. This comes after a disappointing third quarter due to factory downtime. Meanwhile, stocks related to cryptocurrency have seen a surge as Bitcoin rose above $45,000 for the first time since April 2022. In other news, chip equipment manufacturer ASML is grappling with new Dutch restrictions on China exports, while ExxonMobil's shares are rising as the company exits Iraq's energy sector. Also, investors are waiting for the releases of US construction spending figures as well as the S&P's final US manufacturing PMI for December. Source: Investopedia


The first trading day of 2024 saw Wall Street focusing on major tech companies. Analysts named Nvidia one of the top stocks for the year, citing its potential in artificial intelligence. However, Apple received a downgrade from Barclays due to weak iPhone volumes and other products. Additionally, Microsoft was identified as one of the best investment ideas for 2024 by Loop Capital, thanks to its cloud and AI tailwinds. Another top pick from Wells Fargo saw Uber's stock price potential for growth due to its shift towards new categories. Moreover, there were analyst notes on stocks including Estee Lauder, Amazon, Meta, Citigroup, GoodRx, and Moderna among others, which traders should take a close look at to capitalize on the forecasts and suggested strategies. Source: CNBC

European stocks slide after notching 23-month high; oil and gas up 0.9%
European stocks dipped, shortly after achieving the highest level in nearly two years. The Stoxx 600 index was down 0.5% in the afternoon, reducing morning gains which saw it reach its highest level since January 2022. Meanwhile, oil and gas stocks rose by 0.54% amid monitoring of tensions in the Red Sea and their potential impact on oil prices. At the same time, European tech stocks fell by 1.36%. New data suggests the Eurozone entered a recession in the third quarter of the previous year due to continued declines in manufacturing output. US stock futures remained stable in overnight trading ahead of 2024's initial open, following a notably successful 2023 where the S&P 500 surged by 24%. Conflict in the Red Sea has led to sharp increases in ocean freight rates and has led Danish shipping giant Maersk to suspend all Red Sea sailing for 48 hours. Source: CNBC

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