Wall Street extends winning run

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Wall Street extends winning run

Traders work the floor of the New York Stock Exchange on August 16, 2024. 

Angela Weiss | AFP | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Winning runThe

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and the

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, up 0.97% and 1.39%, respectively, marking their longest winning streak so far this year. The

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jumped 0.58%. Meanwhile, the yield on the 10-year

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was

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as investors await minutes of the Federal Reserve’s meeting and Chair Jerome Powell’s speech at Jackson ***** on Friday.

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fell almost 3% as the

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.

AMD deal

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is

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server maker ZT Systems for $4.9 billion to strengthen its AI chip and hardware portfolio. The move allows AMD to roll out AI chips at the scale customers such as

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require and to compete more effectively with

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. AMD, which had $5.34 billion in cash and short-term investments as of the second quarter, plans to finance 75% of the acquisition with cash and the rest with stocks. The company also plans to split and sell its server manufacturing business as it does not wish to compete with the likes of

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, CEO Lisa Su said. 

GM layoffs 

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is

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globally in its software and services division, following a review to streamline operations, CNBC has learned. The cuts include about 600 jobs at its tech campus near Detroit. The layoffs, representing 1.3% of GM’s global salaried workforce, come as automakers, including GM, focus on

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while investing heavily in electric and so-called software-defined vehicles.

Icahn finedThe U.S. Securities and Exchange Commission

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and his company $2 million for failing to disclose billions in personal margin loans pledged against

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stock. Without admitting wrongdoing, Icahn agreed to pay $500,000, while the company will pay $1.5 million. Icahn had pledged 51% to 82% of his company’s shares to secure billions in loans.

New low

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‘s

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, closing at $22.24, down 3.5%. The company, which owns

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and is majority owned by former President Donald Trump, has seen volatile trading since its debut. Its fortunes remain closely tied to Trump’s political trajectory. The unexpected withdrawal of President Biden from the election race and his endorsement of Vice President Harris as the Democratic nominee have shifted ******** odds in Harris’s favor, likely impacting the stock.

[PRO] Priced inMoffettNathanson has a price target of $211 for

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, 7% lower than Monday’s close. While acknowledging Apple’s potential AI success, analyst Craig Moffett argues that this is already

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.

The bottom line

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estimates the

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will reach $400 billion by 2027. CEO Lisa Su is on a mission to capture a significant share of that market. However, it has to compete with

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, the industry leader. Analysts predict Nvidia’s AI revenue from data centers will hit $105.9 billion this year, while AMD lags with $4.5 billion.

It’s like

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’s

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challenging

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’s search business. However, AMD is winning customers including

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and

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. And its striving to strengthen its offerings with the

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to better compete with Nvidia. 

“I don’t think it changes anything for the next 1 to 2 years,” said Doug Clinton, managing partner at Deepwater Asset Management, on CNBC’s “Closing Bell.” He emphasized that AMD’s focus is on becoming more competitive in training clusters, supporting hyperscalers in building data centers. However, Nvidia already excels in this area. “

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,” Clinton added.

Nvidia’s dominance is so strong that Bank of America expects its earnings report on Aug. 28 to be a ******* market catalyst than Powell’s speech at Jackson ***** on Aug. 23, CNBC’s Sarah Min

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.  

While investors were concerned about a recession at the start of the month, which contributed to a sell-off,

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after more favorable jobs and retail sales data. 

Jan Hatzius, Goldman Sachs chief economist, told CNBC’s “Squawk on the Street,” that the investment bank could lower the probability further depending on the next jobs report in September. In the meantime, Hatzius doesn’t believe Powell will allow himself to be “

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” on what the Fed’s next move will be. 

“I think he’s not going to be specific, in terms of the moves that are coming, I’m sure his comments will be consistent with the idea that the risks are more two-sided, and there are some signs of softening in some areas and more importantly, or as importantly, inflation has come down. I don’t think he’s going let himself be, you know, nailed down one way or the other,” Hatzius said. 

“If the data supports 50 [basis points], they should do 50, and I think they will do 50 but I think it much more likely that things would look good enough for a series of 25 basis point cuts to do the job.”

— CNBC’s Alex Harring, Kevin Breuninger, Samantha Subin, Jenni Reid, Rohan Goswami, Michael Wayland and Spencer Kimball contributed to this report.

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