The S&P 500 futures are up 15 points, the Nasdaq 100 futures are up 103 points, and the Dow Jones Industrial Average futures are up 81 points. This suggests a strong start for the major indices, with some big companies showing gains that are boosting the S&P 500 and Nasdaq 100.
Tariffs remain a concern after President Trump did not mention removing them in his recent address. However, there might be some relief soon for tariffs on Mexican and Canadian goods, according to reports.
Treasuries are being sold off slightly, pushing the 10-year yield up to 4.25%.
In economic updates, the MBA Mortgage Applications Index saw a significant jump of 20.4%. Later today, the ISM Services Index will be released.
Some notable stock movements:
Nvidia-backed CoreWeave has announced its acquisition of AI developer platform Weights & Biases, a deal potentially valued at $1.7 billion. The acquisition aims to enhance CoreWeave's position as a leading AI infrastructure provider, integrating model management and application monitoring into its cloud services. Weights & Biases, known for its MLOps and LLMOps tools, is utilized by major enterprises like OpenAI, Meta, and Nvidia. The transaction is expected to close in the first half of 2025, pending regulatory approvals.
Amazon has launched a new group focused on agentic artificial intelligence, led by AWS executive Swami Sivasubramanian. This initiative aims to automate tasks for users, potentially becoming a significant business for AWS. The development follows Amazon's ongoing efforts to enhance its AI capabilities, including building an advanced AI model under the Nova brand.
Novo Nordisk has introduced NovoCare Pharmacy to provide its weight loss drug Wegovy at a reduced cash price for uninsured patients. This launch is positioned to rival Eli Lilly's direct-to-consumer platform, offering a convenient and cost-effective option for accessing obesity treatments.
Halozyme Therapeutics is in a patent dispute with Merck over an injectable version of the cancer drug Keytruda. Halozyme claims that Merck's use of an enzyme developed by Alteogen infringes on its patents. This dispute arises as Merck prepares for the loss of U.S. market exclusivity for Keytruda in 2028.
Shares of CrowdStrike dropped 8% following a mixed outlook despite positive top and bottom-line results. Analysts expressed concerns over the company's guidance, suggesting it might not be fully overcoming its challenges in the cybersecurity sector.
Tesla's sales in Germany have plummeted by 76% year-over-year in February, attributed to the introduction of the new Model Y and the controversial actions of CEO Elon Musk. The decline contrasts with the overall rise in electric vehicle sales in the country.
Microsoft's partnership with OpenAI has been cleared by the U.K.'s antitrust agency, which decided not to investigate the collaboration further. This decision follows similar inquiries by other global regulatory bodies, reflecting ongoing scrutiny over AI partnerships.
Goldman Sachs achieved a significant advisory role in a $19 billion deal involving CK Hutchison Holdings' ports, acquired by a BlackRock-led consortium. This strategic move underscores Goldman Sachs' prominence in high-profile transactions.
Abercrombie & Fitch reported a strong Q4 performance, with sales up 9% year-over-year. However, its Q1 profit guidance has tempered investor sentiment, leading to a dip in early trading.
Flutter Entertainment has announced a $300 million share buyback as part of its multi-year repurchase program. The initiative aims to reduce share capital and return value to shareholders, with the buyback set to commence in April 2025.
Cycurion has secured three new contracts focused on cybersecurity and disaster recovery, boosting its revenue prospects and market presence. The contracts, spanning government and commercial sectors, highlight Cycurion's growing influence in the cybersecurity domain.
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