The stock market is back to rallying, with all three major indexes hitting new highs and continuing their strong performance in 2024. The S&P 500 index gained 1.17%, breaking above 5,300 for the first time, while the Nasdaq Composite and Dow Jones Industrial Average also saw gains. The boost in stocks was attributed to a lighter-than-expected consumer price index report, raising hopes for lower Fed rates. Investors can follow live market updates to stay informed on market trends.
Walmart exceeded quarterly revenue and earnings expectations, attributing its success to significant e-commerce gains, profitability in newer businesses like advertising, and attracting more high-income shoppers. As the nation’s largest retailer and private employer, Walmart is often seen as a bellwether for the U.S. economy. The retailer has outperformed others in an inflationary period by selling staples like groceries and being known for its value-oriented approach. Walmart anticipates hitting the high-end or surpassing its previous full-year guidance.
Berkshire Hathaway disclosed a previously confidential stock purchase of 26 million shares of Zurich-based insurer Chubb, worth $6.7 billion. The stake, now Berkshire’s ninth largest holding as of the end of March, caused Chubb’s shares to rise nearly 10% in premarket trading. Berkshire already has a significant presence in the insurance industry, and this new investment in Chubb further solidifies its position in the market. The revelation of this purchase marked an important development for Berkshire Hathaway investors.
Netflix is diving into live sports by offering two NFL games on Christmas Day this year, with additional matchups scheduled for 2025 and 2026. While the streaming platform did not disclose the cost of obtaining the rights to stream the games, it could attract advertisers looking to reach a wide audience. Netflix also reported significant growth in its cheaper, ad-supported tier, with 40 million monthly active users, nearly double the number reported in January. The company aims to increase profits by raising subscription prices and encouraging users to switch to an ad-tier membership.
Uber unveiled new features designed to help customers save money on rides and food. These include Uber Shuttle, allowing riders to book seats on a local shuttle for trips to the airport, work, and events, as well as Uber Caregiver, enabling customers to book rides for people they care for and order medical supplies and groceries on their behalf. Other initiatives include discounted memberships for students, Costco perks, the ability to schedule UberX Share rides, and “lists” on Uber Eats. These updates aim to enhance the customer experience and provide more options and savings for users.
Overall, these news items highlight key developments in the stock market, retail, investment strategies, streaming services, and ride-sharing technology. Investors can use this information to make informed decisions and stay up to date with market trends and company announcements that may impact their investment portfolios. It is essential to stay informed and follow market updates to navigate the ever-changing landscape of the financial world effectively.
