Equities are taking a bit of a breather here after another upside push yesterday. Gold and silver are stronger along with Treasuries, while the dollar and crude oil are flattish.
Grab your popcorn...because apparently the saga at OpenAI and Microsoft (MSFT) is NOT over. It looked like the story ended with MSFT agreeing to hire OpenAI Co-Founder Sam Altman after OpenAI’s board of directors fired him. Then most of the staff at OpenAI revolted and said they would quit if Altman wasn’t hired back.
It remains to be seen how this all sorts out. But Microsoft investors weren’t shedding many tears yesterday. Shares of the software giant hit an all-time high, helping push the Nasdaq up 1% to its highest since the end of July. The S&P 500 is now trading just below its 2023 high as well.
Then again, we get Nvidia (NVDA) earnings after the bell today. The leading chipmaker and AI play has been on fire in 2023, rising more than 245%! It now sports a market capitalization of $1.25 trillion. That makes it the fifth-largest stock in the S&P 500. Analysts are forecasting NVDA to announce revenue of around $16.2 billion and net income of $7.2 billion.
Finally, if you’re reading this from an airport or a train station, allow me to say...Good luck! AAA estimates that 55.4 million Americans will travel in some way, shape, or form for the Thanksgiving holiday. That makes it the busiest since the organization began tracking in 2000.
For its part, the Transportation Security Administration (TSA) expects to process 30 million air travelers in the 12-day holiday travel period from Nov. 17-Nov. 28. Yes...that would make it the busiest Thanksgiving travel period on record.