Business and Finance News - 11.22.24

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Bitcoin surged past $98,000, setting a new all-time high, driven by the launch of options trading for Bitcoin ETFs, which provide institutional investors a regulated way to access the cryptocurrency. The rally has boosted the broader crypto market, with other digital assets like Ether and Solana also experiencing significant gains. (Quartz)

*Bitcoin (BTC) - Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for an intermediary such as a bank. It uses blockchain technology, which records and verifies all transactions in a public ledger.

The DOJ has proposed remedies to address Google's illegal monopoly in search, including divesting its Chrome browser and possibly spinning off Android if other measures fail to restore competition. The remedies trial, set for April, will determine enforcement actions, with ongoing debates over Google's compliance and broader market impact. (The Verge)

*Google (GOOGL) - Google LLC, a subsidiary of Alphabet Inc., is a global technology company specializing in Internet-related services and products. Its core offerings include the Google Search engine, YouTube, and the Android operating system.

Sales of previously owned homes increased 3.4% in October from September and rose 2.9% year-over-year, marking the first annual increase in over three years, driven by falling mortgage rates. Inventory grew 19.1% from October 2023, but tight supply continues to elevate median home prices, which reached $407,200, up 4% year-over-year. (CNBC)

*Existing Home Sales - Existing home sales reflect consumer confidence, financial stability, and the overall health of the economy, as people tend to buy homes when they feel secure about their finances. They also influence related industries, such as lending, construction, and retail, making them a crucial driver of economic activity and policy decisions.

Nvidia's stock fell in after-hours and pre-market trading despite slightly surpassing fiscal fourth-quarter revenue guidance expectations of $37.5 billion. The company reported record third-quarter revenues of $35.1 billion, a 17% sequential increase, with net income of $19.3 billion and earnings per share of $0.78. (Quartz)

*Nvidia (NVDA) - Nvidia Corporation is a leading technology company specializing in designing and manufacturing graphics processing units (GPUs) and related technologies for gaming, professional visualization, data centers, and automotive markets.

Tokamak Energy, a UK-based nuclear fusion startup, raised $125 million in funding led by East X Ventures and Lingotto Investment Management. The company, aiming for a pilot fusion power plant within a decade, plans to generate interim revenue through a new division focused on high-temperature superconducting magnets. (Axios)

*Tokamak - A tokamak is a device designed to confine hot plasma using magnetic fields in a toroidal (doughnut-shaped) chamber to achieve controlled nuclear fusion, potentially providing a sustainable and powerful energy source.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 43,870.35 +461.88 (+1.06%)

• S&P 500: 5,948.71 +31.60 (+0.53%)

• Nasdaq Composite: 18,972.42 +6.28 (+0.03%)

• Russell 2000: 2,364.02 +38.48 (+1.65%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 593.67 +3.17 (+0.54%)

• iShares Core S&P 500 ETF (IVV): 596.48 +3.04 (+0.51%)

• Invesco QQQ Trust (QQQ): 504.98 +1.81 (+0.36%)

• Vanguard S&P 500 ETF (VOO): 545.64 +2.74 (+0.50%)

• Vanguard Total Stock Market ETF (VTI): 295.05 +2.05 (+0.70%)

Here’s how The Magnificent Seven did yesterday:

• Nvidia (NVDA) [3.598T]: 146.67 +0.78 (+0.53%)

• Apple (AAPL) [3.454T]: 228.52 -0.48 (-0.21%)

• Microsoft (MSFT) [3.07T]: 412.87 -1.79 (-0.43%)

• Alphabet (GOOGL) [2.052T]: 167.63 -8.35 (-4.74%)

• Amazon (AMZN) [2.086T]: 198.38 -4.50 (-2.22%)

• Meta Platforms (META) [1.422T]: 563.09 -2.43 (-0.43%)

• Tesla (TSLA) [1.09T]: 339.64 -2.39 (-0.70%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $98,663.65 (7:30PM PST on 11/21/24)

• Ethereum (ETH): $3,355.65 (7:30PM PST on 11/21/24)

• Solano (SOL): $262.43 (7:30PM PST on 11/21/24)