Nvidia (#NVDA) shares rose 2.31% on reports that the company plans to release three new chips to China. HSBC initiated coverage on Tesla ( #TSLA ) with a sell rating, estimating downside risk at 35%. Tesla shares fell 3.22%. Dow component Disney ( #DIS ) reported better-than-expected fourth-quarter earnings as its direct-to-consumer business slashed losses. DIS rose 6.3%. ARM (#ARM) beat expectations with results and forecasts, but shares fell 6.2% as the company noted "uncertainty about the exact timing of certain transactions and the potential for revenue recognition from future agreements to change." MGM Resorts (#MGM)'s third-quarter revenue and profit exceeded expectations, but its stock price fell 1.14%.
Bitcoin (#BTC) broke through the $36,000 resistance level, rising around $2,000 overnight to an 18-month high of $37,439. The near-term upward momentum could take it towards the $45,000 area. Bitcoin miners were all up significantly: RIOT +13%, MARA +18%, and BTBT +12%.
After eight trading days of gains, major U.S. stock indexes finally slowed down since yesterday. They rose first and then turned back down today. Elsewhere, after eight consecutive days of gains, the Treasury ETF #TLT reversed course and fell 1.15% today, with the 10-year Treasury yield back up to 4.553%. The recent average rise of stock indexes of 7% and the rebound in Treasury yields may serve as excuse for the stock market to pause and start a downward correction.
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