The trading day started positively, as the Dow Jones Industrial Average hit a new record close on Wednesday, gaining 337.28 points. The S&P 500 and Nasdaq Composite also saw gains, with the earnings season getting off to a solid start. Morgan Stanley and United Airlines reported strong earnings, boosting investor sentiment. So far, 79% of S&P 500 stocks that have reported third-quarter earnings have beat expectations. Investors were also following live market updates to stay informed about the latest developments.
Amazon made headlines by announcing a $500 million investment in developing small modular nuclear reactors. Teaming up with Dominion Energy, Virginia’s utility company, Amazon’s cloud computing subsidiary AWS plans to explore creating an advanced type of nuclear reactor near Dominion’s existing North Anna nuclear power station. This move aligns with Amazon’s goal to achieve net-zero carbon emissions. With Virginia playing a critical role in internet traffic and hosting numerous data centers, the partnership has the potential to revolutionize the energy sector.
Demand for AI chips continues to be robust, as evidenced by Taiwan Semiconductor Manufacturing Company’s strong third-quarter performance. The chipmaker reported a 54% increase in net profit, surpassing analyst expectations. U.S. shares of TSMC surged more than 8% in premarket trading, with the company forecasting annual revenue growth for the fourth quarter. TSMC’s impressive client list includes tech giants like Apple and Nvidia, solidifying its position as the world’s largest producer of advanced chips.
Former President Donald Trump endorsed a crypto coin called “WLFI,” which faced challenges during its token sale. World Liberty Financial, the crypto bank behind WLFI, sold less than 4% of the 20 billion tokens available, falling far short of its $300 million fundraising target. Retail investors faced obstacles due to the registration process for the token, and the marketplace website experienced lengthy outages. Despite the slow start, WLFI’s future remains uncertain as it navigates these hurdles to attract investors and reach its fundraising goals.
In a significant change in the sports broadcasting industry, Diamond Sports reached a naming rights agreement with sports betting company FanDuel to rebrand Bally Sports channels. Pending Diamond’s emergence from bankruptcy, FanDuel will also have the option to purchase equity in the reorganized company. This development comes amidst the NHL season’s start and the upcoming NBA kickoff, marking a new chapter for Diamond Sports. The company previously announced plans to drop all its MLB teams, indicating a strategic shift in its business priorities. Meanwhile, MLB playoff viewership on TNT Sports and Fox Sports has seen a surge this year, reflecting the evolving landscape of sports broadcasting.
