“,”author”:{“@type”:”Person”,”name”:”Alexandra Canal”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T20:46:29.000Z”,”articleBody”:”
Stocks love a Monday
Stocks have hardly had a case of the Mondays in 2023.
In fact, the last time the S&P 500 fell 0.5% or more on a Monday was in February, marking 36 consecutive weeks “without even a modest down day,” according to Ryan Detrick, market strategist at The Carson Group.
That’s the second-longest streak of its kind ever, following a 45-week stretch from 2017-2018.
“,”author”:{“@type”:”Person”,”name”:”Alexandra Canal”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T19:49:43.000Z”,”articleBody”:”
Microsoft heads for record close after announcing Altman will join staff
After a weekend-long back-and-forth, Altman and fellow OpenAI co-founder Greg Brockman have joined Microsoft to lead a new advanced AI research team, according to Nadella.
RBC Capital Markets managing director Rishi Jaluria described the past few days as the “most eventful” in his more than a decade covering software. Jaluria categorized the end result as a “huge coup for Microsoft,” as he still sees the tech giant as the leader in generative AI.
“The worries I think everyone had were the pace of innovation would slow down, some of the AI halo around Microsoft that it’s been enjoying in its [stock] multiple would start to dissipate,” Jaluria told Yahoo Finance Live. “Customers would get worried. I think by bringing in Sam and Greg, and Sam is really the ultimate visionary when it comes to AI, it’s really the best-case scenario for Microsoft.”
For investors, there are still concerns about how uncertainty at OpenAI could impact Microsoft’s business in the short term. Nadella mentioned on the company’s most recent earnings call that Microsoft’s Azure cloud services were being used by OpenAI.
Evercore ISI analyst Kirk Materne noted that any fundamental risk to Microsoft is largely “contained” with Altman now onboard.
“When taking a long-term view, hiring Altman and team might end up being a better outcome vs the prior status quo,” Materne said. “Clearly, there is still some risk to Azure if OpenAI growth were to materially slow, but we think the long-term opportunity around GenAI for Microsoft trumps any near-term risk associated with the OpenAI disruption.”
Oppenheimer analysts Timothy Horan and Edward Yang wrote in a research note Monday that this is a “win/win” for Microsoft.
In his own note to clients, Wedbush analyst Dan Ives suggested Altman could’ve ended up at another competitor, writing, “Instead he is safely in Microsoft’s HQ now leading the company key AI efforts which we expect many key scientists and developers to leave OpenAI and head directly to Microsoft.”
“,”author”:{“@type”:”Person”,”name”:”Josh Schafer”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T19:01:43.000Z”,”articleBody”:”
Citigroup begins layoffs amid restructuring
More turmoil for one of Wall Street’s largest banks.
Citigroup (C) began a new round of job cuts Monday among senior managers as part of a sweeping reorganization of the country’s third-largest bank announced two months ago.
The cuts amount to roughly 10% of senior manager roles, or approximately 300 managers, Bloomberg reported. The New York City-based bank currently employs roughly 240,000 people.
The stock was muted in afternoon trading on Monday following the news.
“Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model,” Citigroup said in an official statement.
Citigroup’s cuts punctuate a tough year for Wall Street and the rest of the banking industry. Big banks with large trading and investment banking operations have been struggling throughout 2023 to overcome a dealmaking slump, an uncertain economy, and the impact of higher interest rates from the Federal Reserve.
Bonuses in the financial service industry are expected to be flat or down for the year, according to a third quarter report from Johnson Associates. In investment banking and commercial banking, pay incentives are projected to be flat from 2022 and below levels for the three previous years.
At Citigroup, CEO Jane Fraser hopes a new restructuring she announced in September will revive a stock price that trails rivals and remove decades of bloat. She has called it the “most consequential” change to how Citigroup operates in nearly two decades.
“,”author”:{“@type”:”Person”,”name”:”Alexandra Canal”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T18:26:51.000Z”,”articleBody”:”
Microsoft, Nvidia, Boeing: Stocks trending in afternoon trading
Here are some of the stocks leading Yahoo Finance’s trending tickers page in afternoon trading on Monday:
Microsoft (MSFT): Shares rose about 2% Monday after CEO Satya Nadella announced Sam Altman, the recently ousted leader of OpenAI, a leading AI company and the maker of the popular chatbot ChatGPT, would be joining a new AI research team at the Redmond, Wash.-based tech giant. The news sent shockwaves throughout Wall Street with RBC Capital Markets analyst Rishi Jaluria telling Yahoo Finance Live on Monday, “This is a huge coup for Microsoft. …This is probably the most eventful weekend I’ve ever seen in my decade-plus covering software.”
Nvidia (NVDA): Shares rose more than 1% in afternoon trading as the AI darling prepares to report quarterly earnings on Tuesday. Investors will be focusing in on several areas of the report, including fourth quarter guidance. Still, China restrictions and more competition in the space from chipmakers like AMD (AMD) could cause concerns.
Boeing (BA): Shares of the aircraft manufacturer rose roughly 5% following an upgrade from Deutsche Bank analyst Scott Deuschle to a Buy from Hold with a price target of $270 —that’s about 26% higher than what the stock is currently trading at.
Bayer (BAYN.DE): Shares fell about 18% Monday afternoon after Bayer said it is halting a trial for asundexian, an experimental cardiovascular drug. The setback for the German drug giant dragged down shares of Bristol Myers Squibb (BMY) by 2%; the company has its own similar experimental drug known as milvexian.
With additional reporting from Hamza Shaban
“,”author”:{“@type”:”Person”,”name”:”Alexandra Canal”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T17:35:54.000Z”,”articleBody”:”
Stocks rise in afternoon trading
Wall Street stocks continued to tick upward during afternoon trading Monday, after notching their third straight week of wins as hopes for a retreat in US interest rate hikes persisted.
“,”author”:{“@type”:”Person”,”name”:”Hamza Shaban”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T17:31:00.000Z”,”articleBody”:”
Yaccarino resists calls to step down from X
The calls for her to step down arrived after an especially challenging week for X. In recent days Musk appeared to endorse an antisemitic post on the platform and the watchdog group Media Matters published a report that found ads from major brands, including Amazon and IBM, had been placed alongside inflammatory and bigoted content on X.
The advertising leaders who have urged Yaccarino to step down have questioned why she is committed to the company even as Musk continues to invite controversy.
“,”author”:{“@type”:”Person”,”name”:”Hamza Shaban”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T15:20:17.000Z”,”articleBody”:”
Microsoft heads for all-time high after Altman hire, AI expansion
The stock’s previous high was set last week at around $376. As of Monday morning shares were trading hands at prices as high as $377.
In a post on X, formerly known as Twitter, Nadella said Microsoft remains committed to its partnership with OpenAI, which is now being led by Emmett Shear, the former CEO of Twitch, and announced the creation of a new AI team.
“We look forward to getting to know Emmett Shear and OAI’s new leadership team and working with them. And we’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team.
This is “clear win” for Microsoft and “should help offset concerns regarding potential near-term uncertainty at OpenAI,” Evercore ISI analyst Kirk Materne wrote in a note.
“,”author”:{“@type”:”Person”,”name”:”Hamza Shaban”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T14:35:27.000Z”,”articleBody”:”
Stocks open little changed to start shortened week
Wall Street rang in the day with optimism as investors turned their attention to the possibility and timing of an interest rate cut and to a tumultuous weekend in the tech world.
The S&P 500 (^GSPC) edged higher by about 0.6%, while the Dow Jones Industrial Average (^DJI) increased 0.5% or roughly 20 points.The tech-heavy Nasdaq Composite (^IXIC) gained around 0.4%.
“,”author”:{“@type”:”Person”,”name”:”Hamza Shaban”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}},{“@type”:”BlogPosting”,”headline”:”Stock market news today: S&P 500, Nasdaq hit highest level since August as Nvidia, Microsoft reach records”,”datePublished”:”2023-11-20T12:31:45.000Z”,”articleBody”:”
Stock futures little changed as Thanksgiving week kicks off
Stocks on Wall Street were broadly flat on Monday as investors focused on whether and when the Federal Reserve will pivot to cutting interest rates.
Futures on the Dow Jones Industrial Average (^DJI) were up 0.02%, or 5 points, while S&P 500 (^GSPC) futures added 0.07%. Contracts on the tech-heavy Nasdaq 100 (^NDX) rose 0.16%.
“,”author”:{“@type”:”Person”,”name”:”Karen Friar”},”publisher”:{“@type”:”Organization”,”name”:”Yahoo Finance”,”logo”:{“@type”:”ImageObject”,”url”:”https://s.yimg.com/rz/p/yahoo_finance_en-US_h_p_finance_2.png”,”width”:354,”height”:50},”url”:”https://finance.yahoo.com/”}}]}
Stocks closed in the green on Monday, after notching their third straight week of wins as hopes for a retreat in US interest-rate hikes persisted.
The S&P 500 (^GSPC) closed up 0.7%, while the Dow Jones Industrial Average (^DJI) climbed more than 0.5%, or about 200 points. The tech-heavy Nasdaq Composite (^IXIC) gained more than 1% to finish out the first day of the shortened trading week.
Stocks have stayed aloft as signs of cooler inflation encouraged the market to believe the Federal Reserve is finally done with raising rates. Now the focus is on when a rate cut could come, with traders pricing in a 30% chance of that happening as soon as March.
Tuesday’s release of minutes from the Fed’s last meeting could provide fodder for that debate. But with little on the economic docket and the Thanksgiving closure on Thursday ahead, trading could stay muted.
Eyes will be on Nvidia’s financial results, also due Tuesday, after the chipmaker’s last earnings report sent stocks broadly roaring higher as the AI hype cycle kicked in. Nvidia (NVDA) closed at a record high on Monday with shares climbing more than 2%.
Microsoft (MSFT) also closed at an all-time high after the ouster of Sam Altman at OpenAI sent shockwaves through Wall Street.
After a weekend-long back-and-forth, Altman and fellow OpenAI co-founder Greg Brockman have joined Microsoft to lead a new advanced AI research team, according to Microsoft CEO Satya Nadella.
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AStocks close in the green
Stocks closed higher on Monday with the S&P 500 (^GSPC) closing up 0.7%, while the Dow Jones Industrial Average (^DJI) climbed more than 0.5%, or about 200 points. The tech-heavy Nasdaq Composite (^IXIC) gained more than 1% to finish out the first day of the shortened trading week.
Both the S&P 500 and Nasdaq hit their highest levels since August.
In individual stock movers, Nvidia (NVDA) and Microsoft (MSFT) each hit a record high as the former is set to report earnings while the latter recruited Sam Altman and fellow OpenAI co-founder Greg Brockman to lead a new advanced AI research team at the company.
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A
Stocks love a Monday
Stocks have hardly had a case of the Mondays in 2023.
In fact, the last time the S&P 500 fell 0.5% or more on a Monday was in February, marking 36 consecutive weeks “without even a modest down day,” according to Ryan Detrick, market strategist at The Carson Group.
That’s the second-longest streak of its kind ever, following a 45-week stretch from 2017-2018.
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JMicrosoft heads for record close after announcing Altman will join staff
Shares of Microsoft (MSFT) have been trading higher all day and are up more than 2.2%. If the stock closes above $376.17, it will be at an all-time high.
The move comes after the ouster of Sam Altman at OpenAI sent shockwaves through the tech world over the weekend, surprising everyone from Microsoft CEO Satya Nadella to investors on Wall Street and VCs in Silicon Valley.
After a weekend-long back-and-forth, Altman and fellow OpenAI co-founder Greg Brockman have joined Microsoft to lead a new advanced AI research team, according to Nadella.
RBC Capital Markets managing director Rishi Jaluria described the past few days as the “most eventful” in his more than a decade covering software. Jaluria categorized the end result as a “huge coup for Microsoft,” as he still sees the tech giant as the leader in generative AI.
“The worries I think everyone had were the pace of innovation would slow down, some of the AI halo around Microsoft that it’s been enjoying in its [stock] multiple would start to dissipate,” Jaluria told Yahoo Finance Live. “Customers would get worried. I think by bringing in Sam and Greg, and Sam is really the ultimate visionary when it comes to AI, it’s really the best-case scenario for Microsoft.”
For investors, there are still concerns about how uncertainty at OpenAI could impact Microsoft’s business in the short term. Nadella mentioned on the company’s most recent earnings call that Microsoft’s Azure cloud services were being used by OpenAI.
Evercore ISI analyst Kirk Materne noted that any fundamental risk to Microsoft is largely “contained” with Altman now onboard.
“When taking a long-term view, hiring Altman and team might end up being a better outcome vs the prior status quo,” Materne said. “Clearly, there is still some risk to Azure if OpenAI growth were to materially slow, but we think the long-term opportunity around GenAI for Microsoft trumps any near-term risk associated with the OpenAI disruption.”
Oppenheimer analysts Timothy Horan and Edward Yang wrote in a research note Monday that this is a “win/win” for Microsoft.
In his own note to clients, Wedbush analyst Dan Ives suggested Altman could’ve ended up at another competitor, writing, “Instead he is safely in Microsoft’s HQ now leading the company key AI efforts which we expect many key scientists and developers to leave OpenAI and head directly to Microsoft.”
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A
Citigroup begins layoffs amid restructuring
More turmoil for one of Wall Street’s largest banks.
As Yahoo Finance’s David Hollerith reports:
Citigroup (C) began a new round of job cuts Monday among senior managers as part of a sweeping reorganization of the country’s third-largest bank announced two months ago.
The cuts amount to roughly 10% of senior manager roles, or approximately 300 managers, Bloomberg reported. The New York City-based bank currently employs roughly 240,000 people.
The stock was muted in afternoon trading on Monday following the news.
“Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model,” Citigroup said in an official statement.
Citigroup’s cuts punctuate a tough year for Wall Street and the rest of the banking industry. Big banks with large trading and investment banking operations have been struggling throughout 2023 to overcome a dealmaking slump, an uncertain economy, and the impact of higher interest rates from the Federal Reserve.
Bonuses in the financial service industry are expected to be flat or down for the year, according to a third quarter report from Johnson Associates. In investment banking and commercial banking, pay incentives are projected to be flat from 2022 and below levels for the three previous years.
At Citigroup, CEO Jane Fraser hopes a new restructuring she announced in September will revive a stock price that trails rivals and remove decades of bloat. She has called it the “most consequential” change to how Citigroup operates in nearly two decades.
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A
Microsoft, Nvidia, Boeing: Stocks trending in afternoon trading
Here are some of the stocks leading Yahoo Finance’s trending tickers page in afternoon trading on Monday:
Microsoft (MSFT): Shares rose about 2% Monday after CEO Satya Nadella announced Sam Altman, the recently ousted leader of OpenAI, a leading AI company and the maker of the popular chatbot ChatGPT, would be joining a new AI research team at the Redmond, Wash.-based tech giant. The news sent shockwaves throughout Wall Street with RBC Capital Markets analyst Rishi Jaluria telling Yahoo Finance Live on Monday, “This is a huge coup for Microsoft. …This is probably the most eventful weekend I’ve ever seen in my decade-plus covering software.”
Nvidia (NVDA): Shares rose more than 1% in afternoon trading as the AI darling prepares to report quarterly earnings on Tuesday. Investors will be focusing in on several areas of the report, including fourth quarter guidance. Still, China restrictions and more competition in the space from chipmakers like AMD (AMD) could cause concerns.
Boeing (BA): Shares of the aircraft manufacturer rose roughly 5% following an upgrade from Deutsche Bank analyst Scott Deuschle to a Buy from Hold with a price target of $270 —that’s about 26% higher than what the stock is currently trading at.
Bayer (BAYN.DE): Shares fell about 18% Monday afternoon after Bayer said it is halting a trial for asundexian, an experimental cardiovascular drug. The setback for the German drug giant dragged down shares of Bristol Myers Squibb (BMY) by 2%; the company has its own similar experimental drug known as milvexian.
With additional reporting from Hamza Shaban
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Stocks rise in afternoon trading
Wall Street stocks continued to tick upward during afternoon trading Monday, after notching their third straight week of wins as hopes for a retreat in US interest rate hikes persisted.
The S&P 500 (^GSPC) rose nearly 0.5%, while the Dow Jones Industrial Average (^DJI) climbed 0.3% or about 110 points. The tech-heavy Nasdaq Composite (^IXIC) gained 0.8% during the first day of the holiday-shortened week.
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Yaccarino resists calls to step down from X
Despite pressure from advertisers to leave the controversies and reputational damage of X behind, CEO Linda Yaccarino isn’t leaving her post, according to multiple reports.
The calls for her to step down arrived after an especially challenging week for X. In recent days Musk appeared to endorse an antisemitic post on the platform and the watchdog group Media Matters published a report that found ads from major brands, including Amazon and IBM, had been placed alongside inflammatory and bigoted content on X.
Companies reacted by pulling ads from the platform, highlighting the ongoing tension of advertising on social media sites while trying to balance brand safety. Apple, Disney, and Warner Bros Discovery were among the big names to suspend their advertising on X. The White House also blasted Musk for endorsing what it described as “hideous” antisemitic conspiracy theory on X.
The advertising leaders who have urged Yaccarino to step down have questioned why she is committed to the company even as Musk continues to invite controversy.
Similar to previous bouts of coping with Musk’s behavior, Yaccarino reverted to damage-control mode. “X’s point of view has always been very clear that discrimination by everyone should STOP across the board — I think that’s something we can and should all agree on,” she wrote on X last week.
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Microsoft heads for all-time high after Altman hire, AI expansion
Shares of Microsoft (MSFT) were in contention to reach a new all-time high Monday after CEO Satya Nadella announced that Sam Altman and Greg Brockman, the recently departed leaders of OpenAI, a leading AI company and the maker of the popular chatbot ChatGPT, would be joining a new AI research team at the Redmond, Wash.-based tech giant.
The stock’s previous high was set last week at around $376. As of Monday morning shares were trading hands at prices as high as $377.
The market-moving news came after a tumultuous weekend at OpenAI, whose board ousted Altman, and then faced tremendous pressure to reinstate him as CEO. On Monday, hundreds of OpenAI employees urged the members of the board to resign.
In a post on X, formerly known as Twitter, Nadella said Microsoft remains committed to its partnership with OpenAI, which is now being led by Emmett Shear, the former CEO of Twitch, and announced the creation of a new AI team.
“We look forward to getting to know Emmett Shear and OAI’s new leadership team and working with them. And we’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team.
This is “clear win” for Microsoft and “should help offset concerns regarding potential near-term uncertainty at OpenAI,” Evercore ISI analyst Kirk Materne wrote in a note.
-
Stocks open little changed to start shortened week
Wall Street rang in the day with optimism as investors turned their attention to the possibility and timing of an interest rate cut and to a tumultuous weekend in the tech world.
The S&P 500 (^GSPC) edged higher by about 0.6%, while the Dow Jones Industrial Average (^DJI) increased 0.5% or roughly 20 points.The tech-heavy Nasdaq Composite (^IXIC) gained around 0.4%.
-
KStock futures little changed as Thanksgiving week kicks off
Stocks on Wall Street were broadly flat on Monday as investors focused on whether and when the Federal Reserve will pivot to cutting interest rates.
Futures on the Dow Jones Industrial Average (^DJI) were up 0.02%, or 5 points, while S&P 500 (^GSPC) futures added 0.07%. Contracts on the tech-heavy Nasdaq 100 (^NDX) rose 0.16%.