📈 Stocks / Finance

Chipmaker Losses Drag Stocks Lower, Gold Reaches Record

Reuters

US stocks fell as AMD's forecast pressured chipmakers, with Nvidia dropping 1.4%. The Dow dipped 0.22%, and the S&P 500 declined 0.33%. Gold hit a record high at $2,789.73 amid election uncertainty, while bitcoin neared its all-time high, seen as a 'barometer for liquidity.'

Reddit Stock Climbs on First Profitable Quarter

CBS

Reddit’s stock surged 39% as it reported Q3 net income of $30M, up from a $7.4M loss last year, with revenue reaching $348.4M. AI tools drove a 47% user increase to 97M. Shares rose to $113.50, triple their debut price, highlighting its rising impact in social media and advertising.

Redfin's 'Hold' Consensus and Price Target Set at $8.20

MarketBeat

Redfin (NASDAQ: RDFN) has an average 'Hold' rating from 12 analysts, with a target price of $8.20. Analyst actions include Susquehanna and JPMorgan lowering their targets to $7, while B. Riley raised theirs to $15. Redfin's Q2 results beat expectations slightly, with revenue up 7.2% year-over-year.

🪙 Crypto

MicroStrategy's Ambitious $42B Bitcoin Expansion Plan

CoinDesk

MicroStrategy announced its "21/21 Plan," aiming to raise $42 billion over three years to increase Bitcoin holdings, split equally between debt and equity. With Q3’s BTC Yield reaching 17.8%, the firm raised its target to 6%-10% from 4%-8%, reinforcing Bitcoin as a primary treasury asset.

🌎 Global Economy

Global Growth Surpasses Expectations Amid Mixed Sector Performance

Citi

Citi’s outlook reports a 2.6% global growth forecast for 2024, led by U.S. consumer strength. Services PMI remains robust, while manufacturing contracts. Inflation eases, allowing rate cuts by 14 central banks. Fiscal risks persist, with high debt in key economies like the U.S. and Japan.

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