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CNBC Daily Open: Upbeat sentiment over U.S. growth

·2 mins


Asia Mixed #

Asia-Pacific markets had a mixed performance on Tuesday. The Hang Seng index fell, while China’s CSI 300 index was up and Japan’s Nikkei 225 closed higher. Wall Street closed lower as investors awaited inflation data set to be released later this week. The Dow fell 0.16%, while the S&P 500 and Nasdaq Composite dropped 0.38% and 0.13% respectively.

Zoom Surges #

Shares of video-chat platform provider Zoom spiked after the company surpassed estimates for quarterly revenue and profit. The company reported a more than 2.5% increase in revenue compared to the previous year. However, growth could have been even stronger if not for a sales reorganization.

Dimon AI’s ‘Big Optimist’ #

JPMorgan CEO Jamie Dimon expressed optimism about the future of artificial intelligence (AI), stating that he believes it is not just a passing trend. He compared the current AI landscape to the hype surrounding the internet bubble, emphasizing that AI is a real and significant technological development.

Singapore ‘Concert Economics’ #

Singapore is leveraging “concert economics” as a new growth driver for its economy. With upcoming concerts by major names such as Taylor Swift, the city-state expects a boost to its travel-related services sector, contributing up to 10% of its GDP.

[PRO] Hotter than Nvidia #

Super Micro Computer, a Nasdaq-listed company specializing in AI systems and graphics processing unit servers, is being highlighted as an even more promising artificial intelligence stock than Nvidia, according to Louis Navellier, the chairman and founder of Navellier & Associates.

Optimism for US Economy #

Economists are growing increasingly positive about the state of the US economy. Forecasts for 2024 GDP growth have been revised upward by the National Association for Business Economics (NABE), which now expects the economy to grow by 2.2% compared to the 1.3% forecast in December. Bank of America’s annual survey of Merrill financial advisors also indicates a decline in recessionary fears and an increase in bullish sentiment, with only 4% of respondents expecting a recession this year. Consumer spending and job growth in the US have remained robust despite higher borrowing costs and persistent inflation. However, 41% of NABE survey respondents still view high rates as a significant risk to the economy. Investors have adjusted their expectations for rate cuts with policy easing likely to begin in June or July. Key data releases in the coming days will provide further insights into the economy and inflation trends.