Tech stocks rallied this week on the back of interest rate cut expectations in the US.
Stay informed on the latest developments in the tech world with the Investing News Network’s round-up.
Wall Street was quiet on Monday (September 9) after Friday’s (September 13) employment report left investors wondering if the US Federal Reserve will issue aggressive rate cuts when it meets from September 17 to 18.
The indexes saw gains of 0.29 and 0.53 by the day’s end, respectively.
Markets were equally subdued on Tuesday (September 10) as traders awaited the midweek release of US inflation data for August, as well as the debate between presidential candidates Donald Trump and Kamala Harris. All indexes dipped in midday trading, with the Nasdaq Composite falling the most, 1.32 percent below its opening price; it closed flat.
With the final inflation report before the Fed’s meeting next week in the books, all major indexes experienced notable gains. The Nasdaq Composite advanced by 1 percent, while the S&P 500 saw growth of 0.75 percent. The Russell 2000 was the winner of the day, advancing by 1.22 percent at the closing bell.
Leading the charge was the Russell 2000, which ended the day 2.49 percent higher.
Bitcoin was stable over the weekend, holding steady in the US$54,000 to US$55,000 range.
As the trading week commenced, the cryptocurrency was pushed higher by events like the CPI reading and the presidential debate. It peaked on Monday at US$57,635 at around 6:00 p.m. EDT.
Since Wednesday’s PPI data release, Bitcoin has experienced volatility, but maintained an upward trajectory, breaking above US$58,200 for the first time since September 1 in the hours before midnight on Thursday. It went on to trade between US$57,600 and US$58,300 during market hours and held steady overnight.
Bitcoin rallied alongside the stock market on Friday, breaking above US$60,000 for the first time since August 29. At the time of this writing, it was trading for US$60,557.20, marking a 4.3 percent increase from its price 24 hours ago and a 13.7 percent rise over the past seven days.
In a press release, the company compared OpenAI o1 to its most recently released AI model, GPT-4o.
“In a qualifying exam for the International Mathematics Olympiad, GPT-4o correctly solved only 13 percent of problems, while the reasoning model (OpenAI o1) scored 83 percent,” OpenAI said.
While OpenAI o1 demonstrates AI reasoning capabilities, the software’s inability to browse the web for information limits its utility for consumers compared to ChatGPT. “But for complex reasoning tasks this is a significant advancement and represents a new level of AI capability,” the company explained.
Google’s second antitrust trial in the US this year kicked off in Virginia on Monday.
This trial relates to charges filed by the US Department of Justice (DOJ) accusing the company of “anticompetitive and exclusionary conduct” to control advertising tech tools in January 2023.
Shares of Google were down 2.86 percent before noon on Monday.
Apple’s “It’s Glowtime” event was held on Monday at the company’s headquarters in Cupertino, California.
The company also introduced its newest Apple Watch Series 10, along with updates to the Apple Watch Ultra 2 and a new lineup of AirPods. In addition, it added features to its AirPods Pro 2 series, including hearing protection and hearing aid software, the first over-the-counter hearing aid to be authorized by the US Food and Drug Administration.
Hours after the “It’s Glowtime” event, Apple was forced to contend with the release of Huawei Technologies’ newest phone, the Mate XT tri-foldable, which comes with an AI assistant, hours after Apple’s event. Strict data privacy restrictions in China prevent Apple from rolling out Apple Intelligence in Mainland China.
Despite the ups and downs, Apple shares ended the week up 0.71 percent at US$222.50.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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