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Thursday's Pre-Market: NVIDIA's boom, Federal Reserve, Tesla, Student Debt crisis, and UAW reach agreement

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Feb 22, 2024
  • 2 min read

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Nvidia posts revenue up 265% on booming AI business


  • Nvidia reported earnings after the bell that beat Wall Street expectations for earnings and sales, and said revenue during the current quarter would be better than expected.

  • Nvidia has been the primary beneficiary of the recent technology industry obsession with large artificial intelligence models, which are developed on the company’s pricey graphics processors for servers.

  • Nvidia CEO Jensen Huang addressed investor fears that the company may not be able to keep up this growth or level of sales for the whole year on a call with analysts.


Fed officials expressed caution about lowering rates too quickly at last meeting, minutes show


  • The discussion came as policymakers not only decided to leave their key overnight borrowing rate unchanged but also altered the post-meeting statement to indicate that no cuts would be coming until the rate-setting Federal Open Market Committee held “greater confidence” that inflation was receding.

  • The meeting summary indicated a general sense of optimism that the Fed’s policy moves had succeeded in lowering the rate of inflation, which in mid-2022 hit its highest level in more than 40 years.

  • However, officials noted that they wanted to see more before starting to ease policy while saying that rate hikes are likely over. Members cited the “risks of moving too quickly” on cuts.


Tesla faces hurdle in Germany as locals vote to oppose factory expansion


  • Tesla failed to secure locals’ vote to authorize a major factory expansion for its factory in Brandenburg, Germany.

  • The plan included designs to build out a rail freight depot and storage facilities that could help Tesla avoid pausing production due to parts shortages.


Biden administration to forgive $1.2 billion in student debt for over 150,000 borrowers


  • The Biden administration said on Wednesday that it would forgive $1.2 billion in student debt for 150,000 borrowers enrolled its new repayment plan.


Ford, UAW reach local labor deal to avert strike at Kentucky plant


  • Ford and the United Auto Workers 862 reached a tentative deal on Wednesday to avert a strike at the automaker’s most profitable plant.

  • The UAW had threatened that nearly 9,000 workers at Ford’s Kentucky Truck Plant would strike on Friday if local union demands were not resolved.

  • Dozens of local contracts across the Big Three automakers remain open.




 
 
 

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