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News Digest / World News / Stock Market Update: Nvidia News, Tesla Adjusts, SEC Allows Ether ETFs

Stock Market Update: Nvidia News, Tesla Adjusts, SEC Allows Ether ETFs

Alex Vellor
09:41am, Friday, May 24, 2024
Photo by Aditya Vyas on Unsplash

Stocks to watch today:

Nvidia (NASDAQ: NVDA). Reuters reports that Nvidia is now selling artificial intelligence chips in China at steep discounts due to intense competition from local companies.

Intuit (NASDAQ: INTU) experienced a 5.7% drop in stock value. Investors are concerned about losing free users on its crucial TurboTax service.

Tesla (NASDAQ: TSLA) stock rose slightly by 0.3%, despite reports indicating a significant reduction in the output of its Model Y electric car at its Shanghai plant since March. This cut suggests a strategic adjustment in response to market demands.

Workday (NASDAQ: WDAY) saw a significant decline, with its stock slumping by 11%. The human resources software provider lowered its annual subscription revenue forecast, which alarmed investors.

Lucid Group (NASDAQ: LCID) saw its stock increase by 1.5% on premarket. The electric vehicle maker announced it would cut its workforce by 6%, around 400 employees, due to slower industry growth.

Also, the Securities and Exchange Commission (SEC) has introduced a rule change permitting the creation of ETFs that invest in ether, similar to existing bitcoin ETFs.

Bitcoin ETFs, launched less than six months ago, have already attracted over $12 billion in net inflows according to FactSet. Companies like BlackRock, Bitwise, and Galaxy Digital, which sponsor bitcoin ETFs, are also seeking to launch ether ETFs.

About The Author

Alex Vellor