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News archive

Longsighted

17 February

US markets had a fairly muted Friday, with the S&P 500 hovering near record levels, but the Nasdaq closing solidly higher. For perspective, the overall index is now up 4% year to date. If you recall, 2022 was a complete washout, but the S&P 500 is now 70.9% higher than the low point reached on October 12, 2022. It pays to stay fully invested.

In company news, Meta Platforms extended its record streak, rising for a 20th straight session. Dell Technologies jumped 4.3% on reports that is is close to sealing a $5 billion deal with Elon Musk's xAI, to supply AI-optimised servers. Palo Alto Networks disappointed with its earnings guidance, in contrast to strong results from their cybersecurity peers.

On Friday, the JSE All-share was up 1.00%, the S&P 500 fell a tiny 0.01%, and the Nasdaq was 0.41% higher.

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Tongue punch

14 February

US markets zoomed higher yesterday, as some slightly more favourable inflation data was published, and Trump deferred some tariff measures. Only he seems to know what's going on. The S&P 500 inched closer to a record, and the MSCI World Index actually did hit a fresh all-time high. Among the big winners, Tesla rose 5.8%, CrowdStrike was up 4.4%, and Nvidia climbed 3.2%.

In company news, Apple closed 2% higher on confirmation that they are teaming up with Alibaba to bring AI to iPhones in China. Elsewhere, Deere fell 2.2% as it braces for a tough year. Lastly, Nestle jumped 6.2% after reporting a slight pickup in sales growth last quarter. People have to eat.

In short, the JSE All-share was down 0.11%, the S&P 500 rose 1.04%, and the Nasdaq was 1.50% higher. Nice one!

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Out with gout

13 February

US markets had a mixed session as hotter-than-expected inflation data dampened hopes for Fed rate cuts. Stocks fell sharply out of the gate, but regained some composure later in the day. Tesla (+2.6%) led gains in megacaps, while Meta (+0.8%) extended its amazing winning streak to 18 sessions. The Nasdaq ended in the green.

In company news, DoorDash (+4.0%) , the largest food delivery platform in the US, projected first-quarter order volumes that came ahead of Wall Street expectations. Elsewhere, CVS Health surged 14.9%, their biggest jump in over 25 years, after a successful quarter under their new CEO David Joyner.

Izolo, the JSE All-share was up 0.43%, the S&P 500 fell 0.27%, but the Nasdaq crawled into the green with a gain of just 0.03%.

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Throw your weight in

12 February

Yesterday was uneventful, with markets trading sideways. After a very good 2024, the S&P 500 has settled into a narrow range around 6 050 points. Jerome Powell had a drama-free appearance before the Senate, delivering his twice-yearly testimony to lawmakers. The Federal Reserve chairman largely reiterated the message that officials are in no rush to lower interest rates further.

In company news, Intel, the struggling chip-maker closed 6% higher on Vice President JD Vance's promise to make more AI systems and chips domestically. Elsewhere, Marriott International reported better than expected numbers but gave poor guidance for coming quarters due to slowing Chinese demand. Finally, Meta Platforms continued its epic run, rising for the 17th day in a row. Booyah!

In summary, the JSE All-share closed down 0.23%, the S&P 500 rose by 0.04%, and the Nasdaq ended 0.36% lower. Patchy.

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Amazon meanders

11 February

Monday was a good day for markets, despite Trump's unveiling of tariffs on steel and aluminium imported into the US. Companies like US Steel, Cleveland-Cliffs and Nucor rose, while companies that use steel, like General Motors, fell. What a pain.

In company news, Meta Platforms set a new record, rising for 15 straight days in a row. Elsewhere, embattled Super Micro Computer announced that they will give a business update today, and shares soared 17.6%. Chip stocks like Nvidia, Broadcom and Micron rose, as Wall Street becomes comfortable with the idea that DeepSeek's low-cost AI gains will be good for the industry as a whole.

In summary, the JSE All-share closed up 0.33%, the S&P 500 rose by 0.67%, and the Nasdaq ended an impressive 0.98% higher. Ah, the joys.

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Apple links with the stars

10 February

US markets gave up their weekly gains on Friday, with the S&P 500 down almost 1%. Trump rattled on about tariffs, and jobs data showed a steady but cooling labour market. Wages jumped, bonds dipped, megacaps slid. It was just one of those days.

In company news, Amazon ended down 4% after warning of a slowdown in its cloud business, but they are still up 33% in the last 12 months. Elsewhere, Apple is revamping its iPhone SE, the cheaper smartphone it uses to lure users away from other brands. Finally, network management services company Cloudflare had a standout day, jumping 17.8% after smashing fourth-quarter expectations.

In summary, the JSE All-share was up 0.32%, the S&P 500 fell 0.95%, and the Nasdaq was 1.36% lower.

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Political Holiday

07 February

US stocks wavered yesterday, drifting from red to green and back again during the afternoon. The S&P 500 and Nasdaq managed to end the day in positive territory due to a last hour surge. The market leaders were Nvidia (+3.1%), Eli Lilly (+3.3%) and Uber (+8.5%)

In company news, Amazon fell 4.0% in after-hours trade as its Q4 results hit the wires and AWS sales and guidance looked a little tepid. Philip Morris International rose 10.9% to an all-time high after the tobacco company forecast higher demand for its Zyn pouches (lol, yuck). Finally, military aircraft carrier-maker Huntington Ingalls Industries fell 18.3% after missing estimates. That must be a complicated business!

In summary, the JSE All-share closed up 0.67%, the S&P 500 rose 0.36%, and the Nasdaq closed 0.51% higher. Not bad, we'll take it.

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Barbie has hot wheels

06 February

US markets closed higher yesterday, with most major industries contributing to the gains. Despite all the distractions, earnings season has been going well. 350 of the S&P 500 companies saw their stocks rise, led by a 5.2% surge from Nvidia.

In company news, Uber fell 7.6% after delivering weaker-than-expected gross bookings guidance. Elsewhere, human resources platform Workday climbed 6.3% after firing 8.5% of its workforce, which is awkward. It was party time at Mattel (+15.3%) after they reported strong sales of Barbie dolls and Hot Wheels scale model cars.

Here's the lowdown, the JSE All-share was up 0.18%, the S&P 500 rose 0.39%, and the Nasdaq was 0.19% higher. That'll do.

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Baboon proof

05 February

US markets bounced back strongly yesterday on a wave of dip buying. Big tech stocks led the charge again, with the "Magnificent Seven" up 1.7% and Meta adding to its longest winning streak ever, 12 sessions in a row.

In company news, Google dropped 7.6% in after-hours trade due to a miss on revenue as cloud growth slowed. Elsewhere, AMD slid 8.8% because of weak results, showing it's still trailing Nvidia in the AI chipmaking race. Lastly, Spotify crushed it in the fourth quarter with strong subscriber growth that beat expectations, propelling the Swedish music giant to its first-ever annual profit. It's share price closed 13.2% higher.

At the end of a swell day, the JSE All-share was up 1.13%, the S&P 500 rose 0.72%, and the Nasdaq was 1.35% higher. That should calm the nerves.

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Tap to pay

04 February

US markets closed lower yesterday, with the S&P 500 dropping 0.8% after recovering from a much nastier slide on tariff news. Trump delayed 25% tariffs on Mexico for a month, boosting the Peso but cooling the Dollar rally. After the market close he also gave Canada the same grace period. The Nasdaq also finished in the red, with defensive stocks leading gains.

In company news, defence contractor Palantir surged 22% after hours, beating full-year revenue forecasts on what CEO Alex Karp calls "untamed organic growth" in AI software demand. Elsewhere, Tyson Foods beat quarterly estimates, closing 2.2% higher as robust chicken profits offset beef losses. Finally, aerospace parts manufacturer Triumph soared 33.9% after announcing it will be acquired by two private equity groups.

In summary, the JSE All-share was down 0.54%, the S&P 500 fell 0.76%, and the Nasdaq was 1.20% lower. Just keep your head down at times like these.

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Tariff tango

03 February

US markets whipsawed on Friday as fresh tariff moves from Trump caught traders off guard. The S&P 500 gave up a near 1% gain, while the dollar firmed up. Trump's latest brainwave seems irrational, slapping 25% tariffs on most goods imported from Mexico and Canada, and 10% on China. Can he be serious? Is this a negotiating strategy? Let's see what happens today.

In company news, Apple calmed nerves with a solid revenue forecast despite iPhone and China struggles. Exxon Mobil beat estimates as strong production offset weaker oil prices. Elsewhere, Intel disappointed with a soft revenue outlook, its shares closed down 2.9% on the news.

On Friday, the JSE All-share was up 0.32%, the S&P 500 fell 0.50%, and the Nasdaq was 0.28% lower. Even so, January was a good month for markets.

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Software GOAT

31 January

After a sloppy start to the trading day, US markets closed in the green thanks to strong consumer spending data. Around 85% of S&P 500 companies advanced, with small caps leading the charge. The world's most important stock, Nvidia, closed in the green.

In company news, Mastercard rose 3.1% after reporting earnings that beat estimates, driven by growth beyond its core payments business. Elsewhere, Southwest Airlines flagged higher-than-expected costs due to rising labour expenses, taking some shine off strong leisure travel demand. Finally, UPS had its worst trading day ever (-14.1%) after announcing it would cut volumes on Amazon, its largest customer, to avoid making losses.

At the close, the JSE All-share was up 0.43%, the S&P 500 lifted 0.50%, and the Nasdaq was a decent 0.19% higher.

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Two pot shop

30 January

US markets dipped early in the day but steadied after Fed Chair Jerome Powell eased fears of heightened inflation. There was no rate cut announced, sadly, but growth, jobs and inflation seem to be on trend. Both the S&P 500 and Nasdaq Composite closed slightly lower.

In company news, Meta jumped 2.3% after hours on strong results thanks to AI advancements and advertising pricing power. Microsoft dipped by 4.6% in late trade as its results looked good, but forward guidance was a little muted. In Europe, ASML surged 5.5% after reporting blockbuster chipmaking orders. Lastly, Tesla gained 4.2% as results, though weak, weren't as bad as feared. Elon Musk talks a good game.

Izolo, the JSE All-share was up 1.03%, the S&P 500 fell 0.47%, and the Nasdaq was 0.51% lower.

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Nvidia digs deep

29 January

US markets closed in the green last night as big tech stocks bounced back after a rough Monday. Both the broader S&P 500 and the tech-heavy Nasdaq gained. Nvidia rose 8.9% as investors reconsidered the rash sell-off that followed the sketchy news about DeepSeek's capabilities over the weekend.

In company news, Apple moved 3.7% higher on news that it has been quietly working with SpaceX and T-Mobile to integrate Starlink support into its latest iPhone software, offering an alternative to its own satellite service. Elsewhere, Microsoft rose 2.9% as it might be in talks to buy TikTok's US operations from ByteDance. That's according to President Trump, so take that insight from whence it comes.

At the end of another thrilling day, the JSE All-share was up 0.31%, the S&P 500 rose 0.92%, and the Nasdaq was 2.03% higher. Haha!

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Duffed chip

28 January

US tech stocks had a rough day yesterday, with AI-focused companies leading the selloff after China-based DeepSeek's low-cost, open-source language model shook up the AI industry, despite questions about its origins and durability. Nvidia plunged 16.9%, losing $589 billion in market cap, the largest one-day loss in history. We think it will recover soon.

In other company news, Constellation Energy tumbled 20.9% as AI-linked energy plays also took a hit. Elsewhere, Apple rose by 3.25% because investors felt that it wasn't an AI company at all. Lastly, AT&T surprised the market with strong Q4 results, driven by gains in mobile and fibre subscribers thanks to seasonal promos and bundling.

Yesterday, the JSE All-share was down 0.12%, the S&P 500 conked by 1.46%, and the Nasdaq ended an eye-watering 3.07% lower. Don't panic, and keep in mind that 300 of the S&P 500 stocks actually posted gains yesterday.

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