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- U.S. stock futures fell on Wednesday, extending consecutive losses.
- Nvidia, a chipmaker and AI player, will report its financial results after the market closes on Wednesday.
- The new sports streaming joint venture between Disney, Fox and Warner Bros. Discovery is facing its first challenges.
Here are the most important news items investors need to start their trading day:
This photo taken on April 10, 2023 in Krakow, Poland shows a microchip and the Nvidia logo displayed on a cell phone screen.
Null Photo | Getty Images
Nvidia, a chipmaker and AI player, will report its financial results after the market closes on Wednesday. Sentiment on Wall Street appears to be volatile, with the stock down 4% on Tuesday. (It’s still up 40% this year and more than 200% in the past 12 months.) The concern may lie in its valuation. The company overtook Alphabet last week to become the third-largest U.S. company behind Microsoft and Apple. “NVDA’s stock price growth has been parabolic,” Bank of America analysts wrote in a recent report. “His one interpretation of this NVDA move is a combination of fear and greed, and what he sees as an indiscriminate pursuit of investors in AI in general.”
A flag is hoisted outside the Walgreens headquarters of drugstore chain Walgreens during a three-day strike by pharmacists in Deerfield, Illinois, U.S., November 1, 2023.
Vincent Alban | Reuters
Walgreens Boots Alliance has ended. Amazon is also getting in on the action. S&P Dow Jones Indices announced Tuesday that the technology giant will replace the drugstore retailer in the Dow Jones Industrial Average starting next week. The swap is an effort to rebalance the price-weighted measurement of 30 stocks with increased consumer retail exposure following a 3-for-1 stock split in Dow component Walmart, which reduced its weighting. . Also included in the shakeup is airline JetBlue, which will be removed from the transportation average and replaced by ride-hailing company Uber.
This illustrated photo taken in Krakow, Poland on February 6, 2022 shows the fuboTV logo on a TV remote and screen.
Jakub Porzycki | Nurfoto | Getty Images
The new sports streaming joint venture between Disney, Fox and Warner Bros. Discovery is facing its first challenges. FuboTV has filed a lawsuit against the media giant for “extremely stifling competition in the U.S. sports-centric streaming market.” The joint venture is intended to offer sports fans a leaner option compared to traditional pay-TV bundles, but has raised concerns among traditional cable players and now sports streamer Fubo and others. . “By reserving the exclusive rights for these companies to partner and deliver specialized live sports packages, we are effectively blocking new competitors from entering the market,” FuboTV CEO David Gandler said in a statement. “I think we are erecting an insurmountable barrier.” A spokesperson for the joint venture declined to comment.
An American Airlines agent assists a customer at Miami International Airport on May 2, 2023 in Miami, Florida.
Joe Radle | Getty Images
American Airlines is increasing baggage fees for the first time since 2018. Travelers can expect to pay $35 for their first checked bag if they purchase the option in advance, or $40 if they opt-in at the airport. Previously, both options cost him $30. A second checked bag costs $40 to $45 in advance or in person. It’s the latest example of companies strengthening their bottom lines as they make 2024 the year of cost cuts. Scott Chandler, American’s senior vice president of revenue management and loyalty, said the cost of transporting baggage has “increased significantly” in recent years.
– CNBC’s Hakyung Kim, Kif Leswing, Jordan Novelt, Julia Boorstin and Leslie Josephs contributed to this report.
— Follow broader market movements like a pro CNBC Pro.
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