Election betting, tech stocks sink, and Bitcoin under Trump: Markets news roundup
Plus, Elon Musk says Trump’s economic plans will cause "temporary hardship" and tank the stock market
More than a billion dollars has been bet on the presidential election on the website Polymarket. But new research says the site is flooded with what’s known as “wash trading,” and that’s making the platform seem more popular than it is.
The Dow Jones Industrial Average fell more than 250 points Thursday mid-morning, alongside sharp Nasdaq $NDAQ and S&P 500 declines, following earnings reports from Microsoft $MSFT (MSFT) and Meta $META (META), as both tech giants grapple with challenges in meeting the surging demand for AI. Meta stock fell about 3% in Thursday trading, while Microsoft stock dropped more than 5%.
Bitcoin is holding strong at $73,000, poised for a potential new all-time high just a week before the U.S. elections — an event that many traders anticipate will boost market optimism, irrespective of the outcome.
Despite posting robust quarterly profits, Microsoft $MSFT (MSFT) and Meta $META (META) shares slumped Thursday as both tech giants signaled substantial future AI spending requirements and slower growth prospects. The companies that have emerged as leaders in the AI sector saw their stocks decline despite heavy investments in generative AI that had previously fueled investor optimism.
Eric Beiley, executive managing director of The Beiley Group at Steward Partners, spoke with Quartz for the latest installment of our “Smart Investing” video series. - Andy Mills Read More
Elon Musk is the richest person on the planet right now. That’s probably part of why he’s fine with former President Donald Trump’s economic plans causing, in his words, “temporary hardship” in the pursuit of a healthier economy years down the road.
Shares of Super Micro Computer (SMCI) fell an additional 15% on Thursday, trading at $28 per share, following the resignation of auditor Ernst & Young. Although the server company joined the S&P 500 in March 2024, this year hasn’t been smooth, and now it faces potential delisting from the Nasdaq $NDAQ. After receiving a non-compliance letter in September, Super Micro has until November 16 to submit a plan to Nasdaq to regain compliance, or it could face delisting for the second time in five years.
Super Micro Computer (SMCI) stock dropped 32% in the Wednesday morning trading, after the server company announced that its auditor, Ernst & Young, had resigned. The departure follows months of disagreement over Super Micro Computer’s governance practices and board independence.
Eric Beiley, executive managing director of The Beiley Group at Steward Partners, breaks down the upcoming Mag 7 earnings and the election
You can now trade a Kamala Harris or Donald Trump contract on the trading platform Robinhood (HOOD). With just a week remaining before the election, this program, which launched on Monday, enables users to bet on which candidate they believe will win, adding a new way to engage with the political process through the platform.