Wall Street saw a rough Friday, with the S & P 500 and the Nasdaq both suffering significant losses. President Trump announced new China trade threats, leading to a 2.71% decline in the S & P 500 and a 3.56% drop in the Nasdaq. Trump imposed an extra 100% tariff on Chinese imports.
Nvidia faced challenges after AMD announced a chip-buying agreement with OpenAI. Nvidia shares dipped, but Jim Cramer remains optimistic about the company’s future in the AI chip race. Oracle reported thin margins on its Nvidia chip rentals for cloud services, causing a drop in its shares by 5%.
Nvidia CEO Jensen Huang pushed back on claims of thin margins, stating that long-term profitability is expected. Huang emphasized the importance of American technology in the AI race against China. Nvidia shares had a volatile week, closing down 2.4% from early October.
The Investing Club made portfolio moves, purchasing more GE Vernova shares and upgrading the stock to a buy-equivalent 1 rating. Salesforce shares were sold to book profits, and Corning was added to the Bullpen watch list for its potential in fiber optic cables for AI data centers. Sales of Corning’s cables are expected to surge. Corning secures deal with Apple to produce cover glass for iPhones and Apple Watches. BlackRock position trimmed for the first time, still up nearly 10.5% year to date. Proceeds used to add to Nike and Boeing positions, with Nike down 14% and Boeing up 19% in 2025.
Nike CEO discusses turnaround plan, focusing on profitable growth and operations in China. New direction includes sports-themed stores to revive brand. Despite losing 14% year-to-date, Jim Cramer remains bullish on Nike. Piper Sandler survey shows Nike as No. 1 favorite footwear brand among teens. Shares of Nike lost over 9% this week.
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1. Apple unveils new iPhone 13 with improved camera and longer battery life. Pre-orders start Friday, starting at $699. Analysts predict strong sales for the tech giant’s latest release.
2. Facebook faces backlash after whistleblower exposes internal documents revealing prioritization of profits over user safety. Congressional hearings scheduled to address concerns over social media platform’s practices.
3. Tesla shares drop as Elon Musk announces plans to sell 10% of his stake in the company. The move comes after Musk polls Twitter users about potential stock sales.
4. Pfizer seeks FDA approval for COVID-19 vaccine booster shot for all Americans over 18. The pharmaceutical company cites waning immunity as reason for additional dose recommendation.: New tariff threats crush stocks during a big week for Nvidia and key portfolio moves