On February 27th Eastern Time, the market continued to wait for inflation data to be released later this week to analyze the possibility of the Federal Reserve cutting interest rates. The three major US indices fluctuated and were close to closing flat.
A well-known technology journalist revealed that Apple has decided to cancel its electric vehicle project and switch to AI, and Musk has responded! Apple's stock price rose slightly. The results of weight loss drug experiments are positive, with Viking treatment skyrocketing by 121%.
Multiple AI concept stocks are still being hyped up. SoundHound.ai, which NVIDIA holds, rose nearly 40% in early trading and closed up nearly 19.3%; BigBear. ai closed up 38%.
The market is waiting for inflation data such as PCE
The three major US stock indexes fluctuated slightly
On February 27th Eastern Time, investors continued to wait for the release of heavyweight inflation data such as the PCE to determine the future monetary policy path of the Federal Reserve. The three major US indices fluctuated slightly, with mixed gains and losses, approaching a close to flat.
As of the close, the Dow Jones Industrial Average fell 0.25% to 38972.41 points; The Nasdaq rose 0.37% to 16035.3 points; The S&P 500 index rose 0.17% to close at 5078.18 points.
According to Zhitong Finance, David Solomon, CEO of Goldman Sachs, weak consumer spending has raised doubts about his expectations that the US economy will avoid a recession. Solomon said at a meeting on Tuesday local time that the world is preparing for a soft landing, but he is personally a bit uncertain about it. Solomon said that the head of the company told him that while prices remain high, the consumption of the "moonlight tribe" has become tight. He said, "I think the current situation is pretty good, but the economic uncertainty is higher than market expectations."
Apple's explosive cancellation of electric vehicle project
Musk also responded
On the afternoon of February 27th Eastern Time, globally renowned technology journalist Mark Gurman cited insiders on social media as saying that Apple has cancelled its ten-year, multi billion dollar electric vehicle plan.
(Source: Screenshot of social media X)
According to reports, insiders said that on Tuesday local time, Apple disclosed this information internally, which surprised nearly 2000 employees involved in the project. According to insiders, this decision was made jointly by Chief Operating Officer Jeff Williams and Vice President Kevin Lynch responsible for this work.
These two executives told employees that the project will gradually decrease, and many employees engaged in automotive research and development will be transferred to the artificial intelligence department. These employees will focus on generative artificial intelligence projects, which is an increasingly important focus of the company's work.
Tesla CEO Elon Musk also shared this message on his social media account and responded with emoticons such as "saluting" and "lighting a cigarette.".
(Source: Screenshot of social media X)
The report also stated that the Apple automotive team has hundreds of hardware engineers and automotive designers who may also apply for work from other Apple teams. And Apple will lay off employees, but the number of layoffs is currently uncertain.
Apple declined to comment on this news.
As soon as the news came out, Apple's stock price turned from a decline to an increase, ultimately closing up 0.81%.
Positive results from weight loss drug experiments
Viking therapy skyrocketed by 121%
On February 27th Eastern Time, the stock price of Viking Therapeutics surged by over 121%. Previously, the company announced positive results in the second phase trial of its weight loss drug VK2735. As of the close of the day, Viking Therapeutics was at $85.05, an increase of 121.02%, and its latest market value was $8.547 billion.
The stock prices of two major weight loss drug giants, Novo Nordisk and Lilly, are under pressure, falling 1.04% and 0.66% respectively.
Public data shows that VK2735 is a GLP-1 receptor agonist. Viking is developing an injectable and oral weight loss drug for obesity and diabetes. This trial met all primary and secondary endpoints and showed a statistically significant decrease in body weight compared to placebo at all doses. After 13 weeks, patients receiving weekly doses of medication experienced a 14.7% weight loss compared to baseline. The average weight of 35 participants at the time of enrollment was 101.1 kilograms, and the average weight loss over 13 weeks was 14.6 kilograms. Among them, 88% of the participants lost more than 10% of their weight.
Multiple AI concept stocks are still being "hyped up"
On February 27th Eastern Time, despite Nvidia's decline, several AI concept stocks were still being "hyped up".
SoundHound.ai, which NVIDIA holds, rose nearly 40% in early trading and closed up nearly 19.3%; BigBear. ai closed up 38%, while C3. ai and Palantir rose over 4%.
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