Apple's market capitalization surpasses the GDP of most countries—In June 2023, Apple's market cap crossed $3 trillion, making it worth more than the GDP of over 95% of the world's nations, including countries like the UK and India!
Market Wrap
The S&P advanced 0.5%, closing at 6,118.71, surpassing its previous record set in December 2024. The latest data on weekly jobless claims showed an unexpected increase, attributed in part to recent California wildfires. President Donald Trump's address at the World Economic Forum in Davos garnered attention. He emphasized the importance of artificial intelligence and cryptocurrencies while advocating for lower oil prices and interest rates. These remarks influenced various sectors, including technology and energy. The technology sector saw gains as investors anticipated increased focus and investment in artificial intelligence, while energy stocks were mixed, with oil producers under pressure due to calls for lower oil prices.
The stock declined by 7.4%, attributed to Elon Musk's skepticism regarding the $500 billion Stargate AI infrastructure project, which impacted investor sentiment toward AI-related companies.
Union Pacific Corporation rose by 5.2% despite missing revenue forecasts, as investors focused on improved operational efficiency, a stronger outlook for freight volumes, and effective cost-cutting measures, which boosted profitability.
