Stock market today: Stocks mixed after breakout rally | February 23 Yahoo Finance

Market News

• The stock market is slightly higher in early trading, with futures up across the board.
• NVIDIA is rallying after reporting strong quarterly results, beating high expectations.
• Reddit has officially filed to go public, planning to list under the ticker RDDT.
• Reddit is offering users who have "meaningfully contributed" the opportunity to buy shares at the IPO price.
• Warner Bros. Discovery reported disappointing results, with shares down over 10% in premarket trading.
• The company's streaming platform missed expectations due to strikes in Hollywood and weak ad revenue.
• Investors are focusing on NVIDIA's outperformance compared to the S&P 500 and other tech stocks.
• Reddit's IPO is seen as a test for the tech sector and the broader market, which has been lackluster.
• The trend line for IPOs shows a significant drop in 2022 compared to 2021, and investors will be watching closely to see if Reddit's IPO can provide a boost.
• Reddit has done a good job of retaining users and is focusing on daily active uniques, a qualified user base metric.
• Reddit is planning to go public (IPO) and is reserving stock to sell to its loyal users.
• Warner Bros. Discovery missed on top and bottom lines in the fourth quarter due to the effects of the Hollywood strike.
• Max, the streaming service from Warner Bros. Discovery, was profitable for the first time in 2023, making it the first major streaming service to achieve profitability.
• Intuitive Machines became the first private spacecraft to successfully touch down on the moon, marking a historic moment in space exploration.
• Block, formerly known as Square, surprised investors with a profit in the fourth quarter and raised its full-year guidance by more than $2 million.
• Block's Cash App model is generating excitement among investors, with JPMorgan giving it a positive nod.
• Block's gross profit increased by 25% year over year.
• Mizuho Securities believes that Block's growth potential is now conceivable and that its initial guidance might be conservative.
• AT&T experienced a widespread outage affecting over 1.7 million customers due to a software update, not a cyberattack as initially suspected.
• The outage caused significant inconvenience to users and raised concerns about the company's network reliability.
• Investors are assessing the potential financial impact of the outage on AT&T's bottom line and customer satisfaction.
• Warner Bros. Discovery shares declined after the media company missed expectations in its latest earnings report.
• The company's streaming service, HBO Max, showed progress but failed to meet growth targets, leading to investor concerns about the company's future revenue and earnings growth.
• Rich Greenfield, a media analyst, believes Warner Bros. Discovery needs to change its strategy and focus on HBO as a standalone service, abandoning its global ambitions and scaling back its streaming efforts.
• Greenfield suggests that offering smaller bundles of streaming services may appeal to consumers but could lead to cord-shaving, which is not beneficial for the industry overall.
• The analyst emphasizes the importance of simplifying the streaming strategy and focusing on profitable content to extract value from current subscribers.
• Greenfield predicts that the current antitrust environment and the upcoming presidential election could impact the future of media consolidation and regulation.
• NVIDIA's market cap reached a record $277 billion, the largest single-session increase in value ever.
• The S&P 500 index is up, with 46 record highs, mostly in industrials and financials.
• Tech stocks, led by NVIDIA, are outperforming, while energy, staples, and consumer discretionary stocks are trading down.
• The Nasdaq 100 closed at a record high while being up 3%, the first time since March 2000.
• Investors are concerned about irrational exuberance and whether the market rally is sustainable.
• Brad McMillan, Chief Investment Officer, believes the market rally is rational to some extent but warns of potential overpricing.
• McMillan is optimistic about the economy and the country's growth as long as the job market remains strong.
• There is concern that the Fed may keep rates higher for longer than expected, which could dampen market optimism.
• The market is normalizing, and the Federal Reserve does not need to cut rates for the market to keep moving higher.
• NVIDIA crossed the $2 trillion market cap threshold, becoming the first company to do so this year.
• Meta Platforms had the biggest one-day market cap gain, adding $277 billion to its value.
• Apple and Tesla had the worst one-day market cap reactions, losing $153 billion and $126 billion respectively.
• Amazon is the best-positioned stock among the Magnificent 7, with solid performance expected from its advertising business and cloud