ADDX GO Market Morning Wrap - 11th Feb
Go Wire
February 11, 2025
GoGPT Summarizes Articles
Stock Market
Asian markets closed mixed on Feb 10th. The Nikkei 225 edged up 0.04% to 38,801.17, while the Hang Seng Index surged 1.84% to 21,521.98. Singapore’s STI rose 0.36%, whereas Jakarta’s IDX Composite fell 1.40%. Malaysia’s KLCI dipped slightly by 0.06%. Indian markets saw declines, with the NIFTY 50 down 0.76% and the Sensex losing 0.70%.
In the U.S., major indices performed well. The S&P 500 climbed 0.67% to 6,066.44, the Dow Jones gained 0.38% to 44,470.41, and the Nasdaq led with a 0.98% increase to 19,714.27. The Russell 2000 added 0.36%, showing strength in small-cap stocks.
Key Events
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A group of investors led by Elon Musk has made a $97.4 billion bid to take control of AI research company OpenAI, according to The Wall Street Journal. Musk’s attorney, Marc Toberoff, confirmed that the offer was submitted to OpenAI’s board on Monday. OpenAI CEO Sam Altman swiftly responded on social media platform X, saying: “No thank you but we will buy Twitter for US$9.74 billion if you want.“
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McDonald's $MCD reported $25.92 billion in full-year revenue for 2024, a 2% increase year-over-year, while net profit declined 3% to $8.22 billion. In Q4, global same-store sales unexpectedly grew by 0.4%, outperforming analysts’ forecasts of a decline and breaking a two-quarter negative streak.
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Merck $MRK is in advanced negotiations to acquire SpringWorks Therapeutics (SWTX.US), a U.S. company specializing in cancer and rare disease treatments. Sources indicate that a deal, valuing SpringWorks at approximately $3.4 billion, could be signed in the coming weeks.
- BYD officially launched its "Sky Eye" advanced driver-assistance system (ADAS) at its Shenzhen headquarters on February 10. Chairman Wang Chuanfu announced that the system will be standard on all models above ¥100,000 and widely available on lower-priced vehicles. BYD also revealed that its "Xuanji Architecture" will integrate with DeepSeek AI. Wang predicted that 2025 will mark the start of mass adoption for intelligent driving, with non-smart vehicles becoming a minority. Through this strategy, BYD aims to bring advanced driving technology to all consumers.
Forex
The U.S. Dollar Index (DXY) edged up 0.27% to 108.33. Gold surged past the $2,900 mark to a record high as investors sought safety amid renewed global trade war concerns following President Trump's new tariff plans.
Key Events
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At an upcoming hearing, Fed Chair Jerome Powell is expected to reaffirm the pause on rate cuts. Since September 2023, the Fed has cut rates by one percentage point, but inflation remains above target at 2.6%, and the job market remains strong with unemployment at 4%. Powell may also face pressure from Democratic lawmakers to comment on Trump’s proposed tariffs on Canada and Mexico, though analysts expect him to remain cautious.
Cryptocurrency
Bitcoin climbed 1.06% to $97,366.44, marking a 4.23% year-to-date gain, though still 8.78% below its all-time high of $106,734.51 set in December 2024.
Key Events
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BlackRock has raised its stake in MicroStrategy $MSTR to approximately 5%, according to its latest Q4 13F filing. The investment giant’s holdings in Strategy increased by 18.83% from the previous quarter. While BlackRock already holds substantial Bitcoin exposure through its Bitcoin ETF (IBIT.US), this move suggests an interest in expanding indirect Bitcoin exposure through Strategy’s shares.
Market Events and Most Anticipated Earnings Releases
#Market Morning Wrap#$McDonald's Corporation(MCD)#$Merck & Co. Inc.(MRK)#$MicroStrategy Inc(MSTR)