The Stock Market bubble will not be derailed by President Trump, DOGE cost-cutting, Pam Bondi's Release of the notorious Epstein Files, or even rising jobless claims. It's unstoppable. Prepare for all-time highs on the NASDAQ and S&P within days or weeks.
Nvidia (NVDA), the maker of ultra-fast processing chips needed to fuel the AI craze, reported fourth quarter results that were blowout positive. The company announced revenue in the quarter rose 78%, and full fiscal-year revenue for Nvidia rose 114% to $130.5 billion.
As far as guidance, Nvidia said it expected about $43 billion in first-quarter revenue, slightly higher than estimates, which help push the stock two percent higher in pre-market trading.
Elsewhere, Salesforce.com (CRM) continued its unprecedented streak of underperformance, missing on the revenue side and issuing disappointing guidance. Shares are down 2 1/2 to three percent prior to the open. Never daunted, traders pushed this nonsense company and its p/e ratio of 48 to a high of 361 in early December. As of Wednesday's close, CRM was trading at 307.33 and is expected to fall further, proof once again that it's never a good idea to buy high and sell low.
As the bubble proceeds - the current Shiller PE Ratio of 37.55 is down slightly, but still in range of the most recent bubble high of 38.58 from 2020.
Unemployment claims were released this morning as usual, with the number of initial claims coming in at 242,000, the highest since last October. Incidentally, jobless claims in the D.C. metro area surged past 2,000 in the latest reporting week, up from around 600 at the start of the year. DOGE seems to be working at eliminating slackers and no-shows from the federal workforce.
Bitcoin dropped to a low of $83,576 overnight, the lowest the granddaddy of crypto coins has been since November 11. Since completely fake money can't seem to find a bottom, traders on the COMEX seem to believe that other forms of money, such as gold, should not be priced as high as they have been recently.
Thursday morning saw gold dip back below $2,900. Silver seems to be holding its own for a change, down slightly, just above $32/ounce.
Oddly enough, amid the euphoria, stock futures took a dive just before 9:00 am ET.
Not to worry, however, as fake money, artificial intelligence (AI), and not working from home appear to be winning strategies.
At the Close, Wednesday, February 26, 2025:
Dow: 43,433.12, -188.04 (-0.43%)
NASDAQ: 19,075.26, +48.88 (+0.26%)
S&P 500: 5,956.06, +0.81 (+0.01%)
NYSE Composite: 19,932.85, +8.80 (+0.04%)
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