Wall Street extends winning streak

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Winning streak
THE S&P 500 and the Nasdaq Composite rose for an eighth straight sessionrising 0.97% and 1.39% respectively, marking their longest winning streak so far this year. THE Dow Jones Industrial Average jumped 0.58%. Meanwhile, the yield on the 10-year Fund it was little has changed as investors await Federal Reserve meeting minutes and Chairman Jerome Powell’s Jackson Hole speech on Friday. US oil prices fell almost 3% as the The US is pushing for a ceasefire deal in the Middle East.

AMD agreement
Advanced gadgets it is acquiring Server maker ZT Systems for $4.9 billion to bolster its AI chip and hardware portfolio. The move allows AMD to release AI chips to customers at scale such as Microsoft demand and compete more effectively Nvidia. AMD, which had $5.34 billion in cash and short-term investments in the second quarter, plans to finance 75 percent of the acquisition with cash and the rest with stock. The company also plans to spin off and sell its server manufacturing business as it does not wish to compete with Super Micro Computersaid CEO Lisa Su.

GM layoffs
General Motors it is laying off over 1,000 employees worldwide in its software and services division, following a review to streamline operations, CNBC has learned. The cuts include about 600 jobs at the tech campus near Detroit. The layoffs, which represent 1.3 percent of GM’s global salaried workforce, come as automakers, including GM, focus on cost reduction amid industry challenges while investing heavily in electric and so-called software-defined vehicles.

Boeing 777X pitches
Boeing has halted 777X flight testing after discovering damage to a structural part. Three 777-9 test aircraft have also been grounded due to damage. Boeing notified the Federal Aviation Administration and its customers, who have ordered 481 units of the 777X. The impact on certification and delivery is unclear, but this issue could further delay the already delayed 777X program. The news comes as new CEO Kelly Ortberg; trying to overcome the company’s security crisis.

Asian markets are mainly growing
Markets in Asia Pacific region were mostly higher, led by Japan Nikkei 225which rose 2%, fueled by utilities and health care stocks. of Australia S&P/ASX 200 rose 0.17%, while the Reserve Bank of Australia noted it was “unlikely” to cut interest rates in the near term as inflation remained “above target” and “proving persistent”. of Hong Kong Hang Seng Index down 0.36% after the real estate company Kaisa announced a debt restructuring deal. Mainland China’s CSI 300 fell 0.7 percent as the central bank left key lending rates unchanged. of South Korea Kospi rose 0.89%.

[PRO] Measure to track
Veteran investor Mark Mobius focuses on a metric he considers “historically importantand potentially damaging to US stocks at a time when markets have been marred by volatility.

AMD estimates n Buy AI chips will reach $400 billion by 2027. CEO Lisa Su is on a mission to capture a significant share of this market. However, it has to compete Nvidiathe industry leader. Analysts forecast Nvidia’s data center AI revenue to reach $105.9 billion this year, with AMD lagging behind at $4.5 billion.

It’s like Microsoft’s Bing challenging Google’s search business. However, AMD is gaining customers including Microsoft and Meta Platform. And he’s trying to boost his offerings with the acquiring ZK servers to better compete with Nvidia.

“I don’t think anything changes for the next 1 to 2 years,” Doug Clinton, chief executive of Deepwater Asset Management, said on CNBC’s “Closing Bell.” He emphasized that AMD’s focus is to become more competitive in education groups by supporting hyperscalers in building data centers. However, Nvidia already excels in this area. “Not much of a threatClinton added.

Nvidia’s dominance is so strong that Bank of America expects its Aug. 28 earnings report to be a bigger market catalyst than Powell’s speech in Jackson Hole on Aug. 23 CNBC’s Sarah Min has more on the bank’s views.

While investors worried about a downturn at the start of the month, which contributed to a sell-off, Goldman Sachs cuts chance of recession to 20% after more favorable jobs and retail sales data.

Jan Hatzius, chief economist at Goldman Sachs, told CNBC’s “Squawk on the Street” that the investment bank could cut the possibility further, depending on the next jobs report in September. Meanwhile, Hatzius doesn’t think Powell will allow himself to be “pinned down“on what the Fed’s next move will be.

“I think he won’t be specific about the moves ahead, I’m sure his comments will be consistent with the idea that the risks are more bilateral and there are some signs of easing in some areas. And more importantly, or just as importantly, inflation has come down, I don’t think it’s going to let itself get nailed one way or the other,” Hadzios said.

“If the data supports 50 [basis points]they’re going to have to do 50, and I think they’re going to do 50, but I think it’s much more likely that things look good enough for a series of 25 basis point cuts to do the job.”

— CNBC’s Alex Harring, Kevin Breuninger, Samantha Subin, Jenni Reid, Rohan Goswami, Michael Wayland and Spencer Kimball contributed to this report.