Amazon Joins The Dow Jones Index – She’s Got The Stocks – 29th February 2024

Amazon Joins The Dow Jones Index – She’s Got The Stocks – 29th February 2024

It was a week of mixed signals for the tech market as traders looked ahead to key inflation data coming out from the US and Europe.

The Nvidia-fuelled AI mania of the last few weeks subsided with the Nasdaq Composite Index falling slightly on Wednesday US time.

Earnings season is quietly coming to a close but some companies still have news to share. Notably, Salesforce is expected to report a revenue surge of $US9.22 billion ($AU14.16 billion) which could mark a surge in profitability.

AMAZON

Amazon received the honour of being welcomed to the Dow Jones index this week. The news is expected to give the index a much-needed boost after it has been trailing the S&P 500.

The three largest tech stocks in the Dow are Apple, Microsoft and Salesforce. Nvidia and and Alphabet are excluded.

NVIDIA

Things continue to go from strength to strength for Nvidia which, on Friday, became the 5th publicly traded company to surpass $2trn (AU $3trn) in value.

A number of high-profile Australian investors are said to be enjoying the Nvidia success with James recently revealed to have large holdings in the chipmaker.

XERO

Despite being up since the two weeks WLT last reported. Xero’s share price dropped in Australia today as the company’s strategy update and AI solution failed to land.

A lot of the strategy focused on helping small businesses by integrating AI into business-focused tasks.

ADOBE

Xero was not the only company revealing a new AI tool this week. Announced during the Hot Pod Summit in Brooklyn, Adobe revealed Project Music GenAI Control.

A new tool that allows users to create and edit their own music using word prompts.

CompanyOpenCloseChange
Macquarie Telecom Limited (ASX: MAQ)$69.13$78.0412.89%
REA Group (ASX: REA)$181.34$191.205.44%
Atlassian (NAS: TEAM) (USD)$215.89$207.05-4.09%
Xero (ASX: XRO)$117.24$126.978.30%
CAR Group  (ASX: CAR)$34.12$36.446.80%
NEXTDC (ASX: NXT)$14.50$17.1418.21%
WiseTech Global (ASX: WTC)$77.86$93.9720.69%
Appen (ASX: APX)$0.30$0.5893.33%
Airtasker (ASX: ART)$0.25$0.264.00%
Telstra (ASX: TLS)$3.94$3.80-3.55%
Adobe (NAS: ADBE) (USD)$604.66$551.82-8.74%
Salesforce (NYSE: CRM) (USD)$289.15$299.773.67%
Apple (NAS: AAPL) (USD)$184.15$181.42-1.48%
Alphabet (NAS: GOOGL) (USD)$145.94$136.38-6.55%
Meta (NAS: META) (USD)$473.28$484.022.27%
Microsoft (NAS: MSFT) (USD)$409.49$407.72-0.43%
Amazon (NAS: AMZN) (USD)$170.98$173.161.28%
Nvidia (NAS: NVDA) (USD)$739.00$776.635.09%
Netflix (NAS: NFLX) (USD)$579.33$596.482.96%

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