Arm Soars as Stargate Launches, Johnson & Johnson Tops Earnings, and Rental Affordability Improves
Key Highlights:- Arm Holdings surged nearly 16%, making it the second-best performer on the Nasdaq, driven by the announcement of a new $500 billion AI venture.
- Stargate, a collaboration between Japan's SoftBank, Microsoft-backed OpenAI, Oracle, and MGX, aims to build AI infrastructure in the U.S. over the next four years, with technology partners including Arm, Microsoft, Nvidia, and OpenAI.
- Johnson & Johnson exceeded fourth-quarter earnings expectations and projected stronger 2025 results, yet shares fell 1.9%, the second-largest drop in the Dow.
- The U.S. 10-year Treasury yield climbed to 4.62%, while the two-year rate rose to 4.30%.
- West Texas Intermediate (WTI) crude oil dropped 0.6%, settling at $75.39 per barrel.
- Gold rose by 0.2% to $2,765.60 per troy ounce, while silver slipped 0.4% to $31.38 per ounce.
- U.S. rental affordability improved to its best level since March 2022, as reported by Redfin. Wages are rising, and rent growth has slowed, aided by an increase in apartment construction, according to Redfin economist Sheharyar Bokhari.
- Mortgage applications were steady last week, as 30-year fixed interest rates remained around 7%, the Mortgage Bankers Association said.