Even billionaires stop trading. Steve Cohen, who founded Point72 Asset Management, stopped his hedge fund trading. Although he will still make investment decisions in his role as co-chief investment officer, the founder will focus on strengthening the business.
The firm manages $35.2 billion in assets and has 185 investing teams.
In the technology sector, Intel (INTC) rose by almost 10% before settling up by 2.68% yesterday. The firm announced that it will separate its foundry business. This enables the heavily indebted firm to raise outside capital. Intel hopes the structure cuts down on the middle management layers. That would give its customers more confidence in its manufacturing business.
Currently, Microsoft is Intel’s biggest customer.
In the artificial intelligence sector, Blackrock (BLK) and Microsoft announced that they would partner up. They will raise $100 billion in funds to invest in AI. The group will be known as the Global AI Infrastructure Investment Partnership.
In the Treasury market, the one-month T-bill offers around 4.93%, while the three-month T-bill yields 4.87%. The widely watched 10-year Treasury note yields 3.64%.
Ahead of expectations of a rate cut, the financial sector is bouncing back slightly. JPMorgan Chase (JPM) is about to break out above its 50-day simple moving average at around $210. Wells Fargo (WFC) and Bank of America (BAC) are also trading in the same pre-breakout pattern.
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