Market Rundown: Promising AI Stocks & $10 Breakthroughs

Stocks climbed for a second straight day, with the S&P 500 hitting a new high as Wall Street shrugged off geopolitical concerns and technology stocks fueled the rally. Tech giants led the charge, with Microsoft, Amazon, and Apple each gaining 1%, while Super Micro Computer surged 7%. Wednesday’s gains helped offset a rocky start to October, pushing major indexes into positive territory for the month.

As of 11:37 AM ET, the Dow was up 291.19 points, or 0.692%, at $42371.57. The Nasdaq Composite added 80.26 points, or 0.4%, at $20188.0368. The S&P 500 rose 30.6602 points, or 0.5331%, at $5781.79. Among the 11 major S&P 500 sectors, 9 showed positive movement, with Consumer Cyclical leading the way with a 1.04% increase.

Despite the uptrend, market volatility could persist in what is historically the most turbulent month of the year, especially as the U.S. presidential election approaches.

On the economic front, investors are awaiting the release of the Federal Reserve’s meeting minutes at 2 p.m. ET on Wednesday. Key inflation data will follow with the consumer price index on Thursday and the producer price index on Friday.

Earnings season kicks off Friday with major reports from JPMorgan Chase and Wells Fargo, setting the tone for the weeks ahead.

Top Movers: Under $10

Momentus Inc (MNTS) is up 97.83% today to trade at the current level of $0.82. This comes after the company was selected by NASA to provide launch services for future agency missions through its VADR (Venture-Class Acquisition of Dedicated and Rideshare) contract.

Banzai International Inc (BNZI) zoomed 71.74% in today’s trade to $4.74 after announcing strategic business initiatives to improve net income by up to $13.5 million annually.

In current trading, Mynd.ai Inc ADR (MYND) stock is at $1.44. The company closed $20 million sale of non-strategic business unit and announced additional strategic actions to enhance operations, strengthen cash position and drive long-term shareholder value.

WW International Inc (WW) rose 40.86% in the early hours of today's trading to move at $1.63 after announcing it will offer compounded semaglutide, expanding access to effective weight management support that has helped millions achieve their weight goals.

In the current trading session, Inhibikase Therapeutics Inc (IKT) jumped 29.41% to $1.54 over a previous close of $1.19 after announcing the pricing of an approximately $110 million private placement financing, before deducting placement agent fees and other offering expenses.

Ex-Dividends Stocks

Accenture plc (ACN) is about to trade ex-dividend tomorrow, meaning that investors who buy the stock after tomorrow will not be eligible for the next dividend payment. The company's next dividend payment will be $1.48 per share. It has fixed October 10 as the record date for the same and will pay the actual dividend on November 15. Last year, the company distributed a total of $5.16 to its shareholders. Based on the last year's worth of payments, ACN has a trailing yield of 1.42% on the current stock price of $363.43.

Shares of Delta Air Lines, Inc. (DAL) will be the talk of stock market on Thursday as the stock will turn ex-dividend. The company's next dividend payment will be $0.15 per share, and in the last 12 months, it paid a total of $0.45 per share. Last year's total dividend payments show that DAL has a trailing yield of 0.87% on the current share price of $51.59.

Tomorrow, Darden Restaurants, Inc. (DRI) is also set to go ex-dividend tomorrow. The next dividend payment from DRI will amount to $1.4 per share. October 10 has been designated as the record date for this dividend, with the actual payout scheduled for November 01. In the previous year, DRI distributed a total of $5.33 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for DRI stands at 3.36% based on the current stock price of $158.62.

General Mills, Inc. (GIS) will be paying out a dividend of $0.6 per share to shareholders holding their shares as of the close of the business hours on the record date of October 10. Over the past 12 months, GIS has paid out a total of $1.78 per share in dividends. Based on the total dividends paid out last year, GIS boasts an impressive trailing yield of 2.47% on the current share price of $72.18.

Crypto Market Highlights

• VanEck initiates support for early-stage cryptocurrency and AI projects with a new initiative for spot Bitcoin ETFs in the U.S.

• Web3 money app Wirex launches early access to Wirex Pay, a modular chain for payments, amid growing interest in self-custody wallets.

• Taiwan's regulators aim to enhance institutional cryptocurrency adoption by piloting crypto storage services through local banks.

• Canary Capital files to create a spot XRP ETF, marking the second bid for an XRP fund in just one week.

• Tradias, part of Bankhaus Scheich, secures a securities trading bank license from BaFin and completes a Series A funding round.

  Most Shorted Stocks

Allogene Therapeutics Inc (ALLO) was one of the most shorted stocks as of latest short interest figures, with 28.70% short interest. The days to cover ratio, a measure of how long it would take for all the short positions to be covered based on average trading volume, is 17.0. This represents a change of 250000 shares, which corresponds to a +0.64% increase in short interest. The total value of the shares held short is estimated to be around $106.2 million. The average daily volume stands at 2.12M shares, and the market capitalization of the company is $567.73M.

The CorMedix Inc with the symbol CRMD currently has a short interest of 18.89%. The short interest has changed by 270000 shares. The days to cover ratio stands at 14.7. The estimated value of the shares held short is approximately $100.17 million. On an average day, 793.09K shares are traded, with the company's market capitalization totaling $538.77M.

For the stock Redfin Corp (RDFN), the current short interest is at 18.46%. This represents a significant short interest change of 1860000 shares, corresponding to a short interest percentage increase of +9.02%. The days needed to cover the short positions amount to 3.5. The approximate worth of the shares held short is $232.67 million.

With the symbol FULC, the stock currently has a short interest of 18.34%. The short interest change is 3340000 shares, compared with a short interest percentage change of +41.44%. It would take approximately 6.8 days to cover all the short positions. The shares short value is estimated to be around $77.11 million. The company boasts an average daily volume of 1.67M shares, contributing to a market capitalization of $213.74M.

The stock REAL has a current short interest of 22.76%. The short interest percentage has experienced decrease of -1.06% while there was a change of -210000 shares in short interest. The ratio indicating the time required to cover short positions is 8.7. The calculated worth of the shorted shares amounts to around $38.99 million. Trading activity averages at 1.98M shares per day, while the company's market capitalization stands at $371.07M.

AI Stocks to Watch

According to our ST Score evaluation, Advanced Micro Devices Inc. (AMD) emerges as a high-quality stock in the AI industry, attaining an impressive score of 57. The stock's performance, growth, and Piotroski Score are strong. However, its profitability are weak. Additionally, it is neutral in terms of financial strength, stock sentiment, and forecast.

Our ST Score also classifies Zoom Video Communications Inc (ZM) as a high-quality AI stock today, presenting a Score of 57. The stock has strong fundamentals in terms of profitability, financial strength, and Piotroski Score. However, it has weak growth. The performance, stock sentiment, and forecast are neutral.

Another stock in the category, Vertiv Holdings Co (VRT) has the ST Score of 56, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, and Piotroski Score but weak in financial strength. Growth, stock sentiment, and forecast suggest a neutral outlook.

Twilio Inc (TWLO) stock has the ST Score of 54 which implies that the AI company has a high probability of beating the market. The stock's strengths lie in its performance, financial strength, and Piotroski Score, but its weaknesses are in its profitability, and growth. However, it shows neutral outlook in stock sentiment, and forecast.

DocuSign Inc (DOCU) currently has the ST Score of 53, which signifies a huge upward potential. The AI stock's strong points are its profitability, performance, and Piotroski Score, while its weak points are its growth, and financial strength. The stock's stock sentiment, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team