Today in the Market (1/24/2024)

Good Morning! On Wednesday, the stock market ended with a combination of gains and losses. Technology companies were the top performers, while the S&P 500 achieved its fourth consecutive record-high closing by increasing 0.08%. The Dow Jones almost stayed in the green until the second half of the day, decreasing by 0.26%, while the NASDAQ closed 0.36% higher.

WHO WILL TAKE THE #1 SPOT?

Microsoft (MSFT) achieved over $3 trillion in stock market value, making it the second most valuable business globally, trailing just behind Apple (AAPL). Since the beginning of the year, Microsoft and Apple have been competing to become the most valuable company on Wall Street. However, it has been a rough month for Apple.

It was beautiful while it lasted… Microsoft’s stock reached a new peak of $405.63, representing a 1.7% increase and allowing the company to surpass a market value of $3 trillion. However, the share price ultimately closed at $402.56, resulting in Microsoft’s valuation of $2.99 trillion, just below the critical level of $403.65 required to maintain a valuation above $3 trillion.

Will Microsoft take the number-one spot? Well, Apple is seeing a decrease in demand for its iPhones in China. In response to intense competition from domestic competitors like Huawei Technologies, the business is implementing price reductions to stimulate sales.

 

BREAKING RECORDS

Palworld, a video game that has been derisively likened to “Pokémon with Guns,” achieved sales exceeding 6 million units during its first four days and has successfully shattered at least one record on the Steam platform.

But why does it matter? Palworld has gained immense popularity on the internet.  As of last night, Palworld had the most sales and player engagement on Steam, with over 1.8 million simultaneous players. Fun fact: 1.8 million people make up the whole population of Latvia as of 2023.

However, the game has come under fire… Several analysts have noted the striking resemblance between certain species in Palworld and Pokémon, to the extent that their 3D models seamlessly align with each other. The CEO of Pocket Pair has strongly refuted any allegations of plagiarism, while Nintendo, the owner of Pokémon, has chosen not to provide any comments.

 

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