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Rumble, Inc. shares moved lower Wednesday following Tuesday night's presidential debate between former President Donald Trump and Vice President Kamala Harris.
The Details:
Shares of Trump-linked stocks, including Trump Media & Technology Group Corp. and Phunware, Inc. , fell Wednesday as investors reacted to the consensus view that Harris won Tuesday's debate against Republican nominee Trump.
Read Next: What’s Going On With Palantir Stock?
However, Rumble announced that it set multiple records during Tuesday night's debate. According to Streams Charts, Rumble logged a record for concurrent live viewers on the platform, as well as new records for the number of concurrent creator streams and peak bandwidth consumption.
Rumble hit a peak of 1,044,513 concurrent live viewers during the debate and also set a new bandwidth throughput record on its own content delivery network (CDN). Additionally, Rumble was home to 31 of the top 100 live streams in the United States, according to LiveSearch.app, accounting for 11.8% of viewers by network and 31% of streamers by network.
According to data from Benzinga Pro, Rumble's stock is down more than 11% over the past month and is trading below its 50-day moving average of $6.04.
Will RUM Stock Go Up?
When trying to assess whether or not Rumble will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $8 on Rumble. Of all the analysts covering Rumble, no one has positive ratings, 2 have neutral ratings and no one has negative ratings.
In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Rumble have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Rumble is up 19.59% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Rumble, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
RUM Price Action: According to Benzinga Pro, Rumble shares ended Wednesday's session down 4.07% at $5.19.
Read Also:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
LONGBOAT KEY, Fla., Sept. 11, 2024 (GLOBE NEWSWIRE) -- Rumble (NASDAQ:RUM), the video-sharing platform and cloud services provider, announced that it shattered several records during Tuesday night’s American presidential debate between former President Donald Trump and Vice President Kamala Harris. According to Streams Charts, Rumble logged a record for concurrent live viewers on the platform, as well as new records for the number of concurrent creator streams and peak bandwidth consumption.
“People want their news and commentary delivered live and unfiltered, and most importantly, they want it uncensored. More and more people learn every day that Rumble is the place for information that hasn’t been sanitized by government or Big Tech,” said Chairman and CEO of Rumble Chris Pavlovski. “This election is of global importance, and the information surrounding it must be presented to the public honestly, which sadly is not happening on other platforms or in the corporate media.”
Streams Charts showed that Rumble hit a peak of 1,044,513 concurrent live viewers during the debate, while also topping one thousand concurrent live streams. The company also set a new bandwidth throughput record on its own Content Delivery Network (CDN).
Additionally, Rumble was home to 31 of the top 100 live streams in the United States, according to LiveSearch.app, accounting for 11.8 percent of viewers by Network and 31% of streamers by Network:
ABOUT RUMBLE
Rumble is a high-growth video platform and cloud services provider that is creating an independent infrastructure. Rumble’s mission is to restore the internet to its roots by making it free and open once again. For more information, visit: corp.rumble.com.
Contact: press@rumble.com
The S&P 500 Index today is up +0.58%, the Dow Jones Industrials Index is up by +0.06%, and the Nasdaq 100 Index is up by +1.52%.
After starting the day in the red, stocks have rebounded this afternoon. As reported in today’s US consumer price report, core consumer prices in August rose +3.2% y/y, unchanged from July and well above the Fed’s +2.0% target.
US MBA mortgage applications rose +1.4% in the week ended September 6, with the purchase mortgage sub-index up +1.8% and the refinancing mortgage sub-index up +0.9%. The average 30-year fixed rate mortgage fell -14 bp to a 19-month low of 6.29% from 6.43% in the prior week.
US Aug CPI eased to +2.5% y/y from +2.9% y/y in July, right on expectations and the smallest increase in 3-1/2 years. However, Aug CPI ex-food and energy was unchanged from July at +3.2% y/y, right on expectations.
In the wake of last night’s debate, the odds on the betting website PredictIt of Vice President Harris winning the presidency rose to 56% from 53% before the debate.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 19% for a -50 bp rate cut at that meeting.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.04%. China's Shanghai Composite fell to a 7-month low and closed down -0.82%. Japan's Nikkei Stock 225 closed down by -1.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are up by +5 ticks. The 10-year T-note yield is down -2.1 bp at 3.622%. Dec T-notes today rallied to a 15-month high, and the 10-year T-note yield fell to a 15-month low of 3.603%. Strength in European government bonds today is providing carryover support to T-notes. Also, today’s slide in stocks has boosted safe-haven demand for T-notes.
T-notes fell back from their best levels after the US Aug core CPI rose +3.2% y/y, right on expectations but well above the Fed’s 2.0% price target. The core CPI report knocked the chances of a 50 bp rate cut at next week’s FOMC meeting down to 17% from 50% last Friday. Supply pressures are also negative for T-notes as the Treasury will auction $39 billion 10-year T-notes later today. Losses in T-notes are limited due to carryover support from
European government bond yields today are moving lower. The 10-year German bund yield fell to a 5-week low of 2.092% and is down -3.8 bp at 2.093%. The 10-year UK gilt fell to a 5-week low of 3.745% and is down -7.1 bp at 3.748%.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 100% for the September 12 meeting.
US Stock Movers
Bank stocks are under pressure for a second day after JPMorgan Chase President Pinto said Tuesday that analysts are too optimistic in projecting next year's expenses and net interest income. As a result, Discover Financial Services is down more than -4%. Also, Capital One Financial , Regions Financial , Citizens Financial Group , Cincinnati Financial Corp , and M&T Bank are down more than -3%.
Health insurance stocks with Medicare Advantage plans are falling for a second day after Leerink Partners published a report Tuesday that said those plans might have a tougher time earning high-quality “star ratings” that drive bonus payments. As a result, Humana is down more than -5% to lead losers in the S&P 500, and UnitedHealth Group is down more than -2% to lead losers in the Dow Jones Industrials. Also, CVS Health Corp is down more than -3%, and Elevance Health is down more than -1%.
Albemarle is up more than +8% to lead gainers in the S&P 500 as lithium stocks rallied after UBS said CATL curtailed lithium production at its Jiangxi operation.
Starbucks is up more than +1% to lead gainers in the Nasdaq 100 after CEO Niccol said he is open to exploring a new joint venture partnership structure in China.
Trump Media & Technology is down more than -14% following last night’s Harris-Trump debate, as the odds on the betting website PredictIt of Vice President Harris winning the presidency rose to 56% from 53% before the debate.
GameStop is down more than -16% after reporting Q2 net sales of $798.3 million, weaker than the consensus of $895.5 million.
Palantir Technologies is down more than -2% after a trading update showed exchange-traded funds managed by Cathie Wood’s Ark Investment Management sold 124,626 shares of Palantir.
Rollins Inc is down more than -4% on negative carryover from a -20% plunge in peer Rentokil after it issued a surprise downgrade to its full-year growth estimates.
Morgan Stanley is down more than -1% after Goldman Sachs downgraded the stock to neutral from buy.
Viridian Therapeutics is up more than +8% after Needham & Co. raised its price target on the stock to $48 from $30.
AES Corp is up more than +4% after Jeffries initiated coverage on the stock with a recommendation of buy and a price target of $20.
Viking Therapeutics is up more than +7% after JPMorgan Chase initiated coverage on the stock with a recommendation of overweight and a price target of $80.
William-Sonoma is up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $156.
Earnings Reports (9/11/2024)
Designer Brands Inc (DBI), Oxford Industries Inc (OXM), Vera Bradley Inc (VRA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Wall Street witnessed a broad sell-off on Wednesday, except for the tech sector, as investor optimism over disinflation progress cooled following a mixed August inflation report.
The Consumer Price Index (CPI) rose 2.5% year-over-year, slightly below the 2.6% estimate and down from July’s 2.9%, marking the slowest pace of inflation since February 2021. The bulk of this decline came from energy-related categories.
However, core inflation — excluding the more volatile components like food and energy — rose 0.3% month-over-month, surpassing expectations of 0.2%. The annual core CPI remained at 3.2%, reflecting persistent inflation in service-related sectors.
A key driver of inflation continues to be shelter costs, which rose 0.5% from the previous month—the sharpest increase since January — and account for nearly a third of the total CPI.
The report dashed hopes for a Federal Reserve rate cut in the upcoming meeting. Market expectations for a 50-basis-point cut plummeted to just 13%, down from 34% the day before, as per CME FedWatch.
The inflation data gave the U.S. dollar a lift and nudged Treasury yields higher across the board. Sectors most sensitive to interest rates, such as real estate, materials and financials, led the sell-off.
In contrast, tech stocks defied the broader market slump, driven by strong gains in the semiconductor space.
Nvidia Corp. surged 4.5%, buoyed by the market's reaction to the latest U.S. presidential debate between Vice President Kamala Harris and former President Donald Trump.
The two candidates engaged in a back-and-forth about tariffs on goods, which would impact inflation and the chipmaking industry.
Solar stocks also rallied, with the Invesco Solar ETF jumping over 4%, as the prospect of a Harris administration increased optimism for renewable energy policies. First Solar Inc. was the top performer within the industry, jumping over 12%.
Elsewhere, gold remained flat, while oil prices rebounded over 2% after Tuesday’s sell-off. Bitcoin dropped more than 2%.
Wednesday’s Performance In Major US Indices, ETFs
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 18,865.96 | 0.2% |
S&P 500 | 5,476.37 | -0.3% |
Russell 2000 | 2,092.21 | -0.5% |
Dow Jones | 40,436.47 | -0.7% |
According to Benzinga Pro data:
Wednesday’s Stock Movers
Now Read:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is down by -1.52%, the Dow Jones Industrials Index is down by -1.62%, and the Nasdaq 100 Index is down by -1.49%.
Stocks are under pressure today, with the Dow Jones Industrials falling to a 4-week low. Today’s as-expected US consumer price report is weighing on stocks after US core consumer prices in August rose +3.2% y/y, unchanged from July and well above the Fed’s +2.0% target. The stickiness of core prices boosted T-note yields and knocked the chances of a 50 bp rate cut at next week’s FOMC meeting down to 19% from 50% after the release of last Friday’s US payroll report. The weakness in bank stocks and health insurers today also weighed on the overall market.
US MBA mortgage applications rose +1.4% in the week ended September 6, with the purchase mortgage sub-index up +1.8% and the refinancing mortgage sub-index up +0.9%. The average 30-year fixed rate mortgage fell -14 bp to a 19-month low of 6.29% from 6.43% in the prior week.
US Aug CPI eased to +2.5% y/y from +2.9% y/y in July, right on expectations and the smallest increase in 3-1/2 years. However, Aug CPI ex-food and energy was unchanged from July at +3.2% y/y, right on expectations.
In the wake of last night’s debate, the odds on the betting website PredictIt of Vice President Harris winning the presidency rose to 56% from 53% before the debate.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 19% for a -50 bp rate cut at that meeting.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.04%. China's Shanghai Composite fell to a 7-month low and closed down -0.82%. Japan's Nikkei Stock 225 closed down by -1.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are up by +5 ticks. The 10-year T-note yield is down -2.1 bp at 3.622%. Dec T-notes today rallied to a 15-month high, and the 10-year T-note yield fell to a 15-month low of 3.603%. Strength in European government bonds today is providing carryover support to T-notes. Also, today’s slide in stocks has boosted safe-haven demand for T-notes.
T-notes fell back from their best levels after the US Aug core CPI rose +3.2% y/y, right on expectations but well above the Fed’s 2.0% price target. The core CPI report knocked the chances of a 50 bp rate cut at next week’s FOMC meeting down to 17% from 50% last Friday. Supply pressures are also negative for T-notes as the Treasury will auction $39 billion 10-year T-notes later today. Losses in T-notes are limited due to carryover support from
European government bond yields today are moving lower. The 10-year German bund yield fell to a 5-week low of 2.092% and is down -3.8 bp at 2.093%. The 10-year UK gilt fell to a 5-week low of 3.745% and is down -7.1 bp at 3.748%.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 100% for the September 12 meeting.
US Stock Movers
Bank stocks are under pressure for a second day after JPMorgan Chase President Pinto said Tuesday that analysts are too optimistic in projecting next year's expenses and net interest income. As a result, Discover Financial Services is down more than -4%. Also, Capital One Financial , Regions Financial , Citizens Financial Group , Cincinnati Financial Corp , and M&T Bank are down more than -3%.
Health insurance stocks with Medicare Advantage plans are falling for a second day after Leerink Partners published a report Tuesday that said those plans might have a tougher time earning high-quality “star ratings” that drive bonus payments. As a result, Humana is down more than -5% to lead losers in the S&P 500, and UnitedHealth Group is down more than -2% to lead losers in the Dow Jones Industrials. Also, CVS Health Corp is down more than -3%, and Elevance Health is down more than -1%.
Albemarle is up more than +8% to lead gainers in the S&P 500 as lithium stocks rallied after UBS said CATL curtailed lithium production at its Jiangxi operation.
Starbucks is up more than +1% to lead gainers in the Nasdaq 100 after CEO Niccol said he is open to exploring a new joint venture partnership structure in China.
Trump Media & Technology is down more than -14% following last night’s Harris-Trump debate, as the odds on the betting website PredictIt of Vice President Harris winning the presidency rose to 56% from 53% before the debate.
GameStop is down more than -16% after reporting Q2 net sales of $798.3 million, weaker than the consensus of $895.5 million.
Palantir Technologies is down more than -2% after a trading update showed exchange-traded funds managed by Cathie Wood’s Ark Investment Management sold 124,626 shares of Palantir.
Rollins Inc is down more than -4% on negative carryover from a -20% plunge in peer Rentokil after it issued a surprise downgrade to its full-year growth estimates.
Morgan Stanley is down more than -1% after Goldman Sachs downgraded the stock to neutral from buy.
Viridian Therapeutics is up more than +8% after Needham & Co. raised its price target on the stock to $48 from $30.
AES Corp is up more than +4% after Jeffries initiated coverage on the stock with a recommendation of buy and a price target of $20.
Viking Therapeutics is up more than +7% after JPMorgan Chase initiated coverage on the stock with a recommendation of overweight and a price target of $80.
William-Sonoma is up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $156.
Earnings Reports (9/11/2024)
Designer Brands Inc (DBI), Oxford Industries Inc (OXM), Vera Bradley Inc (VRA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
The recent debate between former President Donald Trump and Vice President Kamala Harris has stirred up the investment landscape. The event has led to a shift in betting markets towards Harris, triggering a downturn in Trump Media & Technology Group shares and a surge in solar stocks.
What Happened: The debate, which took place on Tuesday, initially caused the dollar to dip against Asian currencies, but it later rebounded following the release of U.S. consumer price data. U.S. cryptocurrency shares and Bitcoin also experienced a drop in premarket trading, while U.S. dollar was down 0.2% against a basket of currencies, and stock futures were down around 0.3%, Reuters reported on Wednesday
Despite the intense exchanges between Trump and Harris, investors were left with little new information on key market-influencing issues such as tariffs, taxes, and regulation. However, online prediction markets indicated a stronger likelihood of a Harris win in the upcoming November elections.
Alvin Tan, head of Asia FX strategy at RBC Capital Markets in Singapore, noted a “general view that Harris won the debate.”
"It’s obviously not a slam dunk for Harris, but the chances of a Trump victory have slipped a bit.”
U.S.-listed shares of solar companies, which are expected to benefit from a Harris win, rose between 2.2% and 7.2% in premarket trading. Conversely, shares of Trump Media & Technology Group, popular among retail traders and sensitive to Trump’s election chances, were hit hard.
Charu Chanana, Head of FX Strategy and Global Market Strategist at Saxo, stated that the debate provided a decisive edge in a close race, potentially impacting crypto and energy stocks as market sentiment adjusts to shifting political dynamics.
Why It Matters: The debate’s outcome has significant implications for the markets. A flash poll indicated that 63% of registered voters who watched the debate picked Harris as the winner.
Prior to the debate, Wall Street was already experiencing a downturn, with stocks trading in the red as investors awaited the presidential face-off. The energy and financial sectors were witnessing deeper losses, sharply underperforming the rest of the market.
Read Next:
Image Via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is down by -0.60%, the Dow Jones Industrials Index is down by -1.06%, and the Nasdaq 100 Index is down by -0.19%.
Stocks are under pressure today, with the Dow Jones Industrials falling to a 4-week low. Today’s as-expected US consumer price report is weighing on stocks after US core consumer prices in August rose +3.2% y/y, unchanged from July and well above the Fed’s +2.0% target. The stickiness of core prices boosted T-note yields and knocked the chances of a 50 bp rate cut at next week’s FOMC meeting down to 17% from 50% after the release of last Friday’s US payroll report. The strength of chip stocks today is limiting losses in the Nasdaq 100.
US MBA mortgage applications rose +1.4% in the week ended September 6, with the purchase mortgage sub-index up +1.8% and the refinancing mortgage sub-index up +0.9%. The average 30-year fixed rate mortgage fell -14 bp to a 19-month low of 6.29% from 6.43% in the prior week.
US Aug CPI eased to +2.5% y/y from +2.9% y/y in July, right on expectations and the smallest increase in 3-1/2 years. However, Aug CPI ex-food and energy was unchanged from July at +3.2% y/y, right on expectations.
In the wake of last night’s debate, the odds on the betting website PredictIt of Vice President Harris winning the presidency rose to 56% from 53% before the debate.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 17% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is up +0.42%. China's Shanghai Composite fell to a 7-month low and closed down -0.82%. Japan's Nikkei Stock 225 closed down by -1.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down by -6 ticks. The 10-year T-note yield is up +0.4 bp at 3.646%. Dec T-notes today fell back from a 15-month high and are mildly lower, and the 10-year T-note yield rebounded from a 15-month low of 3.603%. T-notes gave up an early advance and turned lower after the US Aug core CPI rose +3.2% y/y, right on expectations but well above the Fed’s 2.0% price target. The core CPI report knocked the chances of a 50 bp rate cut at next week’s FOMC meeting down to 17% from 50% last Friday. Supply pressures are also negative for T-notes as the Treasury will auction $39 billion 10-year T-notes later today. Losses in T-notes are limited due to carryover support from strength in European government bonds.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 5-week low of 2.107% and is down -2.1 bp at 2.110%. The 10-year UK gilt fell to a 5-week low of 3.756% and is down -5.1 bp at 3.768%.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 100% for the September 12 meeting.
US Stock Movers
Strength in chip stocks today is supportive for the overall market. Nvidia is up more than +3% to lead gainers in the Nasdaq 100. Also, ASML Holding NV and ARM Holdings Plc are up more than +2%. In addition, Marvell Technology , Micron Technology , Advanced Micro Devices , and Applied Materials are up more than +1%.
Trump Media & Technology is down more than -16% following last night’s Harris-Trump debate as the odds on the betting website PredictIt of Vice President Harris winning the presidency rose to 56% from 53% before the debate.
GameStop is down more than -12% after reporting Q2 net sales of $798.3 million, weaker than the consensus of $895.5 million.
Palantir Technologies is down more than -2% after a trading update showed exchange-traded funds managed by Cathie Wood’s Ark Investment Management sold 124,626 shares of Palantir.
Rollins Inc is down more than -3% on negative carryover from a -20% plunge in peer Rentokil after it issued a surprise downgrade to its full-year growth estimates.
Morgan Stanley is down more than -1% after Goldman Sachs downgraded the stock to neutral from buy.
Viridian Therapeutics is down more than -2% after announcing an underwritten public offering of $150 million of shares of its common stock and series B preferred stock.
Albemarle is up more than +13% to lead gainers in the S&P 500 as lithium stocks rallied after UBS said CATL curtailed lithium production at its Jiangxi operation.
Dave & Buster’s Entertainment is up more than +6% after reporting Q2 adjusted EPS of $1.12, stronger than the consensus of 84 cents.
AES Corp is up more than +4% after Jeffries initiated coverage on the stock with a recommendation of buy and a price target of $20.
Viking Therapeutics is up more than +3% after JPMorgan Chase initiated coverage on the stock with a recommendation of overweight and a price target of $80.
William-Sonoma is up more than +2% after Jeffries upgraded the stock to buy from hold with a price target of $156.
Earnings Reports (9/11/2024)
Designer Brands Inc (DBI), Oxford Industries Inc (OXM), Vera Bradley Inc (VRA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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