NVIDIA (NVDA) bounced back in Tuesday’s session, breaking a recent losing streak that had impacted various high-tech market indices. This positive movement came as Fedex (FDX) shares also rose in premarket trading following a successful fiscal fourth quarter earnings report, showcasing the company’s cost reduction efforts. Additionally, rivian (RIVN) shares experienced an increase after Volkswagen (VOW3.DE, VWAGY) announced a substantial $5 billion investment in their electric vehicle joint venture.
Fedex surpassed earnings estimates in the fourth quarter and highlighted their progress in reducing costs, with plans to achieve a $4 billion cost reduction goal and further streamline their services by an additional $2 billion. The company also revealed intentions to repurchase up to $2.5 billion in shares by 2025.
On the other hand, Rivian’s shares received a significant boost in pre-market trading due to the newly formed partnership with Volkswagen for developing electric vehicles. Volkswagen will contribute $1 billion initially to the joint venture, with the potential for an additional $4 billion in funding. This collaboration will allow both companies to leverage Rivian’s technology to create next-generation electric vehicles.
Overall, this news led to a positive market response, showing promising signs for these companies moving forward. For more expert insights and detailed analysis on the market trends mentioned, viewers can watch the full episode of Morning Brief for a comprehensive overview. This information was reported by Lucas Carberry Mogan.
As investors prepare for the trading day, it’s crucial to stay informed on the latest developments shaping the market landscape. Stay tuned for more updates on these companies and other significant market movements as the day progresses.
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