Stocks Open Mixed, US Winter Watch, China Open to Nvidia, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. We have made it to the end of a volatile week on Wall Street. That is the sound of the Friday morning opening bell from the floor of the New York Stock Exchange. At the open, the S&P 500 is little changed to lower, down about five points. The Dow Jones Industrial Average is down three-tenths of one percent. That's a drop of nearly 150 points. And the Nasdaq Composite is just ever so slightly in the green at the open. Ten-year Treasury yield is little changed at 4.24%. We'll get back to the market in a moment, but we've got to talk about the weather.
Right now we're ready for 36 straight hours of snowfall.
That's the mayor of Edison, New Jersey, getting ready for a major winter storm that's got just about half the country in its sights. And Bloomberg meteorologist Rob Carolin says it's just getting started.
As the day goes on over Texas and Oklahoma, and that's where we'll start to see problems later today, Dallas up into Oklahoma City with some snow, sleet and freezing rain. And then it spreads quickly off towards the east. We're going to see it moving into the mid-Atlantic states by late in the day tomorrow. It's into the New York City area by early Sunday morning and then into Boston Sunday afternoon.
Bloomberg meteorologist Rob Carroll says the East Coast could see a foot or more of snow by the time it's done Monday. And after that, sub-freezing temperatures are in the forecast through the rest of next week. About a dozen states have declared states of emergency, including New York. More than 800 flights are already canceled this morning, including as far away as Dallas, Atlanta, and Oklahoma. Big story for the market this morning involves NVIDIA. Those shares are higher by more than 2% at the open, with sources telling Bloomberg News China is ready to open the door to the AI chip giant. Bloomberg's Isabel Lee has more.
Chinese officials have told the largest firms in China, this includes Alibaba, Tencent and ByteDance, that they can prepare orders for NVIDIA's H200 AI chips. So this suggests that, you know, Beijing is close to formally approving imports of components essential to running AI. That's according to people familiar with the matter. And this means Beijing will encourage companies to buy a certain amount of domestic chips as a conditional requirement.
Bloomberg's Isabel Lee reports it could be a coup for NVIDIA CEO Jensen Wang. He said AI chips alone could bring in $50 billion in revenue from China in the coming years. Though the broader market is still getting dragged down by Intel, those shares are sinking 14% lower at the open. The U.S. chipmaker gave a lackluster forecast, warned it's still struggling with manufacturing problems. Danish Prime Minister Mette Frederiksen arrived in Greenland.
How are U.S. stock indices performing at the market open?
She is there for talks today with her counterpart in the Arctic Territory after President Trump announced he'd reached a framework for a future deal on the island with NATO Secretary General Mark Rutte.
We can do anything we want. We can do military. We can do anything we want. And it's being negotiated. And let's see what happens. I think it'll be good.
It was President Trump aboard Air Force One last night.
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