Bloomberg Daybreak: US Edition
Wall Street Awaits Nvidia Earnings; Amazon Added to the Dow
Feb 21, 2024
Tech giant Nvidia's upcoming earnings report and Amazon joining the Dow Jones Industrial Average are discussed. Other topics include Citi raising Fraser's pay, changes in MAG-7 stock exposure, Jeff Bezos selling Amazon shares, and HSBC's earnings and share buyback.
17:48
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Quick takeaways
- HSBC experienced an 80% drop in fourth-quarter profits, mainly due to charges related to their holdings in China's Bank of Communications, but CEO Noel Quinn assured it won't severely impact their capital position.
- Amazon is set to replace Walgreens in the Dow Jones Industrial Average, marking a significant milestone for the tech giant and reflecting the Dow's historical underperformance without tech firms.
Deep dives
HSBC Reports 80% Profit Drop in Q4 After Unexpected Charges
HSBC reported a significant drop in fourth-quarter profits, down 80%, due to unexpected charges on its holdings in China's Bank of Communications (BOCOM). The bank's CEO, Noel Quinn, stated that the BOCOM charge was a technical accounting issue and would not impact their capital position significantly. HSBC also announced a $2 billion share buyback and expressed strong confidence in the China economy.
