Live market updates: Wall Street rebounds on AI recovery, ASX begins to move higher

Ho, Ho, Ho, Elon Mash had his $139 billion ($210 billion) compensation package from 2018 reinstated by the Delaware Supreme Court on Friday, nearly two years after a lower court struck down the compensation agreement as “incalculable.”

As Reuters reports, “The ruling reverses a decision that sparked a furious backlash from Mr. Musk and tarnished Delaware's business-friendly reputation.”

This ensures that Tesla will tighten its grip on the company, even after shareholders recently approved a new pay package that could be worth $878 billion if Tesla meets certain goals, which Musk said is his biggest concern.

The Supreme Court said the 2024 decision to cancel his pay package was inappropriate and unfair to Musk.

The 49-page decision, issued Friday, states that the full revocation remedy “results in Mr. Musk not being compensated for six years of time and effort.”

Based on the price of Tesla stock as of Friday's close, the 2018 pay package is now worth about $139 billion.

“This is a win for Elon because he will be able to take control sooner,” said Gene Munster, managing partner at Tesla investment firm Deepwater Asset Management.

If Musk exercises all of the stock options in his 2018 package, his stake in Tesla would increase from about 12.4% of the expanded stock base to 18.1%. The company is issuing stock related to his new salary package, but he must earn the stock by meeting performance goals.

Reuters

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Readers of Monday's blog may have noticed this little ritual highlighting the major macro events of the week.

It's safe to say there will be nothing to distract you from your last-minute pre-Christmas work.

Locally, on Tuesday the RBA will publish the minutes of the last board meeting, in which nothing happened.

Instead of plowing through the proceedings for nuggets of insight, I recommend rewatching “Love Actually.”

Otherwise, grab a good book because the next big data, November's CPI numbers, won't be released until January 7th.

Overseas, statisticians are also coming to the end of their work this year.

In the United States, delayed third-quarter GDP data will be released on Tuesday and is expected to show a fairly robust 3.2% year-on-year growth.

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We may not have officially entered the so-called “Santa Rally” zone, but Wall Street enjoyed some festive cheer ahead of a shortened business week.

All major U.S. indexes rose, led by the tech sector.

of S&The P500 rose 0.9%, the Dow 0.4% and the Nasdaq 1.3%.

A feeling of optimism prevailed.

Pan-European The Eurostoxx 600 rose 0.4%. On the other hand, global MSCI benchmark rose 0.7% all day long.

As for Europe, it was a record close. Once again, aerospace and defense stocks were the most in demand.

performance of micron technology in the usa, Up 7% thanks to broker upgrades, reinvigorating a somewhat volatile AI cohort.

Nvidia an increase of almost 4%; oracle rose 6.4% after signing a binding agreement with part time danceTikTok's Chinese owner will now run the social media platform's U.S. operations.

“The return to optimistic tone around AI trading is certainly helping a lot across the board,” Michael James, a trader at Rosenblatt Securities, told Reuters.

“It certainly supported the Nasdaq in a meaningful way yesterday and today,” he said.

“We're not out of the woods, but we certainly feel a lot better today than most of the course last week.”

of USD The Australian dollar was generally strong, but the index rose slightly.

In the commodity market, which is the world oil benchmark, Brent Crude It rose 1.1% to $60.47 a barrel on the prospect of supply disruptions due to the U.S. blockade of Venezuelan tankers.

spot gold Set the edge higher, silver It rose 2.8% to $67.22 an ounce, another all-time high.

Hello. Welcome to the ABC Markets and Finance Blog.

The ABC Business team's Stephen Letts loosens up to report on the day's happenings. We wish all posts success, but they should not be construed as financial advice.

So the local market is likely to start the shortened trading week on a strong note.

The Australian Stock Exchange rose about 0.5% on the move, recouping some of the 0.9% loss it lost last week, according to futures trading.

As always, the game is on, so let's blog.

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