Dow Jones 100K Prediction

Plus, Ethereum hits 2024 high price.

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Today is Monday, February 26, 2024.

The Early Bird Index today is 68.95.

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Dow Jones 100K Prediction

The Dow Jones Industrial Average will hit the 100,000 level in the next 7 to 10 years, says James Demmert, founder and chief investment officer of Main Street Research, in a new episode of the Early Bird podcast.

Powering the Story: Demmert says that we have entered a new artificial intelligence technology-led super cycle that will result in a multi-year period with a profitable stock market. And he says we are still in the early part of the cycle.

Details: AI will also benefit the growth of companies in sectors outside of tech. Demmert says that valuations for some of these companies are still low.

Zooming Out: This new era is similar to the stock market in the 1990s, which benefited from the rise of the internet, Demmert says.

Yes. But: Some critics say that the AI boom is already baked in the price of stocks. And higher interest rates are still a concern.

Final Thoughts: With these bullish projections in mind, what should investors do this year? Listen to a new episode of the Early Bird podcast to find out.


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Notable Earnings Today: Zoom Video Communications (Nasdaq: ZM), Li Auto (Nasdaq: LI), Unity Software (NYSE: U), Domino's Pizza (NYSE: DPZ), Workday (Nasdaq: WDAY), Hims & Hers Health (NYSE: HIMS), ONEOK (NYSE: OKE), iRobot (Nasdaq: IRBT), Fresh Del Monte (NYSE: FDP), Fidelity National Information Services (NYSE: FIS), CarGurus (Nasdaq: CARG), Freshpet (Nasdaq: FRPT), SBA Communications (Nasdaq: SBAC), HEICO (NYSE: HEI), Pilgrims Pride (Nasdaq: PPC), Adtran (Nasdaq: ADTN), Albany International (NYSE: AIN), Alpha Metallurgical Resources (NYSE: AMR), BioCryst Pharmaceuticals (Nasadq: BCRX), Elanco Animal Health (NYSE: ELAN), Everbridge (Nasdaq: EVBG), Helios Technologies (NYSE: HLIO), Innovative Industrial Properties (NYSE: IIPR), Itron (Nasdaq: ITRI), Krystal Biotech (Nasdaq: KRYS), Playtika (Nasdaq: PLTK), Public Service (NYSE: PEG), PubMatic (Nasdaq: PUBM), STAAR Surgical (Nasdaq: STAA), Surgery Partners (Nasdaq: SGRY), Trex (NYSE: TREX).

Notable IPOs Today: Fidelity Low Duration Bond ETF (Nasdaq: FLDB).

Notable Equity Crowdfunding Campaigns Ending Today: Apex Noire Cannabis (Mainvest), Mishka Premium Vodka (StartEngine), Verde Market (Honeycomb), Matcherino (StartEngine).

Notable Economic Events Today: Building Permits (8:00 a.m. ET), New Home Sales (10:00 a.m. ET).

Ethereum Hits 2024 High

The price of the cryptocurrency Ethereum jumped to $3,100 on Sunday and ended the day with a 2% gain. 

Powering the Story: There are a few reasons why Ethereum ticked up on Sunday. A report suggested that crypto whales, which is a person or group that owns a lot of crypto, bought $500 million in Ethereum over the weekend. There is also positive momentum over the potential future approval of spot Ethereum ETFs (exchange-traded funds) in the United States.

Final Thoughts: Ethereum, up 88% in the past year, is considered to be the second most important crypto to own.

Alcoa Buys Australia Mining Company

U.S. aluminum giant Alcoa (NYSE: AA) acquired the Australia-based mining company Alumina (ASX: AWC) on Sunday for $2.2 billion in an all-stock deal.

Details: Alumina shareholders will get 0.02854 Alcoa shares for each Alumina share.

Final Thoughts: Alcoa, down 44% in the last 12 months, is trying to turn things around amid a tough aluminum market.

Reality Check: Yep, you are living in a Nvidia-led tech bubble (Yahoo! Finance)

A Slowdown in Withdrawal Volumes: Grayscale’s Bitcoin ETF records lowest outflows since conversion (Cointelegraph)

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.