World Street | Nvidia overtakes Apple, US stocks futures gain on election day, AstraZeneca hit by China probe, and more

World Street offers a sneak peek into the world of business and economy.

U.S. stock futures rose amid tight election results, while Boeing’s strike ended with a new worker contract. AstraZeneca shares tumbled on China fraud concerns, and Nvidia overtook Apple in market cap. Meanwhile, Apple faces the EU's first Big Tech fine under new rules.

U.S. Stocks Gain on Election Day

U.S. stock futures and the dollar pushed higher in Asia as early results from the U.S presidential election suggested the race remained too close to call, leaving investors jumping at shadows. Dow futures jump over 350 points as traders monitor election results. As expected, Republican Donald Trump won Indiana and Kentucky while Democrat Kamala Harris captured Vermont, Edison Research projected, as polls closed in the first six U.S. states.

Boeing Workers End Strike

After a seven-week strike, Boeing factory workers voted to accept a new contract, allowing the company to restart production of its airliners and boost cash flow. Seattle's International Association of Machinists and Aerospace Workers reported that 59 percent of voting members approved Boeing's fourth offer, the third to go up for a vote. The agreement promises a 38 percent wage increase over four years, along with ratification and productivity bonuses.

AstraZeneca Tanks 8%

AstraZeneca shares dropped sharply, erasing £14 billion from its market value, following news that senior leaders at its China division may be linked to a pharmaceutical insurance fraud case. Adding to the stock’s decline, Deutsche Bank analysts maintained a “sell” rating after early data on AstraZeneca’s experimental weight loss drug, released Monday, was seen as “somewhat underwhelming.”

Nvidia’s M-Cap Overtakes Apple’s

Nvidia surpassed Apple in market cap, briefly reclaiming the title of the world’s most valuable publicly traded company. Nvidia’s stock climbed nearly 3 percent, pushing its market cap to $3.43 trillion, just ahead of Apple’s $3.4 trillion. Nvidia shares have nearly tripled in 2024, with investors betting on its rapid growth in GPUs and dominance in the AI space.

Apple shares, meanwhile, are up around 17 percent this year. Analysts say the new Apple Intelligence features could boost iPhone sales and position the company as a leader in “edge AI,” which depends less on GPUs.

EU to Fine Apple

Apple is reportedly about to face the first-ever fine from European Union antitrust regulators under new Big Tech rules, making it the inaugural company to be sanctioned under the EU’s Digital Markets Act (DMA), sources disclosed on Tuesday.

The EU Commission initially charged Apple in June for allegedly violating these regulations. Apple is also under scrutiny for recent fees imposed on app developers. Penalties for breaching the DMA could reach up to 10 percent of a company’s global annual revenue.

(With inputs from Reuters.)