HaiKhuu Weekly Recap & Analysis
January 15 - January 19, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: +0.96%
Nasdaq: +2.61%
Dow Jones: +0.28%
Highlights:
The S&P 500 hit a new all-time high of $482.72
Biden signs the stopgap government funding bill into law, avoiding a partial government shutdown
Spirit Airlines was down 60% and halted after courts blocked Jet Blue’s $3.8 Billion acquisition on antitrust grounds
OpenAI CEO Sam Altman is seeking billions to establish a network of AI chip factories
DAILY EVENT BREAKDOWN
Monday, January 15
Stock Related News:
Markets Closed for Martin Luther King Day
Tuesday, January 16
Stock Related News:
Spirit Airlines was down 60% and halted after courts blocked Jet Blue’s $3.8 Billion acquisition on antitrust grounds
Microsoft offers $20 consumer AI subscription to boost business
Microsoft on Monday said consumers and small businesses can buy subscriptions to access more capabilities in its artificial intelligence "Copilot"
Elon Musk is “uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control—enough to be influential, but not so much that I can’t be overturned”
Alphabet-owned Google is laying off hundreds of employees in its advertising sales team
Mazda announced they will adopt Tesla’s North American Charging Standard (NACS) starting in 2025
OpenAI is working with the Defense Department on a number of projects, including cybersecurity capabilities
Uber has begun sharing data with Tesla about where its drivers do most of their trips, starting in New York City
Economic News:
NY Fed Manufacturing -43.70 (Forecast -5, Previous -14.50)
Lowest since May 2020
Fed's Waller on Rate Cuts:
Data in last few months is allowing Fed to consider cutting policy rate in 2024
This view is consistent with Fed policymaker projections for three 25-bps rate cuts in 2024
I am more confident we are within striking distance of achieving a sustainable 2% inflation
Major Indices:
S&P 500: -0.37%
Nasdaq: -0.01%
Dow Jones: -0.60%
Wednesday, January 17
Stock Related News:
Apple surpassed Samsung to become the world’s largest smartphone seller in 2023, holding 20% market share
Apple lost its attempt to delay the US watch ban
Apple Watches with the blood-oxygen sensor will no longer be sold due to patent disputes on the technology behind the feature
The FAA says the first 40 inspections of grounded Boeing 737 MAX 9 airplanes are complete
Tesla has trimmed prices up to 8% for its Model Y cars across Europe
Google-owned Wing unveiled the first in a new lineup of larger drones with more payload capacity
The new drone can carry up to 5 pounds, fly 12 miles round trip, and cruise at a speed of 65mph
Shopify has begun moving toward handling payments for all Amazon Pay transactions made on Amazon's US merchants' sites
Amazon is working on a new "Remarkable Alexa"
Amazon is planning on launching the Alexa Paid Plan on June 30
Economic News:
Retail Sales:
MoM 0.6% (Forecast 0.4%, Previous 0.3%)
Core MoM 0.4% (Forecast 0.2%, Previous 0.2%)
Import Prices MoM 0% (Forecast -0.5%, Previous -0.4%)
Export Prices MoM -0.9% (Forecast -0.7%, Previous -0.9%)
Manufacturing Output MoM 0.1% (Forecast 0%, Previous 0.3%)
Capacity Utilization 78.6% (Forecast 78.7%, Previous 78.8%)
Industrial Production YoY 0.98% (Forecast -, Previous -0.39%)
MoM 0.1% (Forecast -0.1%, Previous 0.2%)
NAHB Housing Market Index 44 (Forecast 39, Previous 37)
Business Inventories MoM -0.1%, as forecasted and previous
Fed's Bowman on Banking Capital Requirements:
The proposal to hike bank capital requirements needs substantive changes to address known deficiencies
Imposing tougher capital requirements as proposed could result in significant harm to the US economy
Major Indices:
S&P 500: -0.56%
Nasdaq: -0.56%
Dow Jones: -0.25%
Thursday, January 18
Stock Related News:
Reddit has drawn up detailed plans to launch its IPO in March
In 2021, Reddit was valued at $10 Billion
Drugmakers Eli Lilly (Mounjaro) and Novo Nordisk (Ozempic) are raising prices on hundreds of drugs
Tesla is bringing the Cybertruck to China for a national tour
Meta announced it will have 350K Nvidia H100s by the end of 2024
Alaska Air extended the cancellations of their Boeing 737-9 Max flights through Sunday, Jan. 21
Economic News:
Jobless Claims:
Initial Claims 187k (Forecast 205k, Previous 202k)
Continued Claims 1.806M (Forecast 1.8425M, Previous 1.834M)
Housing Starts 1.46M (Forecast 1.425M, Previous 1.560M)
Change MoM Actual -4.3% (Forecast -8.7%, Previous 14.8%)
Building Permits 1.495M (Forecast 1.476M, Previous 1.467M)
Change MoM -4.3% (Forecast -8.7%, Previous 14.8%)
Philly Fed Business Index Actual -10.6 (Forecast -6.7, Previous -10.5)
Fed's Bostic on Rate Cuts:
I am open to starting rate cuts before July if there is convincing evidence that inflation is slowing faster than I anticipated."
Major Indices:
S&P 500: +0.89%
Nasdaq: +1.42%
Dow Jones: +0.56%
Friday, January 19
Stock Related News:
The S&P 500 hit a new all-time high of $482.72
Microsoft hit a new all-time high of $398.67
OpenAI CEO Sam Altman is seeking billions to establish a network of AI chip factories
Biden signs the stopgap government funding bill into law, avoiding a partial government shutdown
Ford is cutting production (again) of the Electric F-150 amid weaker demand
Apple Vision Pro pre-order shipping delays have slipped to March
An Apple analyst reported that Apple would have around 60,000-80,000 Vision Pro units available for launch day, February 2
BlackRock's Bitcoin ETF (IBIT) was the first to reach $1 Billion in assets
iRobot shares dropped 30% on news the EU Commission intends to block Amazon's acquisition
Supermicro shares surged 34% after announcing upgraded Q2 financial guidance
Wayfair shares jumped 11% after announcing they are laying off 1,650 employees
Macy's announced they are cutting 2,350 jobs (13% of workers) and closing five stores
China’s largest brokerage, Citic Securities, has suspended short-selling for all individual investors
Economic News:
UMich Inflation Expectations & Sentiment Prelim:
1-Yr Inflation 2.9% (Forecast 3.1%, Previous 3.1%)
5-Yr Inflation 2.8% (Forecast 3%, Previous 2.9%)
Sentiment 78.8 (Forecast 70.1, Previous 69.7)
Condition 83.3 (Forecast 73, Previous 73.3)
Existing Home Sales 3.78M (Forecast 3.83M, Previous 3.82M)
Change -1% (Forecast 0.26%, Previous 0.8%)
Major Indices:
S&P 500: +1.20%
Nasdaq: +1.95%
Dow Jones: +1.01%
