HaiKhuu Weekly Recap & Analysis
March 11 - March 15, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: +0.63%
Nasdaq: +0.03%
Dow Jones: +0.54%
Highlights:
The House of Reps has passed a bill that would require TikTok to divest the company or be banned from the US
The bill still needs to be voted on in the Senate
Apple has bought an AI startup, DarwinAI, and added dozens of its staff to Apple’s AI division
Consumer Price Index (CPI):
YoY 3.2% (Previous 3.1%, Forecast 3.1%)
MoM 0.4% (Previous 0.4%, Forecast 0.3%)
DAILY EVENT BREAKDOWN
Monday, March 11
Stock Related News:
Apple has started formal development of a new MacBook with an M4 chip
Apple is testing AI-powered ad products for its app store
Delta expects deliveries of its Boeing 737 Max 10 aircraft could be pushed out to as late as 2027
Telegram has reportedly hit 900 Million users and nears profitability as the company considers going public through an IPO
MicroStrategy spent $821.7 Million to buy 12,000 more Bitcoin today at an average price of $68,477
Oracle said it’s going to have “exciting joint announcements” with Nvidia soon
Economic News:
NY Fed 1-Year inflation Expectations 3%, as previous
CB Employment Trends Index 112.29 (Previous 113.18)
JPM CEO Jamie Dimon on the economy:
The economy is doing fine; almost kind of a boom now
I see a little bit of a bubble in equity markets now
I would I would wait past June to cut rates
Major Indices:
S&P 500: -0.09%
Nasdaq: -0.37%
Dow Jones: +0.11%
Tuesday, March 12
Stock Related News:
Southwest Airlines said it would have to trim its capacity plans and reevaluate its financial forecasts for the year, citing delivery delays from Boeing
Apollo Global has reached out to a special committee formed by Paramount about a possible takeover or asset purchase
The Pentagon has reportedly pulled out of a plan to spend as much as $2.5 billion on a chip grant to Intel
Apple is planning to expand its applied research and development labs in China
Microsoft announced a quarterly dividend of $0.75/share
IBM has told employees it’s cutting jobs in marketing and communications
Economic News:
Consumer Price Index (CPI):
YoY 3.2% (Previous 3.1%, Forecast 3.1%)
MoM 0.4% (Previous 0.4%, Forecast 0.3%)
Core YoY 3.8% (Previous 3.9%, Forecast 3.7%)
Core MoM 0.4% (Previous 0.04%, Forecast 0.03%)
Federal Budget Balance -$296B (Previous -$22B, Forecast $298.5B)
Major Indices:
S&P 500: +1.08%
Nasdaq: +1.43%
Dow Jones: +0.61%
Wednesday, March 13
Stock Related News:
The US House of Reps has passed a bill that would require TikTok to divest the company or be banned from the US
The bill still needs to be voted on in the Senate
Eli Lilly said Amazon Pharmacy will help deliver certain prescription drugs, including the popular weight loss treatment Zepbound, directly to patients’ homes
Microsoft is launching an AI assistant for its security products, available on April 1, 2024
Wells Fargo downgraded Tesla to Underweight from equal weight while lowering its price target to $125 from $200
Tesla's German Gigafactory has been reconnected to the electricity grid following a week-long outage caused by arson
Amazon said more than 100,000 Amazon selling partners have used its GenAI listing tools
Disney is hunting for its successor to CEO Bob Iger, focusing on division leaders
Economic News:
MBA 30-Year Mortgage Rate 6.84% (Previous 7.02%)
Mortgage Applications Week-over-Week 7.1% (Previous 9.7%)
Treasury SecretaryJanet Yellen:
I regret saying inflation was transitory
The US Dollar has always been and will remain the world’s reserve currency
Major Indices:
S&P 500: -0.16%
Nasdaq: -0.77%
Dow Jones: +0.11%
Thursday, March 14
Stock Related News:
Apple has bought an AI startup, DarwinAI, and added dozens of its staff to Apple’s AI division
Google announced Chrome will now use real-time safe browsing protections to show warnings on potentially dangerous sites
Robinhood shares surged 10% after reporting $80.9 billion in trading volumes during the month of February, up 36% from January
Microsoft reached new all-time highs of $428.95 after a potential slip-up within the CoPilot subscription that teased GPT-5 Turbo
Amazon announced it will hold a 6-day sales event for customers from March 20th to the 25th & will also be available to non-prime members for the first time
Unlike Prime Day sales, the upcoming "Big Spring Sale" is open to anyone
Home Depot said it will open 4 new distribution centers as it chases more sales from remodelers, contractors and other home professionals
Economic News:
Producer Price Index:
MoM 0.6% (Forecast 0.3%, Previous 0.3%)
YoY 1.6% (Forecast 1.2%, Previous 0.9%, Revised 1%)
Core YoY 2% (Forecast 1.9%, Previous 2.0%)
Core MoM 0.3% (Forecast 0.2%, Previous 0.5%)
Jobless Claims:
Initial Claims 209k (Forecast 218k, Previous 217k, Revised 210k)
Continued Claims 1.811M (Forecast 1.905M, Previous 1.906M, Revised 1.94M)
Retail Sales MoM 0.6% (Forecast 0.8%, Previous -0.8%, Revised -1.1%)
Core MoM 0.3% (Forecast 0.5%, Previous -0.6%, Revised -0.8%)
Business Inventories MoM 0.0% (Forecast 0.2%, Previous 0.4%, Revised 0.3%)
Major Indices:
S&P 500: -0.20%
Nasdaq: -0.25%
Dow Jones: -0.29%
Friday, March 15
Stock Related News:
Uber & Lyft will halt operations in Minneapolis after the city voted to require ride-hailing services to increase driver wages
Apple agreed to pay $490 million to settle a class-action lawsuit that alleged CEO Tim Cook defrauded shareholders by concealing falling demand for iPhones in China.
A Boeing 787 had a cockpit seat issue that caused a flight to suddenly plunge
Boeing says they’ve known about the issue since 2017 and advised cockpit seat checks
Fitch revised Boeing’s outlook to stable from positive
Fitch forecasts between 420-450 737 Max deliveries in 2024, 100 less than prior forecasts
Economic News:
University of Michigan Prelim Data:
1-Yr Inflation 3% (Forecast 3.1%, Previous 3.0%)
5-Yr Inflation Actual 2.9%, as forecasted & previous
Sentiment 76.5 (Forecast 77.1, Previous 76.9)
Condition 79.4 (Forecast 79.7, Previous 79.4)
Export Prices MoM 0.8% (Forecast 0.4%, Previous 0.8%)
Import Prices MoM 0.3% (Forecast 0.3%, Previous 0.8%)
NY Fed Manufacturing -20.9 (Forecast -7, Previous -2.40)
Industrial Production MoM 0.1% (Forecast 0%, Previous -0.1%, Revised -0.5%)
YoY -0.23% (Previous 0.03%)
Manufacturing Output MoM 0.8% (Forecast 0.3%, Previous -0.5%)
Capacity Utilization 78.3% (Forecast 78.5%, Previous 78.5%, Revised 78.3%)
Major Indices:
S&P 500: -0.76%
Nasdaq: -1.08%
Dow Jones: -0.97%
