HaiKhuu Weekly Recap & Analysis
March 18 - March 22, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: +2.43%
Nasdaq: +2.75%
Dow Jones: +2.78%
Highlights:
The S&P 500 reached a new all-time high of $524.11
The Department of Justice is suing Apple for monopolistic practices
Nvidia introduced its Blackwell Platform, its newest most powerful AI GPU as a successor to Hopper
Fed Chair Jerome Powell and the FOMC are keeping interest rates UNCHANGED at 5.25-5.5%
DAILY EVENT BREAKDOWN
Monday, March 18
Stock Related News:
Apple is in talks to have Google’s AI engine for smartphones
MrBeast and Amazon Prime Video just announced a new deal for “Beast Games” a reality-competition game show promising the winner a $5M cash prize
Novo Nordisk’s Wegovy weight loss drug was approved for heart health
Taiwan Semiconductor is reportedly looking at building advanced chip packaging capacity in Japan
Nvidia CEO’s Keynote Speech at GTC:
Introduced Blackwell Platform, its newest most powerful AI GPU as a successor to Hopper
Nvidia and Google Cloud announced an expansion to their partnership to “scale AI development”
Nvidia and Microsoft announced major integrations to “accelerate generative AI for enterprises everywhere”
Announced Project GR00T as a foundation model for humanoid robots
Nvidia’s Omniverse Cloud will stream onto Apple’s Vision Pro
Economic News:
NAHB Housing Market Index Actual 51 (Forecast 48, Previous 48)
Major Indices:
S&P 500: +0.59%
Nasdaq: +0.82%
Dow Jones: +0.19%
Tuesday, March 19
Stock Related News:
Google working on an AI tool to help Fitbit wearers improve health
SuperMicro announced plans to sell 2 million shares to raise funding
Nordstrom is working with Morgan Stanley and Centerview Partners to go private
Boeing is exploring the sale of its defense assets to boost its balance sheet
Microsoft announced that DeepMind & Inflection Co-Founder Mustafa Suleyman is joining Microsoft as head of its consumer artificial intelligence
Nvidia’s CFO stated that new products are to come to market late this year and there might be supply constraints
Unilever to spin off ice cream business, cut 7,500 jobs for cost savings
Robinhood launched commission-free trading in the UK
Economic News:
Housing Starts Number 1.521M (Forecast 1.44M, Previous 1.331M)
Change MoM 10.7% (Forecast 8.2%, Previous -14.8%)
Building Permits Number 1.518M (Forecast 1.496M, Previous 1.489M)
Change MoM 1.9% (Forecast 0.5%, Previous -0.3%)
Redbook YoY 3.4% (Forecast -, Previous 3.0%)
Major Indices:
S&P 500: +0.56%
Nasdaq: +0.25%
Dow Jones: +0.82%
Wednesday, March 20
Stock Related News:
Intel and the US Department of Commerce signed a non-binding preliminary memorandum of terms for up to $8.5 billion in direct funding for commercial semiconductor projects under the CHIPS and Science Act
Chipotle announced a 50-1 stock split
Volkswagen ADMT announced an agreement with Mobileye for autonomous driving
Boeing has decided to keep monthly B737 jet production below 38 as the planemaker predicted cash outflow of $4 billion to $4.5 billion in Q1
SEC probing crypto companies in Ethereum investigation in attempt to classify it as a security
Amazon is developing a new AI tool for online shopping called Project Theia
Economic News:
Fed Chair Jerome Powell and the FOMC are keeping interest rates UNCHANGED at 5.25-5.5%
Forecast still shows 75BPS of cuts in 2024
Fed projections show higher longer-term policy rate projection at 2.6% vs 2.5% in December
Fed policymakers see end-2024 PCE inflation at 2.4%; core seen at 2.6% versus 2.4%
Fed policymakers upgrade 2024 GDP growth forecast to 2.1% from 1.4%, see unemployment rate at 4.0% vs 4.1% in December projection
Inflation is still too high. Ongoing progress is not assured. The path forward is uncertain.
Major Indices:
S&P 500: +0.92%
Nasdaq: +1.19%
Dow Jones: +1.05%
Thursday, March 21
Stock Related News:
The Department of Justice is suing Apple for monopolistic practices
U.S. Justice Department official does not rule out seeking breakup of Apple
Apple slams DoJ case as misguided attempt to turn iPhone into Android
The S&P 500 reached a new all-time high of $524.11
Reddit opened at $47 vs IPO price of $34
DoorDash and Wing announced the launch of their drone delivery partnership in the US
Senator Elizabeth Warren Urges SEC to Investigate Tesla Over Board Independence
Economic News:
Jobless Claims:
Initial Claims 210k (Forecast 213k, Previous 209k)
Continued Claims 1.807M (Forecast 1.82M, Previous 1.811M)
Existing Home Sales 4.38M (Forecast 3.95M, Previous 4.00M)
Change 9.5% (Forecast -1.25%, Previous 3.1%)
Philly Fed Business Index 3.2 (Forecast -2.5, Previous 5.2)
S&P Manufacturing PMI Flash 52.5 (Forecast 51.8, Previous 52.2)
S&P Services PMI Flash 51.7 (Forecast 52, Previous 52.3)
S&P Composite PMI Flash 52.2 (Forecast 52.2, Previous 52.5)
Major Indices:
S&P 500: +0.33%
Nasdaq: +0.47%
Dow Jones: +0.70%
Friday, March 22
Stock Related News:
Microsoft hit an all-time high of $431.61 in the pre-market session
OpenAI is meeting with Hollywood to pitch AI video generator
Apple held talks With China’s Baidu over AI for its devices
Tesla shares were down 4% pre-market after announcing reduced production at its plant in China
Economic News:
US House passes a $1.2 trillion bill to avert a partial government shutdown, sends to Senate
Fed's Powell: The pandemic has had lasting effects on the economy
Major Indices:
S&P 500: -0.14%
Nasdaq: +0.02%
Dow Jones: -0.68%
