HaiKhuu Weekly Recap & Analysis
March 25 - March 29, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: +0.38%
Nasdaq: -0.35%
Dow Jones: +0.77%
Highlights:
SPY reached a new all-time high of $524.61
Donald Trump's Media and Technology Group (formerly $DWAC) is now trading under ticker $DJT
FTX founder, Sam Bankman-Fried, has been sentenced to 25 years in prison and ordered to forfeit more than $11 billion
GDP QoQ Final 3.4% (Forecast 3.2%, Previous 3.2%)
Amazon is investing an additional $2.75B in AI startup Anthropic in its latest investment, marking Amazon’s largest outside investment
DAILY EVENT BREAKDOWN
Monday, March 25
Stock Related News:
Boeing CEO Dave Calhoun will step down from the CEO role at the end of 2024
Qualcomm, Google, and Intel plan to work together to try to go after Nvidia's chokehold on AI software
OpenAI just filed a new trademark application for "Voice Engine", a computer software development tool for building digital voice assistance and generation of audio and/or voice in response to user prompts
Fisker will be delisted from the NYSE
Adam Neumann, former CEO and co-founder of WeWork,submitted an offer to buy the bankrupt co-working company for more than $500 million
Apple has reportedly tested internally a new Apple Pencil with visionOS support
Economic News:
Fed's Bostic repeats he expects just one rate cut this year
New Home Sales - Units 0.662M (Forecast 0.675M, Previous 0.661M)
Change MoM -0.3% (Forecast 2.1%, Previous 1.5%)
Major Indices:
S&P 500: -0.28%
Nasdaq: -0.36%
Dow Jones: -0.40%
Tuesday, March 26
Stock Related News:
Donald Trump's Media and Technology Group (formerly $DWAC) is now trading under ticker $DJT
Krispy Kreme shares surged over 50% on news that McDonald’s will begin selling Krispy Kreme Doughnuts nationwide by the end of 2026
Chinese data showed that Apple iPhone shipments fell 33% in February
Visa and Mastercard have reached an antitrust class action settlement with US merchants that includes a rate roll back and a five-year rate cap that will deliver nearly $30 billion in near-term swipe fee savings
Amazon launched same-day prescription delivery in New York and Los Angeles
Tesla to provide owners with a free month of its driver-assistance program
Italy has reportedly contacted Tesla about truck production
Adobe and Microsoft partner to connect Adobe Experience Cloud workflows and insights with Microsoft Copilot
Walmart, 7-Eleven and Chick-fil-A will be the first retailers to pilot new drone-delivery technology from DroneUp
Johnson & Johnson is considering acquiring Shockwave Medical
Economic News:
CB Consumer Confidence 104.7 (Forecast 107, Previous 106.7)
House Price Index YoY 6.3% (Previous 6.6%)
MoM -0.1% (Forecast 0.3%, Previous 0.1%)
CaseShiller 20 YoY 6.59% (Forecast 6.6%, Previous 6.1%)
Durable Goods 1.4% (Forecast 1%, Previous -6.2%)
Core Durable Goods 0.5% (Forecast 0.4%, Previous -0.4%)
Major Indices:
S&P 500: -0.18%
Nasdaq: -0.32%
Dow Jones: -0.03%
Wednesday, March 27
Stock Related News:
Amazon is investing an additional $2.75B in AI startup Anthropic in its latest investment, marking Amazon’s largest outside investment in its 30-year history
Robinhood unveiled its credit card, which gives 3% cash back on all categories, has no additional annual fee, and no foreign transaction fees
The US SEC is proceeding with a lawsuit against CoinBase, which alleges that the exchange operates as an unregistered exchange, broker, and clearing agency
Beyond, Inc., the parent company of Overstock, Bed Bath & Beyond, and Zulily, is partnering with X
The partnership includes short and long-form lifestyle entertainment content on the companies' respective handles, targeted commerce campaigns as well as future shopping integration
Hulu on Disney+ has officially rolled out to the public after launching its beta back in December 2023
Economic News:
January wholesale sales revised to -1.8% (prev -1.7%)
Wholesale inventories revised to -0.2% (prev -0.3%)
MBA 30-Yr Mortgage Rate Actual 6.93% (Previous 6.97%)
Applications Actual -0.7% (Previous -1.6%)
Treasury Secretary Yellen: I want to stabilize, not shut down our relationship with China
Major Indices:
S&P 500: +0.84%
Nasdaq: +0.34%
Dow Jones: +1.20%
Thursday, March 28
Stock Related News:
SPY reached a new all-time high of $524.61
FTX founder, Sam Bankman-Fried, has been sentenced to 25 years in prison and ordered to forfeit more than $11 billion
Apple executives have postponed the launch schedule of the foldable iPhone to the first quarter of 2027
First Medicare health plans to start paying for weight-loss drug Wegovy
Home Depot will acquire SRS Distribution, a materials provider for professionals, in a deal valued at approximately $18.25 billion
Economic News:
GDP QoQ Final 3.4% (Forecast 3.2%, Previous 3.2%)
GDP Deflator SA Final 1.7% (Previous 1.7%)
Jobless Claims:
Initial 210k (Forecast 212k, Previous 210k)
Continued 1.819M (Forecast 1.815M, Previous 1.807M)
PCE Prices Final 1.8% (Previous 1.8%)
Core 2% (Forecast 2.1%, Previous 2.1%)
UMich Inflation Expectations & Sentiment:
1-Yr Inflation 2.9% (Forecast 3.1%, Previous 3.0%)
5-Yr Inflation 2.8% (Forecast 2.9%, Previous 2.9%)
Sentiment 79.4 (Forecast 76.5, Previous 76.5)
Expectations 77.4 (Forecast 74.7, Previous 74.6)
Conditions 82.5 (Forecast 79.6, Previous 79.4)
Pending Homes Index 75.6 (Previous 74.3)
Change MoM 1.6% (Forecast 1.5%, Previous -4.9%)
Major Indices:
S&P 500: +0.21%
Nasdaq: +0.02%
Dow Jones: +0.17%
Friday, March 29
Stock Related News:
Markets Closed for Good Friday
