HaiKhuu Weekly Recap & Analysis
April 8 - April 12, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: -0.08%
Nasdaq: +1.11%
Dow Jones: -1.11%
Highlights:
CPI YoY 3.5% (Forecast 3.4%, Previous 3.2%)
CPI MoM 0.4% (Forecast 0.3%, Previous 0.4%)
FOMC Minutes:
Some participants noted concern that financial conditions might not be as restrictive as desired, which could put upward pressure on inflation
Recent data had not increased confidence that inflation was moving sustainably down to 2%
Google unveiled an Arm-based data center processor, new AI chip
Google plans to offer the central processing unit (CPU) called Axion via Google Cloud
DAILY EVENT BREAKDOWN
Monday, April 8
Stock Related News:
The US to award Samsung $6-7 Billion chip subsidy for production expansion
Elon Musk says Robotaxi’s will be unveiled on Aug 8
JP Morgan economists pushed back their forecast for the Federal Reserve's first interest rate cut to July
AMD has announced its plan to open-source the Micro Engine Scheduler (MES) firmware for its GPUs, granting users enhanced control over Radeon graphics cards
Economic News:
NY Fed Inflation Expectations:
1-year ahead expected earnings growth steady at 2.8%
3- year ahead expected inflation 2.9% vs. February's 2.7%
5-year ahead expected inflation 2.6% vs. February’s 2.9%
CB Employment Trends Index 112.84 (Previous 111.85)
Major Indices:
S&P 500: +0.06%
Nasdaq: +0.03%
Dow Jones: +0.06%
Tuesday, April 9
Stock Related News:
Google unveiled an Arm-based data center processor, new AI chip
Google plans to offer the central processing unit (CPU) called Axion via Google Cloud
Nvidia’s next-gen Blackwell platform will come to Google Cloud in early 2025
Microsoft to invest $2.9B in Japanese data centers to boost its artificial intelligence
Lucid produced 1,728 vehicles in Q1, delivered 1,967 vehicles
In the prior quarter, Lucid produced 2,391 vehicles and delivered 1,734 vehicles
Moderna shares surged 8% on News of A Clinical Trial of a Personalized Cancer Vaccine for Adults with High-Risk Melanoma
Boeing announced it delivered 83 planes in the Q1, down from 157 last quarter and 130 planes Q1 2023
Intel unveiled a new AI accelerator processor called Gaudi 3
Intel claims Gaudi 3 delivers 50% on average better inference and 40% on average better power efficiency than Nvidia H100
Fed's Bostic can't eliminate the possibility that rate cuts move even further out.
Economic News:
Redbook YoY 5.4% (Previous 5.2%)
NFIB Business Optimism Index Actual 88.5 (Forecast 89.9, Previous 89.40)
Major Indices:
S&P 500: +0.12%
Nasdaq: +0.37%
Dow Jones: -0.07%
Wednesday, April 10
Stock Related News:
Meta Platforms unveiled a new chip for artificial intelligence workloads, in particular to power the company's ranking and recommendations ad models
The chip is the second generation of a chip called MTIA
Apple said it produced $14 Billion worth of iPhones in India, more than double what it did last year
Microsoft Gaming and NetEase announced a new partnership to enter the Chinese markets
Economic News:
CPI YoY 3.5% (Forecast 3.4%, Previous 3.2%)
Core YoY 3.8% (Forecast 3.7%, Previous 3.8%)
CPI MoM 0.4% (Forecast 0.3%, Previous 0.4%)
Core MoM 0.4% (Forecast 0.3%, Previous 0.4%)
President Biden stated the Inflation news May delay the rate cut, but I don't know what the Fed will do. There will be a rate cut before the end of the year.
FOMC Minutes:
Some participants noted concern that financial conditions might not be as restrictive as desired, which could put upward pressure on inflation
Recent data had not increased confidence that inflation was moving sustainably down to 2%
Wholesale Inventories MoM Rev. 0.5%, as forecasted and previous
Wholesale Sales MoM 2.3% (Forecast 0.8%, Previous -1.7%)
Major Indices:
S&P 500: -1.00%
Nasdaq: -0.87%
Dow Jones: -1.11%
Thursday, April 11
Stock Related News:
Apple is beginning to allow self-service repair to US iPhone users
Owners of the iPhone 12, 13, and third-gen SE will be able to purchase spare parts and tools and peruse instruction manuals that will walk them through the process of fixing common issues
Boeing found executives got an extra $500K in perks from private jets
Amazon CEO Andy Jassy says he’s committed to cost-cutting while investing in AI in a shareholder letter
Spotify is developing tools that would allow subscribers to speed up, mash-up and otherwise edit songs from their favorite artists
Morgan Stanley was down over 5% on news they are being probed by multiple federal regulators over how it vets clients who are at risk of laundering money through the bank's sprawling wealth management division
Ford is offering a special discount of $1,500 to Tesla owners if they purchase an F-150 Lightning
Economic News:
PPI YoY 2.1% (Forecast 2.2%, Previous 1.6%)
Core YoY 2.4% (Forecast 2.3%, Previous 2.0%)
PPI MoM 0.2% (Forecast 0.3%, Previous 0.6%)
Core MoM 0.2% (Forecast 0.2%, Previous 0.3%)
Fed's Williams' Expectations:
Expects inflation to settle back to 2% next year
Expects US GDP to hit 2% this year
Expects unemployment rate to rise to 4% this year
Fed forecasts rate cuts starting this year
Jobless Claims:
Initial 211k (Forecast 215k, Previous 221k)
Continued 1.817M (Forecast 1.8M, Previous 1.791M)
Major Indices:
S&P 500: +0.75%
Nasdaq: +1.60%
Dow Jones: +0.01%
Friday, April 12
Stock Related News:
Google hit an all-time high of $160.22 and reached a $2 trillion market cap
Intel and AMD are both down over 4% following a report suggesting China told telecom carriers to phase out foreign chips
JP Morgan Earnings:
EPS of $4.63, beating estimate of $4.15
Sales of $49.1B, beating estimate of $41.84B
BlackRock Earnings:
EPS of $9.81, beating estimate of $9.32
Sales of $4.73B, beating estimate of $4.68B
Record Assets under management of $10.5 Trillion
Economic News:
University Michigan Inflation Expectations & Sentiment Prelim:
1 Yr Inflation 3.1% (Forecast 2.9%, Previous 2.9%)
5 Yr Inflation 3% (Forecast 2.8%, Previous 2.8%)
Sentiment 77.9 (Forecast 79, Previous 79.4)
Expectations 77 (Forecast 78, Previous 77.4)
Condition79.3 (Forecast 81.3, Previous 82.5)
Import Prices MoM 0.4% (Forecast 0.3%, Previous 0.3%)
Export Prices MoM 0.3% (Forecast 0.3%, Previous 0.8%)
Major Indices:
S&P 500: -1.64%
Nasdaq: -1.81%
Dow Jones: -1.45%
