HaiKhuu Weekly Recap & Analysis
April 15 - April 19, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: -2.22%
Nasdaq: -3.39%
Dow Jones: -0.53%
Highlights:
Fed Chairman Powell pivoted his stance on interest rate economic conditions and monetary policy, signaling rates will be higher for longer
Tesla is laying off more than 10% of its staff globally
Microsoft to avoid formal EU probe over $13 Billion OpenAI deal
DAILY EVENT BREAKDOWN
Monday, April 15
Stock Related News:
Tesla to lay off more than 10% of staff globally
Tesla job cuts said to reach closer to 20% in some divisions
Samsung to invest roughly $44 Billion on chipmaking facility expansion in the US
Japan plans antitrust action against Google over search ads
Japan probed Google on search ad tech provided to Yahoo
Japan to push Google to reform practices voluntarily
Apple reportedly sold 50.1M iPhones in Q1, down 9.6% YoY, according to market tracker IDC
Lockheed Martin was awarded a $17 Billion contract with the missile defense for a next-gen interceptor
Economic News:
Business Inventories MoM Actual 0.4% (Forecast 0.4%, Previous 0.0%)
NAHB Housing Market Index 51 (Forecast 51, Previous 51)
Fed’s Williams:
My own view is that rate cuts will likely start this year
I’m getting more optimistic about potential growth
Major Indices:
S&P 500: -1.25%
Nasdaq: -1.65%
Dow Jones: -0.67%
Tuesday, April 16
Stock Related News:
Live Nation shares fell 10% on news that the Justice Department may be bringing an antitrust lawsuit
AMD announced new products that will expand its commercial mobile and desktop AI PC portfolio
The new AMD Ryzen™ PRO 8040 Series is the most advanced x86 processor built for business laptops and mobile workstations.
In addition, AMD also announced the AMD Ryzen™ PRO 8000 Series desktop processor, the first AI enabled desktop processor for business users
Microsoft-backed Rubrik has filed for IPO
Rubrik is seeking to offer 23 million shares and raise up to $713 million in its initial public offering
Rubrik said its estimates an IPO price of $28 to $31 per share
The NCLA has launched a complaint against the SEC challenging the agency’s unconstitutional “Consolidated Audit Trail”
The CAT is the largest government-mandated mass collection of personal financial data in American history
Economic News:
Fed’s Powell:
Recent data show lack of further progress on inflation
Labor market moving into better balance even amidst ongoing strength
If higher inflation persists the Fed can maintain the current rate as long as needed
It is appropriate to let policy take further time to work
Housing Starts Number 1.321M (Forecast 1.485M, Previous 1.521M)
Change MoM -14.7% (Forecast -2.4%, Previous 10.7%)
Building Permits Number 1.458M (Forecast 1.51M, Previous 1.524M)
Change MoM -4.3% (Forecast -0.9%, Previous 2.4%)
Industrial Production YoY Actual 0.00% (Previous -0.23%)
Industrial Production MoM 0.4% (Forecast 0.4%, Previous 0.1%, Revised 0.4%)
Manufacturing Output MoM 0.5% (Forecast 0.2%, Previous 0.8%)
Capacity Utilization 78.4% (Forecast 78.5% Previous 78.3%)
Major Indices:
S&P 500: -0.18%
Nasdaq: +0.01%
Dow Jones: +0.18%
Wednesday, April 17
Stock Related News:
Microsoft to avoid formal EU probe over $13 billion OpenAI deal
Intel has Built the World’s Largest Neuromorphic System to Enable More Sustainable AI
Hala Point, the industry’s first 1.15 billion neuron neuromorphic system, builds a path toward more efficient and scalable AI
Amazon cloud unit kills Snowmobile data transfer truck eight years after driving 18-wheeler onstage
Amazon Web Services designed the semi to help customers move large amounts of data to the cloud
Amazon to start selling smart grocery carts to other retailers
The company has expanded Dash Carts in Fresh stores and Whole Foods locations as it has recently pulled back on its cashier-less checkout technology
Ford is reportedly recalling around 456,565 units of certain compact SUVs and pickup trucks in the U.S. due to a low battery issue causing loss of power drive
Economic News:
Fed Beige Book (National Summary of Current Economic Conditions
Price increases were modest, on average, running at about the same pace as in the last report
Overall economic activity expanded slightly, on balance, since late February
Employment rose at a slight pace overall
The economic outlook among contacts was cautiously optimistic, on balance
On balance, contacts expected that inflation would hold steady at a slow pace moving forward
Manufacturers in a few districts perceived upside risks to near-term inflation
Major Indices:
S&P 500: -0.59%
Nasdaq: -1.22%
Dow Jones: -0.14%
Thursday, April 18
Stock Related News:
Meta released early versions of its new large language model, Llama 3, and an image generator for its Meta AI virtual assistant
Boeing plans to sell flying cars in Asia by 2030
Boeing is developing an electric vertical take-off and landing craft at subsidiary Wisk
Northrop Grumman is working with Elon Musk's SpaceX on a spy satellite system
Oracle announced its intention to invest more than $8 billion over the next decade to meet the growing demand for cloud computing and AI infrastructure in Japan
Adobe launched the mobile Adobe Express app for AI content creation globally, with new AI tools for video editing in Premiere Pro
Economic News:
Jobless Claims:
Initial 212k (Forecast 215k, Previous 211k)
Continued 1.812M (Forecast 1.818M, Previous 1.817M)
Existing Home Sales 4.19M (Forecast 4.2M, Previous 4.38M)
Change -4.3% (Forecast -4.11%, Previous 9.5%)
Fed's Williams says he doesn’t feel urgency to cut rates and says if data called for higher rates, the Fed would hike
Major Indices:
S&P 500: -0.21%
Nasdaq: -0.57%
Dow Jones: +0.10%
Friday, April 19
Stock Related News:
Nvidia shares tumbled 10% on the day
Tesla to recall 3,878 Cybertrucks over faulty accelerator pedal
Apple removed WhatsApp and Threads from its app store in China saying it was ordered to by the government
The European Commission is set to approve Apple's plan to open up tap-and-go mobile payments "as soon as next month
Trump Media stock surged 15% on news it alerted Nasdaq to potential market manipulation from ‘naked’ short selling of its stock
Economic News:
Fed's Goolsbee: Progress on US inflation has stalled
Persistently high housing inflation is main short-run problem
The Fed's current restrictive monetary policy is appropriate
The golden path is more difficult for 2024
Major Indices:
S&P 500: -0.91%
Nasdaq: -2.11%
Dow Jones: +0.45%
