HaiKhuu Weekly Recap & Analysis
May 6 - May 10, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: +1.74%
Nasdaq: +1.27%
Dow Jones: +1.87%
Highlights:
Multiple members of the Federal Reserve noted that progress on inflation may have stalled and that they are not looking to cut rates in the short-term
University of Michigan Inflation Expectations came in higher than expected, and Consumer Sentiment was at a 6-month low, causing markets to fall
U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities
Robinhood’s Crypto unit received a Wells Notice from the SEC alleging that its crypto tokens are securities and not assets
Amazon reached a new all-time high of $191.70
DAILY EVENT BREAKDOWN
Monday, May 6
Stock Related News:
Robinhood’s Crypto unit received a Wells Notice from the SEC alleging that its crypto tokens are securities and not assets
Microsoft is readying a new in-house AI model "MAI-1” to compete with Google
Tesla launched another round of layoffs, with employees in wide-ranging roles getting their pink slip amid broader layoffs over the last 3 weeks
Intel is assembling a Japanese team for chipmaking automation
Microsoft's Activision to pay out $23.4 million for patent infringement
Federal air-safety regulators have opened a new investigation into Boeing related to the company’s inspections of its 787 Dreamliner and whether company employees falsified records
Economic News:
Fed's Barkin says he is confident that the current restrictive level of rates can curb demand enough to bring inflation to the target
6-Month Bill Auction
Bid-to-cover ratio 2.91
High rate 5.155%
Sells $76 bln
Awards 31.82% of bids at high
Major Indices:
S&P 500: +1.03%
Nasdaq: +1.10%
Dow Jones: +0.43%
Tuesday, May 7
Stock Related News:
Microsoft reportedly introduced deploying an isolated generative AI model accessible solely to U.S. intelligence agencies for analyzing classified data.
TikTok Bytedance has sued the Biden admin, seeking to block divest or sell ban
Rivals Uber and Instacart have struck a partnership that will allow customers to order Uber Eats restaurant food via the Instacart app
Microsoft is shutting down Bethesda studios behind Redfall and Hi-Fi Rush
Apple introduced the new iPad Air and iPad Pro with a new M4 chip
Disney Earnings:
EPS of $1.21, beating expectations of $1.10
Revenue of $22.08B, missing expectations of $22.12B
Total Disney+ subscribers of 153.6M, missing expectations of 155.6M
Economic News:
Consumer Credit 6.274B (Forecast 15B, Previous 14.12B)
Fed's Kashkari questions policy restrictiveness, given the inflation data
The inflation progress seen in the latter half of 2023 appears to have stalled. The question is whether disinflation is still underway or just taking longer
Major Indices:
S&P 500: +0.11%
Nasdaq: +0.02%
Dow Jones: +0.07%
Wednesday, May 8
Stock Related News:
FTX says most customers of the bankrupt crypto exchange will get all their money back
U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities
Google unveiled the third major version of its "AlphaFold" artificial intelligence model, designed to help scientists design drugs and target diseases more effectively
Intel expects second-quarter revenue to fall below the midpoint of previously issued projections because of a new US ban on chip exports to Huawei
Economic News:
Fed’s Collins: I am optimistic that the Fed can get 2% inflation in a reasonable time frame and says there are risks to cutting rates too soon
Wholesale Inventories MoM Rev. -0.4% (Forecast -0.4%, Previous -0.4%)
Wholesale Sales MoM -1.3% (Forecast 0.8%, Previous 2.3%)
Major Indices:
S&P 500: +0.01%
Nasdaq: -0.06%
Dow Jones: +0.45%
Thursday, May 9
Stock Related News:
Amazon reached a new all-time high of $191.70
Apple to use own chips in the cloud to power AI features in 2024
BP and EVgo are seizing the opportunity to try to acquire Tesla's supercharging sites, talent, and real estate
Binance Holdings permitted certain users to exercise market manipulation through its exchange platform
Disney and Warner Bros. Discovery will sell their biggest streaming services together in one bundle starting this summer
T-Mobile and Verizon are in discussions to buy out U.S. Cellular
McDonald's is shifting spending to digital marketing and plans to invest "hundreds of millions" into digital innovation
Economic News:
Jobless Claims:
Initial 231k (Forecast 212k, Previous 208k)
Continued 1.785M (Forecast 1.782M, Previous 1.774M)
Major Indices:
S&P 500: +0.94%
Nasdaq: +1.28%
Dow Jones: +0.88%
Friday, May 10
Stock Related News:
Tesla will spend well over $500M expanding our Supercharger network to create thousands of new chargers this year
Apple plans to announce that it will bring Generative AI to Siri
McDonald's is readying a $5 meal deal to lure customers back
Economic News:
UMich Inflation Expectations & Sentiment:
1-Yr Inflation 3.5% (Forecast 3.2%, Previous 3.2%)
5-Yr Inflation 3.1% (Forecast 3%, Previous 3.0%)
Sentiment 67.4 (Forecast 76.2, Previous 77.2)
Condition 68.8 (Forecast 79, Previous 79.0)
Expectations 66.5 (Forecast 75, Previous 76.0)
Fed’s Bowman says she doesn’t see rate cuts as warranted this year
Major Indices:
S&P 500: +0.16%
Nasdaq: +0.22%
Dow Jones: +0.36%
