HaiKhuu Weekly Recap & Analysis
May 20 - May 24, 2024
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: -0.03%
Nasdaq: +1.32%
Dow Jones: -2.30%
Highlights:
The FOMC Minutes noted it would take longer than expected to achieve a sustainable 2% inflation rate and participants expressed readiness to tighten policy further if needed
Nvidia reported record earnings and announced a 10:1 stock split, causing the stock to reach new all-time highs
The S&P 500 & Nasdaq 100 reached new all-time highs
Monday, May 20
Stock Related News:
Google reached an all-time high of $178.77
Apple is preparing to start the production of 2-nanometer chips
Microsoft announced a new category of AI-focused computers that are 58% faster than Macbook Air M3
Microsoft also announced a new Surface laptop
Apple will launch iPhone 16 with AI from OpenAI at WWDC which will be June 10, 2024
Hims Debuted $199 Weight-Loss Shots at 85% Discount to Wegovy
Reddit filed for a 1.93M share offering
JPMorgan’s CEO said he is not going to buy back a lot of stock at these prices and that he is cautiously pessimistic about the macro environment
Economic News:
Fed’s Mester has said that previously, she expected 3 rate cuts and now does not think that is appropriate
Major Indices:
S&P 500: +0.12%
Nasdaq: +0.70%
Dow Jones: -0.46%
Tuesday, May 21
Stock Related News:
Comcast has introduced an Apple TV, Netflix, and Peacock streaming bundle priced at $15
Lam Research has announced a 10:1 stock split and a $10 Billion buyback
Amazon has halted orders of Nvidia's "superchip" to wait for the updated model
Alibaba Group Holding's cloud unit reduced the prices of its family of large language models by up to 97%
Microsoft CEO Satya Nadella said OpenAI is Microsoft's "Most strategic and most important partnership"
Microsoft is working with to make bring Windows 365 to Quest devices
Presidential candidate Robert F. Kennedy disclosed a stake in Gamestop
Economic News:
Fed's Waller says if the data warrants, we could consider cut at end of this year
Fed's Bostic says he is not in a hurry to cut rates
Major Indices:
S&P 500: +0.25%
Nasdaq: +0.20%
Dow Jones: +0.17%
Wednesday, May 22
Stock Related News:
Amazon is planning an AI-driven overhaul of the Alexa Voice Assistant
Vivek Ramaswamy acquired a 7.7% stake in Buzzfeed, causing it to surge 54% in pre-market trading
Disney has agreed to sell 30% of its Tata stake to Tata Group in a deal worth about $1B
NVIDIA Earnings:
EPS of $6.12, beating estimate of $5.58
Revenue of $26B, beating estimate of $24.59B
10:1 forward stock split effective June 7, 2024
Record quarterly Data Center revenue of $22.6 billion, up 23% from Q4 and up 427% from a year ago
Economic News:
FOMC Minutes:
Participants noted it would take longer than expected to achieve a sustainable 2% inflation rate and expressed readiness to tighten policy further if needed
Many participants were uncertain about the current degree of policy restrictiveness, and almost all supported slowing the pace of the central bank's securities holdings decline
Future policy decisions would depend on incoming data, with concerns that worsening household financial positions might negatively impact economic activity more than previously anticipated
Existing Home Sales 4.14M (Forecast 4.23M, Previous 4.19M)
Change -1.9% (Forecast 0.84%, Previous -4.3%)
Major Indices:
S&P 500: -0.29%
Nasdaq: -0.02%
Dow Jones: -0.53%
Thursday, May 23
Stock Related News:
The Nasdaq reached a new all-time high of $461.50
Microsoft reached an all-time high of $434.69
The Justice Department is suing to break up Live Nation over monopolistic practices
Boeing CFO confirms that plane deliveries to china will be delayed due to Chinese regulatory reviews and says there won't be a step up in Q2 commercial jet deliveries compared to Q1
Economic News:
Jobless Claims:
Initial 215k (Forecast 220k, Previous 222k, Revised 223k)
Continued 1.794M (Forecast 1.793M, Previous 1.794M, Revised 1.794M)
S&P PMI:
Composite 54.4 (Forecast 51.2, Previous 51.3)
Services 54.8 (Forecast 51.2, Previous 51.3)
Manufacturing 50 (Forecast 49.9, Previous 50.0)
New Home Sales - Units 0.634M (Forecast 0.678M, Previous 0.693M, Revised 0.665M)
Change MoM -4.7% (Forecast -2.2%, Previous 8.8%, Revised 5.4%)
Major Indices:
S&P 500: -0.73%
Nasdaq: -0.45%
Dow Jones: -1.51%
Friday, May 24
Stock Related News:
Nvidia reached a new all-time high of $1064.75
Elon Musk's SpaceX has initiated discussions about selling existing shares in a deal that could value the company at roughly $200 billion
Eli Lilly to spend $5.3B to boost manufacturing capacity for anti-obesity drug Zepbound and diabetes drug Mounjaro
Boeing and NASA are moving forward with a June 1 launch attempt of the company’s Starliner capsule despite a “stable” leak in the spacecraft’s propulsion system
Lucid to cut 6% (400) of employees
Economic News:
UMich Inflation Expectations & Sentiment:
1 Yr Inflation 3.3% (Forecast 3.4%, Previous 3.5%)
5 Yr Inflation 3% (Forecast 3.1%, Previous 3.1%)
Sentiment Final 69.1 (Forecast 67.7, Previous 67.4)
Durable Goods 0.7% (Forecast -0.8%, Previous 2.6%)
Core 0.4% (Forecast 0.1%, Previous 0.2%)
Major Indices:
S&P 500: +0.56%
Nasdaq: +0.89%
Dow Jones: -0.04%
