HaiKhuu Weekly Recap & Analysis
May 27 - May 31, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
The US announced they are reining in AI chip sales to the Middle East by Nvidia & AMD and have license requests from chipmakers delayed for security reviews, as the US is worried about the technology getting diverted to China
Elon Musk and Donald Trump have reportedly discussed a possible advisory role for the Tesla leader should the presumptive Republican nominee reclaim the White House
NVIDIA reached a new all-time high of $1158.19
GDP Price Index 3% (Forecast 3.1%, Previous 1.7%)
GDP QoQ 2nd Estimate 1.3% (Forecast 1.3%, Previous 1.6%)
Major Indices’ Weekly Movement:
S&P 500: -0.11%
Nasdaq: -0.83%
Dow Jones: -0.95%
Monday, May 27
Stock Related News:
Markets Closed For Memorial Day
Tuesday, May 28
Stock Related News:
Elon Musk reportedly recently told investors he wants to build a GPU cluster supercomputer that contains 100K Nvidia H100 chips for xAI
PayPal is planning to start an ad sales business using the data it generates from tracking purchases as well as the broader spending behaviors of millions of consumers who use its services
Take-Two owned 2K has reportedly secured a license with FIFA to make a FIFA 2K game
Apple confirmed its WWDC event will take place at 1PM ET on Monday, June 10
Economic News:
CB Consumer Confidence 102 (Forecast 96, Previous 97.5)
House Price Index YoY 6.7% (Previous 7.1%)
MoM 0.1% (Forecast0.5%, Previous 1.2%)
Major Indices:
S&P 500: +0.07%
Nasdaq: +0.38%
Dow Jones: -0.52%
Wednesday, May 29
Stock Related News:
Elon Musk and Donald Trump have reportedly discussed a possible advisory role for the Tesla leader should the presumptive Republican nominee reclaim the White House
ConocoPhillips agreed to acquire Marathon Oil in an all-stock transaction worth $17.1 billion
Cathie Wood’s Ark Investment has purchased a $1.1 Million stake in Elon Musk’s artificial intelligence startup xAI
Netflix is developing a new music competition show that is similar to American Idol and The Voice
Economic News:
Fed Beige Book: Prices increased at a modest pace over the reporting period.
Overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks.
National economic activity continued to expand from early April to mid-May. However, conditions varied across industries and districts.
Major Indices:
S&P 500: -0.70%
Nasdaq: -0.70%
Dow Jones: -1.03%
Thursday, May 30
Stock Related News:
NVIDIA reached a new all-time high of $1158.19
Google said it plans to invest $2 billion in Malaysia to develop its first data center and Google Cloud region in the country
The US is reining in AI chip sales to the Middle East by Nvidia & AMD
Tesla is considering selling FSD software as a monthly subscription
Amazon announced it now offers a free subscription to Grubhub as a part of its $139 Prime Membership
Amazon gets FAA approval to operate drones beyond line of sight
Economic News:
GDP Price Index 3% (Forecast 3.1%, Previous
GDP QoQ 2nd Estimate 1.3% (Forecast 1.3%, Previous 1.6%)
Jobless Claims:
Initial 219k (Forecast 217k, Previous 215k)
Continued 1.791M (Forecast 1.7955M, Previous 1.794M)
Pending Homes Index 72.3 (Forecast -, Previous 78.2)
Change MoM -7.7% (Forecast -1%, Previous 3.4%)
Major Indices:
S&P 500: -0.66%
Nasdaq: -1.07%
Dow Jones: -0.81%
Friday, May 31
Stock Related News:
Bill Ackman is planning to take his investment firm, Pershing Square, public as soon as next year
Spain banned Facebook from launching election features on Facebook and Instagram over privacy fears
The FDA approved Moderna’s RSV vaccine for seniors, the company’s second-ever product
Economic News:
PCE Price Index YoY 2.7% (Forecast 2.7%, Previous 2.7%)
Core MoM 0.2% (Forecast 0.25%, Previous 0.3%)
PCE MoM 0.3% (Forecast 0.3%, Previous 0.3%)
Core YoY Actual 2.8% (Forecast 2.76%, Previous 2.8%)
Major Indices:
S&P 500: +0.91%
Nasdaq: -0.004%
Dow Jones: +1.59%
