HaiKhuu Weekly Recap & Analysis
June 3 - June 7, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
The S&P 500 reached a new all-time high of $536.42
The Nasdaq 100 reached a new all-time high of $465.75
NVIDIA reached a market cap of $3 Trillion for the first time and overtook Apple as the 2nd most valuable company
Keith Gill, aka Roaring Kitty, got on live stream for the first time in 3 years to talk about Gamestop, his position, and his outlook
Major Indices’ Weekly Movement:
S&P 500: +0.93%
Nasdaq: +1.83%
Dow Jones: +0.17%
Monday, June 3
Stock Related News:
E*Trade is reportedly considering telling meme-stock leader Keith Gill (Roaring Kitty) he can no longer use its platform
Paramount and Skydance have agreed to terms of a merger
Google Cloud announced an expanded partnership with Workday
Snowflake unveiled a Polaris catelog and emphasizes commitment to interoperability with AWS, Google Cloud, Microsoft, and Salesforce
Elon Musk announced xAI will be purchasing 300K of NVIDIA’s Blackwell chips in 2025
Microsoft plans to invest $3.2 Billion in AI and cloud facilities in Sweden
Microsoft will lay off some employees who work on mixed reality
Economic News:
S&P Global US Manufacturing PMI 51.3 (Forecast 50.9, Previous 50)
ISM Manufacturing PMI 48.7 (Forecast 48.5, Previous 48.6)
Major Indices:
S&P 500: +0.07%
Nasdaq: +0.38%
Dow Jones: -0.52%
Tuesday, June 4
Stock Related News:
The Massachusetts securities regulator is probing the trading activities of GameStop, investor Keith Gill aka Roaring Kitty
BlackRock and Citadel plan to launch a new national stock exchange in Texas to compete with the New York Stock Exchange
Taiwan Semi said it held talks with customers about moving its chip plants off Taiwan
Apple has reportedly discussed making Apple TV+ available in China
Economic News:
JOLTS Job Openings 8.059M (Forecast 8.37M, Previous 8.33M)
Major Indices:
S&P 500: +0.07%
Nasdaq: +0.38%
Dow Jones: -0.52%
Wednesday, June 5
Stock Related News:
NVIDIA reached a market cap of $3 Trillion for the first time and overtook Apple as the 2nd most valuable company
Apple’s market cap reached $3 Trillion for the first time since January
The NBA is reportedly close to finalizing deals with NBC, ESPN, and Amazon that could generate approximately $76 billion in media revenue over 11 year
Elon Musk's xAI plans to build a large supercomputer in Memphis, Tenn.
Google announced that it has acquired Cameyo, a virtual application delivery platform for remote work
Economic News:
The Fed is to cut the Fed funds rate 25 basis points in September - 74 of 116 economists (vs 70 of 108 in May poll)
ADP Employment Change 152k (Forecast 175k, Previous 192k, Revised 188k)
S&P Services PMI Final 54.8 (Forecast 54.8, Previous 54.8)
S&P Composite PMI Final 54.5 (Forecast 54.2, Previous 54.4)
ISM Services PMI 53.8 (Forecast 51, Previous 49.4)
Major Indices:
S&P 500: -0.70%
Nasdaq: -0.70%
Dow Jones: -1.03%
Thursday, June 6
Stock Related News:
Nvidia reached a new all-time high of $1255.87
Federal regulators made a deal allowing them to proceed with antitrust investigations into Microsoft, OpenAI and Nvidia in the AI industry
Robinhood announced the acquisition of crypto exchange Bitstamp for $200M
Starbucks and Grubhub have launched a delivery partnership
Economic News:
Jobless Claims:
Initial 229k (Forecast 220k, Previous 219k)
Continued 1.792M (Forecast 1.79M, Previous 1.791M)
Labor Costs Revised 4% (Forecast 4.9%, Previous 4.7%)
Productivity Revised 0.2% (Forecast 0%, Previous 0.3%)
Major Indices:
S&P 500: -0.66%
Nasdaq: -1.07%
Dow Jones: -0.81%
Friday, June 7
Stock Related News:
The S&P 500 reached a new all-time high of $536.89
The Nasdaq 100 reached a new all-time high of $465.75
Keith Gill, aka Roaring Kitty, got on a live stream to talk about Gamestop and his positions
Gamestop was halted on volatility 17 times
United Airlines has begun showing personalized ads on its planes’ seat-back screens
Economic News:
Unemployment Report:
Rate 4.0%, Exp. 3.9%, Last 3.9%
Nonfarm Payrolls 272k (Forecast 180k, Previous 175k)
Average Workweek Hrs 34.3 (Forecast 34.3, Previous 34.3)
Average Earnings MoM 0.4% (Forecast 0.3%, Previous 0.2%)
Manufacturing Payrolls 8k (Forecast 5k, Previous 8k)
Private Payrolls 229k (Forecast 165k, Previous 167k)
Major Indices:
S&P 500: -0.12%
Nasdaq: -0.09%
Dow Jones: -0.12%
