HaiKhuu Weekly Recap & Analysis
June 10 - June 14, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
Apple passed Microsoft to retake the crown as the largest public company in the world valued at $3.33 Trillion
Tesla shareholders vote to uphold Musk’s $56B pay plan
FOMC Interest Rate Decision is unchanged at 5.5%
CPI YoY 3.3% (Forecast 3.4%, Previous 3.4%)
Major Indices’ Weekly Movement:
S&P 500: +1.78%
Nasdaq: +0.07%
Dow Jones: -0.50%
Monday, June 10
Stock Related News:
NVIDIA had a 10:1 split and opened trading at $120.37
Apple held its annual WWDC keynote and announced a deal with OpenAI
Meta got a supreme court review on investor data-harvesting suit
China-founded fast fashion giant Shein recorded $32.2 billion in sales last year, up 40% YoY, compared with 37% YoY growth in 2022
Economic News:
NY Fed: May one-year ahead expected inflation at 3.2% vs April's 3.3%
3-year ahead expected inflation unchanged at 2.8%
5-year ahead expected inflation at 3% vs April’s 2.8%
Major Indices:
S&P 500: +0.31%
Nasdaq: +0.40%
Dow Jones: +0.21%
Tuesday, June 11
Stock Related News:
The US is weighing more limits on China’s access to chips needed for AI
Oracle, Microsoft, and OpenAl are partnering to extend the Microsoft Azure Al platform to Oracle Cloud Infrastructure (OCI) to provide additional capacity for OpenAl
GM authorized a $6 Billion buyback
GM now expects to sell between 100,000 to 150,000 EVs this year, down from its previously announced range of 200,000 to 300,000
BeReal was just acquired by French mobile apps and games publisher Voodoo for €500 million
Spotify to introduce higher-priced premium subscription
Economic News:
NFIB Business Optimism Index 90.5 (Forecast 89.7, Previous 89.70)
Major Indices:
S&P 500: +0.24%
Nasdaq: +0.69%
Dow Jones: -0.34%
Wednesday, June 12
Stock Related News:
Apple reached a new all-time high of $220.20
Apple passed Microsoft to retake the crown as the largest public company in the world
Broadcom is doing 10:1 stock split, will begin trading on a split adjusted basis on July 15th
FedEx announced today plans to reduce its workforce by as much as 2,000 employees in a cost-cutting move to save up to $175M a year
Economic News:
FOMC Interest Rate Decision unchanged at 5.5%
The Federal Reserve kept interest rates steady and postponed the start of rate cuts, projecting only one quarter-percentage-point reduction for the year
Fed Chairman Jerome Powell emphasized the importance of the overall policy path over a single rate cut, with inflation forecasts being conservative
Market reactions included a rise in the S&P 500, higher yields on U.S. 10-year and 2-year notes, and a drop in the dollar index
CPI YoY 3.3% (Forecast 3.4%, Previous 3.4%)
Core CPI YoY 3.4% (Forecast 3.5%, Previous 3.6%)
Core CPI MoM 0.2% (Forecast 0.3%, Previous 0.3%)
Major Indices:
S&P 500: +0.82%
Nasdaq: +1.31%
Dow Jones: -0.07%
Thursday, June 13
Stock Related News:
Tesla shareholders vote to uphold Musk’s $56B pay plan
Gamestop has postponed its shareholder meeting due to technical difficulties
Wells Fargo fired more than a dozen employees last month after investigating claims "involving simulation of keyboard activity creating the impression of active work”
CEO Jensen Huang is now the 12th richest person in the world currently worth $110 Billion
Elon Musk just said he thinks Tesla could end up being worth ~$30 Trillion off the back of AI and Robotics
Williams-Sonoma just announced a 2:1 stock split
Economic News:
PPI MoM -0.2% (Forecast 0.1%, Previous 0.5%)
Core PPI MoM 0.0% (Forecast 0.3%, Previous 0.5%)
Core PPI YoY 2.3% (Forecast 2.5%, Previous 2.4%)
Jobless Claims:
Initial 242k (Forecast 225k, Previous 229k)
Continued 1.820M (Forecast 1.795M, Previous 1.792M)
Major Indices:
S&P 500: +0.20%
Nasdaq: +0.54%
Dow Jones: -0.21%
Friday, June 14
Stock Related News:
NVIDIA reached a new all-time high of $132.84
Nasdaq 100 reached an all-time high of $479.26
Microsoft plans to invest $7.16 Billion to develop new data centers in Spain's northeastern region of Aragon
Elon Musk has shifted Tesla incorporation to Texas
Economic News:
University Michigan Data:
Expectations 67.6 (Forecast 72, Previous 68.8)
5 Yr Inflation Prelim 3.1% (Forecast 3%, Previous 3.0%)
Sentiment 65.6 (Forecast 72, Previous 69.1)
Condition Prelim 62.5 (Forecast 72.2, Previous 69.6)
Major Indices:
S&P 500: +0.61%
Nasdaq: -0.61%
Dow Jones: -0.15%
