HaiKhuu Weekly Recap & Analysis
June 24 - June 28, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
The S&P 500 & Nasdaq 100 both reached new all-time highs
Amazon broke above a $2 Trillion market cap for the first time ever and reached a new all-time high of $199.84
Boeing is facing possible criminal charges relating to two 737 Max crashes that resulted in the death of 346 people
Coinbase announced lawsuits against SEC and FDIC in Freedom of Information Act dispute
Major Indices’ Weekly Movement:
S&P 500: -0.03%
Nasdaq: +0.13%
Dow Jones: -0.10%
Monday, June 24
Stock Related News:
Boeing is facing possible criminal charges relating to two 737 Max crashes that resulted in the death of 346 people
The EU has charged Apple with failing to comply with a new digital competition law
Novo Nordisk is investing $4.1B in its North Carolina facility
Tesla's internal data shows it has cut at least 14% of its workforce this year
Tesla may deliver 415,000 cars in Q2, lower than Wall Street's 450,000 estimate, with analysts projecting 1.8M deliveries in 2024
Buzzfeed is up 14% following news that Vivek Ramaswamy has met with its CEO and increased his stake to 8.9%
Economic News:
Fed's Daly: If inflation falls more slowly than expected, the policy rate must stay higher for longer
6-Month Bill Auction
Bid-to-cover ratio 3.16
High rate 5.140%
Sells $71 bln
Awards 37.70% of bids at high
Major Indices:
S&P 500: -0.33%
Nasdaq: -1.30%
Dow Jones: +0.67%
Tuesday, June 25
Stock Related News:
Novo Nordisk's weight-loss drug was approved in China
Microsoft and Apple are facing EU antitrust scrutiny for bundling products
OpenAI to restrict AI tools in China amid rising tensions
Tesla is recalling over 11,000 Cybertrucks over the sail applique, or adhesion may not have been installed according to specification
Amazon is working on an AI assistant that competes with ChatGPT, codenamed 'Metis'
Eli Lilly and OpenAI are collaborating to discover novel medicines to treat drug-resistant bacteria
Economic News:
CB Consumer Confidence 100.4 (Forecast 100, Previous 102.0)
House Price Index YoY 6.3% (Forecast -, Previous 6.7%)
MoM 0.2% (Forecast 0.3%, Previous 0.1%)
Fed's Bowman: I'm still open to raising rates if inflation doesn't improve and doesn’t see any rate cuts for 2024
Major Indices:
S&P 500: +0.39%
Nasdaq: +1.14%
Dow Jones: -0.75%
Wednesday, June 26
Stock Related News:
Amazon broke above a $2 Trillion market cap for the first time ever
Chipotle opened the day at $65.81 after its 50:1 split
The IATSE reached a tentative three-year deal with major Hollywood studios, including Disney and Netflix, featuring pay hikes and protections against AI displacement
Beyond Meat is down 3% following news that McDonald's says its plant based burger tests failed
Novo Nordisk has halted its late-stage study of its experimental hypertension drug and takes over $800M impairment charge
Economic News:
New Home Sales - Units 0.634M (Forecast 0.633M, Previous 0.634M)
Change MoM -11.3% (Forecast -0.2%, Previous -4.7%)
Major Indices:
S&P 500: +0.12%
Nasdaq: +0.21%
Dow Jones: +0.06%
Thursday, June 27
Stock Related News:
Microsoft reached a new all-time high of $456.17
Google reached a new all-time high of $186.05
Amazon reached a new all-time high of $199.84
Coinbase announced lawsuits against SEC and FDIC in Freedom of Information Act dispute
Apple is exploring a novel method for making iPhone batteries more replaceable
Microsoft is collaborating with Amazon to bring Xbox Cloud Gaming to select Fire TV Devices
Amazon has announced that Project Kuiper production satellite launches will be pushed back to Q4
Walgreens announced it plans to close a significant share of its ~8,600 stores in the US
Economic News:
GDP QoQ Final 1.4% (Forecast 1.4%, Previous 1.3%)
GDP Price Index 3.1% (Forecast 3%, Previous 3%)
Core PCE Prices Final 3.7% (Forecast 3.6%, Previous 3.6%)
Jobless Claims:
Initial 233k (Forecast 235k, Previous 238k)
Continued 1.839M (Forecast 1.828M, Previous 1.828M)
Major Indices:
S&P 500: +0.16%
Nasdaq: +0.26%
Dow Jones: +0.08%
Friday, June 28
Stock Related News:
The S&P 500 reached a new all-time high of $550.28
The Nasdaq 100 reached a new all-time high of $487.20
Trump Media shares surged 6% following the first presidential debate
Apple’s iPhone shipments in China reportedly rose 40% in May
Italy is asking Google to pay $1.07 Billion in unpaid taxes and penalties
Economic News:
PCE Price Index:
YoY 2.6% (Forecast 2.6%, Previous 2.7%)
MoM 0% (Forecast 0%, Previous 0.3%)
Core YoY 2.6% (Forecast 2.6%, Previous 2.8%)
Core MoM 0.1% (Forecast 0.1%, Previous 0.2%)
University Michigan Data:
Sentiment 68.2 (Forecast 66, Previous 65.6)
1-Yr Inflation Final 3.0% (Forecast 3.2%, Previous 3.3%)
5-Yr Inflation Final 3% (Forecast 3.1%, Previous 3.1%)
Major Indices:
S&P 500: -0.39%
Nasdaq: +0.13%
Dow Jones: -0.10%
