HaiKhuu Weekly Recap & Analysis
July 1 - July 5, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
The S&P 500 & Nasdaq 100 reached new all-time highs
5 of the Magnificent 7 reached new all-time highs this week (Microsoft, Apple, Amazon, Google, Meta)
Unemployment Rate 4.1% (Forecast 4%, Previous 4.0%)
Major Indices’ Weekly Movement:
S&P 500: -0.03%
Nasdaq: +0.13%
Dow Jones: -0.10%
Monday, July 1
Stock Related News:
Shares of pet food brand Chewy surged 20% after Keith Gill, AKA Roaring Kitty, disclosed a 6.6% (9 Million Shares) stake in the company
Boeing has agreed to acquire Spirit Aerosystems in an all-stock deal for $4.7B ($37.25/share)
Microsoft told Texas Agencies they were exposed in a Russian hack where company executives’ emails were stolen
Amazon Web Services is reportedly making a deal for electricity from a nuclear power plant to power its data centers and fuel the AI boom
The US Marshals Service selected Coinbase Prime to safeguard and trade its large-cap digital assets
Robinhood acquired an AI investment research platform, Pluto Capital
Economic News:
S&P Manufacturing PMI 51.6 (Forecast 51.7, Previous 51.7)
ISM Manufacturing PMI 48.5 (Forecast 49.1, Previous 48.7)
Major Indices:
S&P 500: +0.21%
Nasdaq: +0.59%
Dow Jones: +0.08%
Tuesday, July 2
Stock Related News:
In Q2 Tesla produced 411,000 vehicles and delivered 444,000 vehicles
Apple is getting a board observer seat at OpenAI later this year as part of its partnership for Apple Intelligence
The FDA approved Eli Lilly’s Alzheimer’s drug Donanemab, expanding the limited treatment options in the US
American Airlines announced a conditional purchase agreement with clean aviation innovator ZeroAvia for 100 hydrogen-electric engines
Robinhood is considering listing crypto futures in the US and Europe
Uber has introduced boat services in parts of Europe
Economic News:
Fed's Powell at the ECB Forum: The disinflation trend shows signs of resuming
We need to be more confident before reducing policy rates
Inflation may get back to 2% late next year or the following year
The budget deficit is very large, and the deficit path is unsustainable
JOLTS Job Openings 8.14M (Forecast 7.95M, Previous 8.059M, revised 7.919M)
Major Indices:
S&P 500: +0.67%
Nasdaq: +1.05%
Dow Jones: +0.47%
Wednesday, July 3
Stock Related News:
Nancy Pelosi reported her latest trades:
She purchased Broadcom and Nvidia and she sold shares of Visa and Tesla
Crypto trading on Robinhood is now available in Hawaii, Puerto Rico, and the US Virgin Islands
Rivian and VW could significantly expand their partnership by collaborating on hardware and production
Cloudflare announced a new free tool to prevent bots from scraping websites hosted on its platform for data to train AI models
Economic News:
S&P Services PMI 55.3 (Forecast 55.1, Previous 55.1)
S&P Composite PMI 54.8 (Forecast -, Previous 54.6)
ISM Services PMI 48.8 (Forecast 52.6, Previous 53.8)
Major Indices:
S&P 500: +0.45%
Nasdaq: +0.83%
Dow Jones: -0.12%
Thursday, The 4th of July
Stock Related News:
The stock market was closed in observance of Independence Day
Friday, July 5
Stock Related News:
Microsoft reached a new all-time high of $468.35
Apple reached a new all-time high of $226.45
Amazon reached a new all-time high of $200.55
The S&P 500 reached a new all-time high of $555.05
The Nasdaq 100 reached a new all-time high of $496.60
Mt. Gox has moved billions of dollars worth of Bitcoin to another wallet as it prepares to distribute over $9 billion worth of funds to its creditors
Economic News:
Unemployment Rate 4.1% (Forecast 4%, Previous 4.0%)
Labor Force Participation 62.6% (Forecast 62.6%, Previous 62.5%)
Nonfarm Payrolls 206k (Forecast 190k, Previous 272k)
Private Payrolls 136k (Forecast 160k, Previous 229k)
According to the Fed Monetary Policy Report valuations are high relative to fundamentals in major asset classes
Major Indices:
S&P 500: -0.39%
Nasdaq: +0.13%
Dow Jones: -0.10%
