HaiKhuu Weekly Recap & Analysis
July 8 - July 12, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
All 3 Major Indices (Nasdaq, Dow Jones, and the S&P) reached new all-time highs
Tesla stock has surged over 50% in the last month and is now back to being one of the top 10 largest stocks in the world
Consumer Price Index (CPI) Data:
Year-over-Year 3.0% (Forecast 3.1%, Previous 3.3%)
Month-over-Month -0.1% (Forecast 0.1%, Previous 0.0%)
Major Indices’ Weekly Movement:
S&P 500: +0.63%
Nasdaq: +0.80%
Dow Jones: +0.62%
Monday, July 8
Stock Related News:
Amazon reached a new all-time high of $201.20
Boeing will plead guilty to criminal charges for 737 MAX crashes and has agreed to a $244M fine
The FAA has ordered the inspection of 2,600 Boeing 737 Airplanes because the oxygen masks could fail in emergencies
Eli Lilly to acquire Morphic for $3.2B at $57/share in a deal set to close in Q3
Meta announced buy now, pay later options for the Meta Quest 3
Economic News:
NY Fed Inflation Expectations:
1-year 3% vs May's 3.2%
3-year 2.9% vs May's 2.8%
5-year 2.8% vs May's 3%
Consumer Credit 11.354B (Forecast 9B, Previous 6.40B)
CB Employment Trends Index for June 110.27 (previous 111.44)
Major Indices:
S&P 500: +0.12%
Nasdaq: +0.24%
Dow Jones: -0.06%
Tuesday, July 9
Stock Related News:
Tesla stock has surged 50% in the last month and is now back to being one of the top 10 largest stocks in the world
Oracle and xAI have stopped discussions regarding a potential expansion of an existing arrangement in which Musk’s AI company would rent specialized Nvidia chips from Oracle
Eli Lill announced that its weight-loss drug, Mounjaro, provides better weight loss compared to semiglutide-based drugs like Novo Nordisk's Wegovy
Palantir and Oracle announced general availability and platform certification of Palantir platforms on Oracle Cloud infrastructure
After filing a series of labor charges, a coalition of four major unions representing 13,000 Disney workers has scheduled a strike authorization vote
Economic News:
Fed Chairman Powell’s Testimony to the Senate:
Q1 data did not support the greater confidence in the inflation path that the Fed needs to cut rates
It is not likely that the next policy move would be a rate hike
We have made considerable progress toward the 2% inflation goal; recent monthly readings show modest further progress
Major Indices:
S&P 500: +0.10%
Nasdaq: +0.09%
Dow Jones: -0.13%
Wednesday, July 10
Stock Related News:
Apple reached a new all-time high of $233.08
Microsoft has relinquished its board observer seat at OpenAI to ease U.S. and UK antitrust regulators' concerns over its control of the AI startup
AMD announced that it has agreed to buy Europe's largest private AI lab, Silo AI, for $655 Million
Walmart is opening five automated distribution centers for fresh food across the country
Apple looks to ship 90M iPhone 16 units in the latter half of the year and ship 10% more new iPhones in 2024 after a bumpy ’23
Google has reportedly shelved its interest in Hubspot as deal interest didn't reach detailed talks
The NBA reportedly finalized contracts that will make NBC and Amazon Prime Video new partners while maintaining ESPN as the home of the NBA Finals
Economic News:
Fed's Chairman Powell’s Testimony to the Senate:
“We see current Fed policy as restrictive”
“I do have some confidence in inflation coming down but I am not prepared to say I am sufficiently confident in it coming sustainably down to 2% yet”
Wholesale Inventories MoM Rev. 0.6% (Forecast 0.6%, Previous 0.6%)
Sales MoM 0.4% (Forecast 0.3%, Previous 0.1%)
Major Indices:
S&P 500: +0.99%
Nasdaq: +1.04%
Dow Jones: +1.10%
Thursday, July 11
Stock Related News:
MicroStrategy has announced a 1:10 stock split
Tesla plans to delay its Robotaxi unveiling to October from August as it wants more prototypes before the event
Apple has agreed to allow its competitors to use its tap-and-go mobile payments system as a resolution to an antitrust investigation by the EU
QuantumScape surged 30% following news that it has entered into a non-exclusive license agreement with Volkswagen's battery unit
Pfizer announced that it will be advancing its once-daily weight loss pill
Economic News:
Consumer Price Index (CPI) Data:
YoY 3.0% (Forecast 3.1%, Previous 3.3%)
MoM -0.1% (Forecast 0.1%, Previous 0.0%)
Core YoY 3.3% (Forecast 3.4%, Previous 3.4%)
Core MoM 0.1% (Forecast 0.2%, Previous 0.2%)
Major Indices:
S&P 500: -0.86%
Nasdaq: -2.19%
Dow Jones: +0.09%
Friday, July 12
Stock Related News:
The S&P 500 reached a new all-time high of $563.67
Meta announced it will release its largest Llama 3 Model on July 23
Southwest Airlines has partnered with Archer Aviation to develop air-taxi networks using Archer's eVTOL at California airports
Tesla announced a new rear-wheel Model 3 variant starting at $42.490
StubHub has delayed its IPO launch until at least September due to "Choppy market conditions"
Deckers Brands has announced a 6-for-1 forward stock split
Economic News:
Producer Price Index (PPI):
MoM 0.2% (Forecast 0.1%, Previous -0.2%)
YoY 2.6% (Forecast 2.3%, Previous 2.2%)
UMich Inflation Expectations & Sentiment:
1-Yr Inflation 2.9% (Forecast 2.9%, Previous 3.0%)
5-Yr Inflation 2.9% (Forecast 3%, Previous 3.0%)
Sentiment 66.0 (Forecast 68.5, Previous 68.2)
Major Indices:
S&P 500: +0.63%
Nasdaq: +0.80%
Dow Jones: +0.62%
