HaiKhuu Weekly Recap & Analysis
July 22 - July 26, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
The US GDP doubled from 1.4% to 2.8% in the second quarter as inflation slowed
70 of 100 economists say the Fed will cut the Fed Funds rate by 25bps in September
OpenAI to launch "SearchGPT" in a challenge to Google’s search dominance
The SEC charged activist short seller Andrew Left and his firm, Citron Capital, for engaging in a $20 million scheme to defraud followers
Major Indices’ Weekly Movement:
S&P 500: -1.55%
Nasdaq: -3.78%
Dow Jones: +0.48%
Monday, July 22
Stock Related News:
Reddit has teamed up with the NFL, NBA, and MLB to get videos and other content for its site
Boeing-owned Wisk Aero expects its pilotless air taxi to begin carrying passengers "later in the decade"
Elon Musk has said Tesla will use humanoid robots for internal use next year
Apple is refining its strategy in Hollywood after spending over $20 billion on original TV shows and movies that have yet to attract large audiences
99% of Teamsters at Disneyland have voted to authorize a strike
Mattel surged over 17% and was halted following a buyout offer from LVMH-backed L Catterton
Economic News:
Chicago National Activity Index 0.05 (Forecast -0.09, Previous 0.18, Revised 0.23)
Major Indices:
S&P 500: +1.03%
Nasdaq: +1.49%
Dow Jones: +0.30%
Tuesday, July 23
Stock Related News:
Ethereum Spot ETFs began live trading and reached $115M in volume within the first 15 minutes
Apple's foldable iPhone may be released in 2026
Wiz has reportedly walked away from a $23 billion deal to be acquired by Google
GM has indefinitely suspended the production of its self-driving "Cruise Origin" robotaxi
The FAA has launched an audit of Southwest Airlines after close calls and other incidents
Economic News:
Economist Poll on Interest Rates:
70 of 100 economists say the Fed will cut the Fed Funds rate by 25bps in September and December
73 of 100 economists say the Fed will cut rates by 50 bps in 2024
Major Indices:
S&P 500: -0.16%
Nasdaq: -0.35%
Dow Jones: -0.16%
Wednesday, July 24
Stock Related News:
The NBA has rejected Warner Bros offer and has entered into a longterm deal with Amazon, Comcast, and Disney’s ESPN
Microsoft has introduced Bing generative search
Disney unions have reached a tentative pact to avoid a work stoppage at Disneyland
A Senate committee passed a bill to ban congressional stock trading and the bill now moves to the floor for a vote
Fortune 500 companies, excluding Microsoft will reportedly face $5.4 billion in financial losses from the recent CrowdStrike outage
Microsoft will expand its capacity for AI workloads with help from Lumen Technologies' network equipment
Economic News:
S&P PMI Data:
Manufacturing 49.5 (Forecast 51.6, Previous 51.6)
Services 56 (Forecast 54.9, Previous 55.3)
Composite 55.0 (Forecast 54.2, Previous 54.8)
New Home Sales:
Units 0.617M (Forecast 0.64M, Previous 0.619M)
Change MoM -0.6% (Forecast 3.4%, Previous -11.3%)
Major Indices:
S&P 500: -2.27%
Nasdaq: -3.59%
Dow Jones: -1.19%
Thursday, July 25
Stock Related News:
OpenAI to launch "SearchGPT" in challenge to Google
Meta is set to be hit with an EU antitrust fine for linking Marketplace and Facebook
Warner Bros is suing the NBA after it rejected the media giant's matching bid for broadcasting rights
Elon Musk says he will discuss Tesla's potential $5B investment in XAI with Tesla's board
GE HealthCare selected AWS as its strategic cloud provider to develop foundation models and generative AI applications
AMD has delayed its desktop Zen 5 processor launch, which it claims to be “the world’s most powerful desktop consumer processor”
Economic News:
GDP QoQ Advance 2.8% (Forecast 2%, Previous 1.4%)
GDP Price Index 2.3% (Forecast 2.6%, Previous 3.1%)
Jobless Claims:
Initial (Forecast 238k, Previous 243k)
Continued 1.851M (Forecast 1.868M, Previous 1.867M)
Major Indices:
S&P 500: -0.52%
Nasdaq: -1.10%
Dow Jones: +0.21%
Friday, July 26
Stock Related News:
The SEC charged activist short seller Andrew Left and his firm, Citron Capital, for engaging in a $20 million scheme to defraud followers by publishing false and misleading statements
Apple has agreed to adopt a set of voluntary AI safeguards crafted by the Biden administration
Honeywell is considering an IPO of its majority-owned quantum computing firm Quantinuum at a valuation of $10 Billion
Walmart plans to spend $200 million on self-driving forklifts
Economic News:
PCE Price Index:
YoY 2.5% (Forecast 2.4%, Previous 2.6%)
MoM 0.1% (Forecast 0.1%, Previous 0.0%)
UMich Inflation Expectations & Sentiment:
1-Year Inflation: 2.9%, as forecasted and previous
5-Year Inflation: 3% (Forecast 2.9%, Previous 2.9%)
Sentiment: 66.4 (Forecast 66.5, Previous 66.0)
Major Indices:
S&P 500: +1.12%
Nasdaq: +1.03%
Dow Jones: +1.64%
