HaiKhuu Weekly Recap & Analysis
August 19 - August 23, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
FOMC Minutes:
Several officials supported a rate cut during the July meeting, and the vast majority viewed a September cut as likely appropriate
Fed Collins:
It is appropriate to begin cutting rates
The jobs market is healthy despite revisions
The timing seems appropriate to begin easing monetary policy
AMD has agreed to acquire ZT Systems for almost $5 Billion
Taiwan Semiconductor broke ground today in eastern Germany on its first chip manufacturing plant in Europe.
Major Indices’ Weekly Movement:
S&P 500: +1.34%
Nasdaq: +1.04%
Dow Jones: +1.07%
Monday, August 19
Stock Related News:
Palo Alto Earnings:
EPS of $1.51 beating expectations of $1.41
Revenue of $2.2B beating expectations of $2.16B
For the first time in history, a gold bar is now valued at $1 million, equating to approximately $2,500 per ounce.
Donald Trump said he would consider ending a $7,500 tax credit for EV purchases
Trump also said that, if elected, he would tap Elon Musk for a cabinet or advisory role
AMD has agreed to acquire ZT Systems for almost $5 Billion
The Nasdaq 100 has closed higher for the eighth consecutive day, marking its longest winning streak since December 2023
The S&P has closed higher for the eighth straight day, achieving its longest winning streak since November 2023.
General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit’s operations
Economic News:
Economic Indicators:
(Actual -0.6%, Previous -0.2%)
Major Indices:
S&P 500: +0.96%
Nasdaq: +1.31%
Dow Jones: +0.58%
Tuesday, August 20
Stock Related News:
The European Union announced today that it will reduce planned tariffs on Tesla vehicles imported from China from 20.8% to 9%, while also lowering import duties on several other Chinese EV companies.
Taiwan Semiconductor broke ground today in eastern Germany on its first chip manufacturing plant in Europe.
Apple will make its iPhone Pro and Pro Max models in India for the first time this year
Wells Fargo has agreed to sell the majority of its commercial mortgage servicing business to Trimont, transferring the title of the largest U.S. commercial and multifamily mortgage servicer to the Atlanta-based company
Economic News:
Redbook YoY:
(Actual 4.9%, Previous 4.7%)
Major Indices:
S&P 500: -0.16%
Nasdaq: -0.21%
Dow Jones: -0.13%
Wednesday, August 21
Stock Related News:
Ford is postponing production at a new plant in Tennessee intended for a next-generation all-electric pickup truck and has decided to cancel plans for a three-row electric SUV.
Target Earnings:
EPS of $2.57 beating expectations of $2.2
Revenue of $25.5B beating expectations of $25.2B
CrowdStrike’s president criticized the “shady” tactics of its cybersecurity competitors, accusing them of trying to scare customers and capture market share in the wake of a botched software update that caused a global IT outage last month.
Fitch Ratings has upgraded Uber to an investment-grade credit rating, following S&P Global's similar rating from Monday.
FOMC Minutes:
Several officials supported a rate cut during the July meeting, and the vast majority viewed a September cut as likely appropriate.
Economic News:
Non Farm Payrolls:
(Actual -818k, Previous -187k)
Major Indices:
S&P 500: +0.34%
Nasdaq: +0.47%
Dow Jones: +0.11%
Thursday, August 22
Stock Related News:
Fed Collins:
It is appropriate to begin cutting rates
The jobs market is healthy despite revisions
The timing seems appropriate to begin easing monetary policy
TD Bank announced that it has sold 40,500,000 shares of common stock in Charles Schwab
CEO says their current intention is not to go below a 10% stake in Schwab
The number of new EFTs hitting the US market is on track to set another record in 2024
There have been an average of 50 news EFTs launching each month this year up from a monthly average of 48 in 2023 and 38 in 2022, according to data from Morningstar Direct
Palantir has hired former congress member Mike Gallagher to run its defense business, charged with identifying contract opportunities and guiding R&D
Walmart announced that it is partnering with Burger King to introduce a dining benefit for Walmart+ members
Walmart+ members will enjoy 25% off any Burger King digital order every day
Uber and Cruise just announced a multiyear strategic partnership to bring Cruise autonomous vehicles to the Uber platform
Economic News:
Initial Jobless Claims:
(Actual 232k, Previous 228k)
Services PMI:
(Actual 55.2, Previous 55.0)
Manufacturing PMI:
(Actual 48.0, Previous 49.6)
Existing Home Sales:
(Actual 3.95M, Previous 3.9M)
Major Indices:
S&P 500: -0.78%
Nasdaq: -1.59%
Dow Jones: -0.37%
Friday, August 23
Stock Related News:
Fed Bostic:
Our policy has had its effect and we can start pathway back to normal policy posture
We still have a ways to go on inflation though, don’t assume we are done
Delta Airlines chief operating officer will leave next month to take a role at another company
Microsoft plans to hold a cybersecurity event in September to discuss changes after CrowdStrike outage
Facebook has reportedly canceled plans for a premium mixed-reality headset intended to compete with Apple’s Vision Pro
Meta told employees at the company’s Reality Labs division to stop work on the device this week after a product review meeting attended by Meta CEO Mark Zuckerburg
Fed Goolsbee:
Everything we wanted to happen to get rates down has happened
Apple plans September 10 debut for new iPhones, airpods, and watches
Economic News:
New Home Sales:
(Actual 739k, Previous 617k)
Major Indices:
S&P 500: +1.06%
Nasdaq: +1.08%
Dow Jones: +1.07%
