HaiKhuu Weekly Recap & Analysis
September 16 - September 20, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
Jerome Powell and the Fed cut rates by 50BPs down to between 4.75%-5%
From Jerome Powell:
Economy is strong overall
Indicators suggest labor market is now less tight than just before the pandemic
Upside risks to inflation have diminished and downside risks to labor markets have risen
Nothing in our projections suggest we are in a rush
We don’t think we are behind the curve
Major Indices’ Weekly Movement:
S&P 500: +1.16%
Nasdaq: +1.95%
Dow Jones: +1.52%
Monday, September 16
Stock Related News:
Boeing announced sweeping costs cuts including a hiring freeze and a pause on nonessential staff travel to preserve cash as it deals with a strike of more than 30,000 factory workers
Intel and Amazon Web Services expand multi-year, multi-billion dollar partnership
Intel said it plans to turn its foundry business into an independent unit with its own board and the potential to raise outside capital
OpenAI CEO Sam Altman is leaving the internal commission OpenAI created in May to oversee “critical” safety decisions related to the company’s projects and operations
The US and Japan are close to a deal to curb tech exports to China’s chip industry
Economic News:
Manufacturing Survey:
(Previous -4.7, Actual 11.5)
Major Indices:
S&P 500: +0.15%
Nasdaq: -0.44%
Dow Jones: +0.59%
Tuesday, September 17
Stock Related News:
Uber will begin checking passengers’ account information against third-party identity verification databases in an effort to make drivers feel safer
Salesforce is unveiling a pivot in its AI strategy this week, now saying that its AI tools can handle tasks without human supervision and changing the way it charges for software
JPMorgan is in talks with Apple about taking over the tech giant’s credit-card program from Goldman Sachs
Microsoft and G42 are establishing two AI centers in Abu Dhabi, months after they linked a $1.5 billion deal and the United Arab Emirates firm agreed to divest from China
Alaska Airlines and Hawaiian Airlines can go through with their planned merger, but they must maintain the value of their airline reward systems and preserve several key routes, the U.S. Department of Transportation said
SpaceX’s Starlink has 2,500 airplanes under contract after united megadeal
BlackRock is preparing to launch a more than $30 Billion AI investment fund with Microsoft to build centres and energy projects
Economic News:
Retail Sales:
(Previous 1.1%, Actual 0.1%)
Business Inventories:
(Previous 0.3%, Actual 0.4%)
Major Indices:
S&P 500: +0.04%
Nasdaq: +0.05%
Dow Jones: -0.03%
Wednesday, September 18
Stock Related News:
Jerome Powell and the Fed cut rates by 50BPs down to between 4.75%-5%
From Jerome Powell:
Economy is strong overall
Indicators suggest labor market is now less tight than just before the pandemic
Upside risks to inflation have diminished and downside risks to labor markets have risen
Nothing in our projections suggest we are in a rush
We don’t think we are behind the curve
The CEO of T-Mobile just said his company is selling Apple’s iPhone 16 ‘at a greater rate’ than last year’s model
Microsoft is teaming up with Anduril Industries to improve the performance of new combat goggles for the Army
Economic News:
FOMC Interest-Rate Decision
Major Indices:
S&P 500: -0.30%
Nasdaq: -0.43%
Dow Jones: -0.26%
Thursday, September 19
Stock Related News:
Bank of America said today it expects Jerome Powell and the Fed to cut rates by an additional 75 basis points in 2024
Amazon is rolling out an AI tool called “Amelia” designed to help third-party sellers quickly resolve issues with their accounts and fetch sales and inventory
Walmart plans instant bank payments, cutting out card networks
Walmart customers will soon have the option to pay directly from their bank accounts with instant transfers for online purchases
Disney plans to stop using Salesforce owned Slack as a companywide workplace collaboration system after a hack that exposed company data
Apple introduces California driver’s license and state IDs in Apple Wallet
OpenAI’s $6.5B funding round at an estimated $150B valuation is oversubscribed meaning investors were hoping to put in more money than the company was ready to take on
Economic News:
Initial Jobless Claims:
(Previous 231k, Actual 219k)
Existing Home Sales:
(Previous 3.96M, Actual 3.86M)
Major Indices:
S&P 500: +1.71%
Nasdaq: +2.53%
Dow Jones: +1.25%
Friday, September 20
Stock Related News:
Constellation Energy plans to restart the Three Mile Island nuclear plant and will sell the power to Microsoft
Palantir expands maven smart system AI/ML capabilities to military services
Fed Waller:
In terms of 25 BPs vs 50 BPs, my speech two weeks ago said 25 BPs was a good idea but open to 50.. then inflation data during blackout pushed me to 50 BPs cut
JPMorgan CEO Jamie Dimon said he remains skeptical about a soft landing in the US
Economic News:
Fed Christopher Waller speaks
Major Indices:
S&P 500: -0.17%
Nasdaq: -0.19%
Dow Jones: +0.097%
