HaiKhuu Weekly Recap & Analysis
September 30 - October 4, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
From Jerome Powell:
“Interest rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive”
U.S. economy is in solid shape; ‘we intend to use our tools to keep it there’
Labor conditions are solid, labor market roughly in balance
There is nothing suggesting a downturn is more likely now
Port deal is expected a hike in wages over six years by around 62%
Port deal will extend master agreement on other issues through January 15
Kalshi just launched the FIRST legal betting market on the US Presidential Election after they won their appeal with the US CFTC
Major Indices’ Weekly Movement:
S&P 500: +0.44%
Nasdaq: +0.33%
Dow Jones: +0.22%
Monday, September 30
Stock Related News:
Google announced a $1 Billion investment into Thailand to build a data center and cloud region
DirectTV and Dish will merge to create largest U.S. pay-TV provider
Ford is offering free home chargers and installation to buyers of its EVs in a bid to boost sales and overcome range anxiety
SoftBank’s Vision Fund will invest $500 million in OpenAI, marking the tech conglomerate’s first investment in the ChatGPT maker
General Motor’s robotaxi company will undergo tougher oversight and pay a fine to settle claims by US regulators that it failed to properly disclose information about a crash involving one of its cars that struck and dragged a pedestrian last fall
From Jerome Powell:
“Interest rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive”
U.S. economy is in solid shape; ‘we intend to use our tools to keep it there’
Labor conditions are solid, labor market roughly in balance
There is nothing suggesting a downturn is more likely now
The new Texas Stock Exchange planning to launch operations next year announced today has hired executives from Nasdaq, Charles Schwab and NYSE owner Intercontinental Exchange’s
Economic News:
Chicago PMI
(Previous 46.1, Actual 46.6)
Major Indices:
S&P 500: +0.40%
Nasdaq: +0.27%
Dow Jones:+0.04%
Tuesday, October 1
Stock Related News:
Boeing is considering raising at least $10 Billion by selling new stock as it seeks to replenish cash reserves depleted further by an ongoing strike
CVS Health will lay off 2,900 employees representing under 1% of its workforce
Samsung will cut thousands of jobs as part of worldwide layoffs
Microsoft announced today new AI-powered features for Copilot+ PCs and Windows 11
Nike announced its withdrawing its annual guidance for the year and will only be giving quarterly guidance
The President of the port worker’s union said they want a 61.5% pay increase
Economic News:
Manufacturing PMI
(Previous 47.0, Actual 47.3)
Job Openings
(Previous 7.7M, Actual 8M)
Major Indices:
S&P 500: -0.90%
Nasdaq: -1.39%
Dow Jones: -0.38%
Wednesday, October 2
Stock Related News:
Eli Lilly announced today plans to build a $4.5 Billion center of drug manufacturing and development in Indiana
Nvidia and Accenture announced today an expansion to their partnership focused on AI “including Accenture’s formation of a new NVIDIA Business Group, to help the world’s enterprises rapidly scale their AI adoption
Google is working on AI software that resembles the human ability to reason, similar to OpenAI’s o1
Tesla has now delivered a total of 6.7 Million electric vehicles in its history
Costco is adding platinum to its growing line of precious metals that it sells
Microsoft invested around $750 Million in OpenAI’s latest funding round
Economic News:
ADP Employment
(Previous 103k, Actual 143k)
Major Indices:
S&P 500: +0.04%
Nasdaq: +0.14%
Dow Jones: +0.10%
Thursday, October 3
Stock Related News:
Google Eyes using nuclear energy to power data centers
Amazon announced today plans to hire 250,000 seasonal workers for the holiday season
Uber and Avride just announced a multiyear strategic partnership to bring Avride’s delivery robots and autonomous vehicles to Uber and Uber Eats
Tesla is reportedly planning to design 4 new versions of its in-house battery to power the Cybertruck, its forthcoming Robotaxi, and other future EVs
Biden administration can move forward with student loan forgiveness, for now
From Fed’s Goolsbee:
25 BPs vs 50 BPs cut is not as important as getting rates down over the next 12 months by a lot, to get to neutral
Port deal is expected a hike in wages over six years by around 62%
Port deal will extend master agreement on other issues through January 15
Spirit Airlines has been in discussions with bondholders over the terms of a potential bankruptcy filing
Shein is set to hold informal investor meetings in the coming weeks for its planned London IPO
Economic News:
Initial Jobless Claims
(Previous 219k, Actual 225k)
Services PMI
(Previous 55.4, Actual 55.2)
Major Indices:
S&P 500: -0.18%
Nasdaq: -0.07%
Dow Jones: -0.46%
Friday, October 4
Stock Related News:
Kalshi just launched the FIRST legal betting market on the US Presidential Election after they won their appeal with the US CFTC
Mark Zuckerberg and Meta launched a new AI tool that can generate or edit videos based on a simple text prompt, elevating competition with rivals like OpenAI and Google
Facebook is testing a new “Local” tab that will surface content for users based on their location
Stellantis just filed a federal lawsuit against the UAW union over strike threats
General Motors is working on an eyes-off, hands-off driving system
Economic News:
Unemployment Rate
(Previous 4.2%, Actual 4.1%)
Hourly Wages
(Previous 0.4%, Actual 0.4%)
Nonfarm Payroll
(Previous 159k, Actual 254k)
Major Indices:
S&P 500: +0.91%
Nasdaq: +1.19%
Dow Jones: +0.82%
