HaiKhuu Weekly Recap & Analysis
October 7 - October 11, 2024
MAJOR EVENTS OF LAST WEEK
Highlights:
FOMC Minutes:
The Federal Open Market Committee (FOMC) cut the federal funds rate by 50 basis points to 4.75%-5.00%, citing progress toward its inflation target of 2% and a balanced outlook on risks related to employment and inflation.
Tesla Event 2024:
Tesla's Robotaxi event showcased the Cybercab, Robovan, and dancing Optimus robot, impressing with futuristic designs and fluid robot movements, but skepticism remains about the company's ability to deliver on its promises.
Major Indices’ Weekly Movement:
S&P 500: +1.44%
Nasdaq: +1.63%
Dow Jones: +1.57%
Monday, October 7
Stock Related News:
Apple is targeting an October 28 release date for its new Apple Intelligence AI features
A judge issued a permanent injunction today that will force Google to offer alternatives to its Google Play store for downloading apps on Android phones
FTX bankruptcy judge approves more than $14 billion payback plan two years after exchange collapsed
Foxconn said today it’s on track to ship Nvidia’s next-generation AI chip “Blackwell” in Q4
Uber launches AI Chatbot to help drivers switch to electric vehicles
Economic News:
Consumer Credit
(Previous 26.63B, Actual 8.93B)
Major Indices:
S&P 500: -0.90%
Nasdaq: -1.07%
Dow Jones:-0.90%
Tuesday, October 8
Stock Related News:
Apple could launch a connected ring to rival Samsung by 2026
Walmart said today it will open five more veterinary and grooming centers in October and early November
OpenAI reportedly told some employees that it plans to play a bigger role in setting up data centers and AI chips to develop technology rather than depending soley on Microsoft
TSMC and Nvidia transform semiconductor manufacturing with accelerated computing
General Motors says it’s on track to build 200k EVs in North America in 2024
The Department of Justice made recommendations for Google’s search engine business practices, indicating that it was considering a possible breakup of the tech giant as an antitrust remedy
Economic News:
3-Year Note Auction
(Previous 3.440%, Actual 3.878%)
Major Indices:
S&P 500: +0.95%
Nasdaq: +1.49%
Dow Jones: +0.28%
Wednesday, October 9
Stock Related News:
Amazon to deploy 1,000 electric delivery vans from Rivian with vision-assisted package retrieval by early 2025
OpenAI projections imply total losses from between 2023 to 2028 would be $44 billion
Amazon tests adding robot warehouses to Whole Foods locations
Amazon just announced plans to deploy 1,000 electric delivery vans with its new AI powered Vision-Assisted Package Retrieval by early 2025
FOMC Minutes:
The Federal Open Market Committee (FOMC) cut the federal funds rate by 50 basis points to 4.75%-5.00%, citing progress toward its inflation target of 2% and a balanced outlook on risks related to employment and inflation.
The Fed continues reducing its holdings of U.S. Treasury and agency mortgage-backed securities under updated monthly caps, while maintaining GDP growth forecasts around 2% and adjusting unemployment and core inflation expectations for 2024-2026.
Future rate adjustments will depend on economic data, and fixed income investors are expected to benefit from intermediate-term bonds (3–7 year maturities) in the coming periods.
Economic News:
10-Year Note Auction
(Previous 3.648%, Actual 4.066)
FOMC Meeting Minutes
Major Indices:
S&P 500: +0.69%
Nasdaq: +0.79%
Dow Jones: +1.01%
Thursday, October 10
Stock Related News:
Social Security Administration announced Social Security benefits will increase by 2.5% in 2025 due to cost of living adjustments
Microsoft just unveiled several new AI capabilities for Healthcare
AMD is qualifying chip production at Taiwan semiconductors Arizona plant
Tesla Event:
Tesla's Robotaxi event showcased the Cybercab, Robovan, and dancing Optimus robot, impressing with futuristic designs and fluid robot movements, but skepticism remains about the company's ability to deliver on its promises.
Despite years of promising true self-driving capabilities "next year," Tesla's autonomous technology still lags behind competitors like Waymo and Cruise, which already operate autonomous ride-sharing services in key markets.
Tesla's future vision, while compelling, remains vague, with concerns over infrastructure needs, fleet management liability, and the reliance on unproven technologies like wireless charging. Execution is critical to maintaining consumer and investor confidence.
Economic News:
Initial Jobless Claims
(Previous 225K, Actual 258K)
Core CPI YoY
(Previous 3.2%, Actual 3.3%)
Core CPI MoM
(Previous 0.3%, Actual 0.3%)
Major Indices:
S&P 500: -0.18%
Nasdaq: -0.11%
Dow Jones: -0.09%
Friday, October 11
Stock Related News:
Eli Lilly is on track to receive approval from the Japanese government to launch its obesity drugs in the country in the coming months
JPMorgan:
The economy remains strong for both consumers and big companies, a sign that Jerome Powell and the US Fed may have achieved a SOFT LANDING with lower inflation and healthy growth
BlackRock now has $11.5 Trillion of Assets Under Management up from ~$4T in 2012
Economic News:
Core PPI
(Previous 0.3%, Actual 0.2%)
Major Indices:
S&P 500: +0.60%
Nasdaq: +0.16%
Dow Jones: +0.96%
