HaiKhuu Weekly Recap & Analysis
November 20 - November 24, 2023
MAJOR EVENTS OF LAST WEEK
Major Indices’ Weekly Movement:
S&P 500: +1.10%
Nasdaq: +1.12%
Dow Jones: +1.11%
Highlights:
Sam Altman is returning as CEO of OpenAI and has agreed to an internal investigation into the alleged conduct that prompted the OpenAI board to oust him
The CEO of Binance Changpeng Zhao plans to step down and plead guilty to violating criminal anti-money laundering requirements
FOMC Minutes from last month:
Further policy tightening would be appropriate if information showed progress toward the inflation goal was insufficient
Participants stressed the need to see more data indicating inflation pressures were abating to be more confident of price increases returning to 2%
DAILY EVENT BREAKDOWN
Monday, November 20
Stock Related News:
Late last week, Sam Altman was removed as OpenAI’s CEO and was set to join Microsoft as the CEO of their new AI research group
On Monday, more than 70% of OpenAI employees signed a letter to the Board of Directors threatening to leave if the board doesn’t resign and reinstate Sam Altman
Citi (C) has cut more than 300 manager roles as part of its restructuring
Amazon aims to provide free AI skills training to 2 million people by 2025 with its new ‘AI Ready’ commitment
Economic News:
Leading Index Change MoM -0.8% (Forecast -0.7%, Previous -0.7%)
Fed's Barkin on Inflation:
My business contacts on the ground report they are still raising prices faster than before the pandemic
I continue to view inflation as stubborn, which feeds the higher-for-longer approach
Overall and core inflation numbers are coming down nicely, but a lot of that is for goods
Major Indices:
S&P 500: +1.22%
Nasdaq: -0.31%
Dow Jones: +0.60%
Tuesday, November 21
Stock Related News:
The CEO of Binance Changpeng Zhao plans to step down and plead guilty to violating criminal anti-money laundering requirements
India is closing in on an agreement with Tesla that would allow Tesla to ship its EVs to the country from next year and set up a factory within two years
Ford plans to cut 32% of jobs at its Michigan Battery Plant amid slowing EV demand
Nvidia Earnings:
EPS of $4.02, beating expectations of $3.39
Revenue of $18.1B, beating expectations of $16.1B
Economic News:
Chicago National Activity Index -0.49 (Forecast 0, Previous 0.02)
Existing Home Sales 3.79M (Forecast 3.9M, Previous 3.96M)
Change -4.1% (Forecast -1.52%, Previous -2.0%)
FOMC Minutes from last month:
Further policy tightening would be appropriate if information showed progress to inflation goal was insufficient
Participants stressed the need to see more data indicating inflation pressures were abating to be more confident of price increases returning to 2%
Major Indices:
S&P 500: -0.22%
Nasdaq: -0.58%
Dow Jones: -0.20%
Wednesday, November 22
Stock Related News:
Sam Altman is returning as CEO of OpenAI and has agreed to an internal investigation into the alleged conduct that prompted the OpenAI board to oust him
United Airlines (UAL) is considering using its passenger information to help brands serve targeted ads to its customers
Elon Musk owned SpaceX is planning to sell shares next month at a valuation of $150 Billion
Economic News:
Jobless Claims:
Initial Claims 209k (Forecast 227.5k, Previous 231k)
Continued Claims 1.84M (Forecast 1.875M, Previous 1.865M)
University of Michigan Data:
Sentiment 61.3 (Forecast 61, Previous 60.4)
1 Yr Inflation 4.5% (Forecast 4.4%, Previous 4.4%)
5 Yr Inflation 3.2% (Forecast 3.1%, Previous 3.2%)
Conditions 68.3 (Forecast -, Previous 65.7)
Expectations 56.8 (Forecast -, Previous 56.9)
Major Indices:
S&P 500: +0.39%
Nasdaq: +0.41%
Dow Jones: +0.50%
Thursday, November 23
Markets Closed due to Thanksgiving
Friday, November 24
Stock Related News:
Alibaba (BABA) has begun an overhaul of its cloud computing unit, bringing in veterans to new leadership positions, as it looks to revive the division after canceling its public listing
Alibaba will put a bigger emphasis on three business units within the cloud space — public cloud, hybrid cloud, and cloud infrastructure
Nvidia has told customers in China it is delaying the launch of a new artificial intelligence chip it designed to comply with US export rules until Q1 2024
Amazon is set to win unconditional EU antitrust approval for its $1.4 Billion acquisition of iRobot
Economic News:
S&P PMI Flash:
Manufacturing 49.4 (Forecast 49.9, Previous 50.0)
Services 50.8 (Forecast 50.3, Previous 50.6)
Composite 50.7 (Forecast 50.4, Previous 50.7)
Major Indices:
S&P 500: -0.03
Nasdaq: -0.21%
Dow Jones: +0.25%
