Monthly Buzz: The labor market is getting good news
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U.S. Treasury yields rose sequentially early this month as the S&P 500 and Nasdaq 100 had their worst weekly performance since February. Earnings from large tech companies were mixed this month, with $NVIDIA(NVDA.US$posting impressive results, but the tech sector lost momentum and the market is looking for the next catalyst. Fed's Jerome Powell reiterated in his Jackson Hole speech that the central bank will not lower interest rates further as inflation remains above its 2% target. At the end of the month, labor market data showed an accelerating cooldown. The unemployment rate jumped to 3.8%, driving the S&P 500 and Nasdaq ended a losing streak.
All three major indexes finished the month with red. The Nasdaq 100 Index slid 1.62%, the S&P 500 was down 1.77% during the month, and the Dow was down 2.36%.
In terms of sector performance during the month, all but the Energy sector retreated this month, with the Consumer Staples and Real Estate sectors falling the most. The Communication Services and Information Technology sectors, which have been the biggest gainers this year, also retreated slightly. (Data as of Aug 31, 2023)
Let's take a look at how the stocks that created the most buzz on the moomoo app performed during the month.
Note: The number of buzz stars is based on the search and message volumes of the stocks on moomoo (data as of Aug 31, 2023).
1. AMC – Buzzing Stars: ⭐⭐⭐⭐⭐
Aug 08: AMC Entertainment stocks dropped 0.59% after the movie theater operator reported second-quarter results that beat expectations, amid a 12% increase in attendance and higher per-guest spending, which "far exceeded pre-pandemic norms."
Aug 24: AMC Entertainment stocks dropped 26.68%. The stock began trading on a 10-to-1 reverse split basis at the market open after months of legal battles, reducing the number of outstanding AMC shares, and allowing the company to issue more shares down the line.
Aug 08: AMC Entertainment stocks dropped 13.50% after converting its preferred equity units to common stock during Friday morning's opening bell, a move traders have been anticipating all week.
2. TSLA – Buzzing Stars: ⭐⭐⭐⭐
Aug 14: Tesla shares dipped 1.19% after the electric carmaker slashed the prices for some of its China-made vehicles, fueling concerns over an intensifying price war in the country. In a statement on Monday, Tesla said starting prices for both its Model Y long-range and performance models were reduced by 4.5% and 3.8%, respectively.
Aug 21: Tesla shares rose 7.33%, ending a six-day losing streak, as Baird analyst Ben Kallo highlighted some positive developments, including the launch of the Cybertruck, and other 'catalysts' for the year.
Aug 29: Tesla shares rallied 7.69% as Treasury yields fell and markets strengthened overall following the release of new U.S. economic data. The S&P 500 rallied 1.45%.
3. MULN – Buzzing Stars: ⭐⭐⭐⭐
Aug 02: Mullen Automotive shares dropped 12.45% after the company held its annual shareholders' meeting on Thursday. A potential reverse stock split was among the proposals being voted on at the Mullen Automotive shareholders' meeting. The results of the meeting have not been released.
Aug 17: Mullen Automotive shares dropped 19.39% after announcing the start of the Company’s $25 million stock buyback program with the repurchase of 3.7 million shares of common stock, which started on 16 Aug and can continue through 31 Dec 2023, for an aggregate of $3,626,000.
Aug 23: Mullen Automotive shares soared 68.07% following a letter to shareholders from CEO David Michery addressing the company's declining stock value. Michery highlighted the company's cash balance of $227.4 million and noted that Mullen recently announced a $25 million buyback. The Mullen CEO bought 102,040 shares at an average price of $0.9842 per share last week.
4. NVDA – Buzzing Stars: ⭐⭐⭐
Aug 02: NVIDIA shares dipped 4.81% after Advanced Micro Devices reported second-quarter sales and earnings that topped Wall Street estimates on Tuesday afternoon. AMD looked to tap the artificial intelligence frenzy, courtesy of its planned launch of AI chips exploiting Nvidia's supply crisis.
Aug 9: NVIDIA shares fell 4.72% in sync with the broader ETF Invesco QQQ Trust, Series 1. U.S. rating downgrades are weighing on the broader indexes. Super Micro Computer, Inc.'s selloff following the fourth-quarter earnings beat also triggered bearish sentiments.
Aug 24: NVIDIA's shares surged 3.17% prior to the company's quarterly results. The world anticipates Nvidia's confirmation of these landmark results, which further illuminates the surging demand for AI.
5. NIO – Buzzing Stars: ⭐⭐⭐
Aug 03: Nio Inc ADR shares were trading 6.11% higher after it reported that it opened its 1,600th power swap station in China, suggesting production has ramped up; it also reported a delivery of 20,462 vehicles last month, representing a 103.6% increase on a year-over-year basis.
Aug 15 Nio Inc ADR shares are trading lower by 5.51%. EV makers in China have faced selling pressure this week after competitor Tesla Inc lowered prices in the country. Weak data out of China also appears to be pressuring the stock.
Aug 31: Nio Inc ADR stocks plummeted 3.75%. The company's shares have been trending lower since reporting earnings this week. Earlier this week, Nio reported second-quarter revenue of $1.21 billion, which missed the consensus estimate of $1.35 billion, and multiple analysts lowered price targets.
6. EBET – Buzzing Stars: ⭐⭐⭐
Aug 16: EBET Inc. shares jumped 109.16% on very heavy trading volume. More than 461 million shares have been traded in the session, compared to the stock's 100-day average of 27.137 million shares. On July 26, EBET announced that the company would begin to explore strategic alternatives including a potential merger, sale, or other transactions.
7. TTOO – Buzzing Stars: ⭐⭐⭐
Aug 03: T2 Biosystems Inc. shares jumped 44.03%, after announcing that the Nasdaq Hearings Panel granted the company's request for an extension through November 20, 2023, to regain compliance with Nasdaq's minimum bid price and market value of listed securities requirements.
Aug 08: T2 Biosystems Inc. shares surged 26.69% after announcing financial results for the second quarter which beat the analyst consensus EPS estimate and missed the analyst consensus revenue estimate of $2.03 million.
8. VFS – Buzzing Stars: ⭐⭐⭐
Aug 15: VinFast shares soared 254.64%. The Vietnamese electric-vehicle maker is beginning life as a publicly traded company Tuesday on the Nasdaq stock exchange after closing its merger with the special purpose acquisition company Black Spade Acquisition.
Aug 22: VinFast stocks rallied 108.87% after reports suggesting the company's magnet supplier is investing $80 million in a new factory in Vietnam to double output. South Korea's Star Group Industrial (SGI) reportedly told Reuters of the investment and said production is expected to start in 2024.
9. AAPL – Buzzing Stars: ⭐⭐⭐
Aug 04: Apple shares were trading 4.80% lower as softer fiscal year third-quarter hardware product sales, with the exception of Macs, and disappointing September quarter guidance warded off investors. Despite the headline beat, investors were worried because iPhone sales of $39.67 billion came in shy of the consensus forecast of $40 billion.
Aug 24: Apple shares slid 2.62% as gains faded in the wake of Nvidia's blockbuster earnings report late Wednesday, while a stronger U.S. dollar and rising Treasury yields put pressure on equities.
10. BETR – Buzzing Stars: ⭐⭐
Aug 24: Shares of Better Home & Finance tumbled 93.41% in the company's trading debut after closing its merger with Aurora Acquisition, a special-purpose acquisition company. Better Home is a digital mortgage lender that has been hit hard over the past year by rising interest rates.
Aug 28: Shares of Better Home & Finance dropped 14.29% after reporting its financial results for the six months ended June 30, 2023, with a net loss of $135.4M.
Source: All the news events mentioned above are from moomoo news. The percentage change data of the above stocks are from moomoo's daily quotes.
That's all for August's Monthly Buzz. Thanks for reading! ![]()
Disclaimer: This presentation is for information and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. See this link for more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Asphen : but not in Sept
SpyderCall Asphen: Agreed. If oil keeps climbing, then another rate hike will be warranted. But when is the next hike, is the question.
If they hike in September, then that might be the catalyst to bring September's bearish seasonality into play.
Silverbat : Seems the rate hike is followed by long lasting worldwide econo contraction this time.
Asphen Silverbat: yeah...so a good 2024 we will have. the rate cuts have to be triggered somehow. FED will not just anyhow start reducing.
AU Take home :
so cool！
SPACELIGHT : The fix has been in since the beginning of inflation's rise.
Pandas : Sep should hike again…
华尔街羊人 Asphen: It can now be confirmed that the Fed will not raise interest rates in September
华尔街羊人 Silverbat: Yes, after the interest rate hike, the market will also usher in a major turbulence
coolers : Today might be the day this goes way high up
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