Weekly Buzz : All eyes on Powell
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Weekly Buzz : All Eyes on Powell
After carrying the entire US stock market on its back, pushing major indices to record highs, $NVIDIA(NVDA.US$ shares took a breather Friday. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ lost just 1.17% to 16,085.11 this week, while the $S&P 500 Index(.SPX.US$ slipped 0.26% to 5,123.69. The $Dow Jones Industrial Average(.DJI.US$ slid 0.93% for the week to 16,085.
The week started wit hstocks pulling back, as the market awaited congressional testimony by Federal Reserve Chair Jerome Powell Tuesday and Wednesday, and all-important jobs data. The $Nikkei 225(.N225.JP$ also rose past 40k, a massive cup in a graph that took 34 years to form.
Tuesday, gold hit an all time high and futures climbed past $2,148 per ounce, the highest on record shortly after 8 am EST. Markets climbed cautiously while watching Powell as he spoke before the Senate Banking Committee. Fielding questions about mergers and monetary policy, Powell said there would likely be rate cuts this year and that service inflation would have to come down, but no recession was coming.
Wednesday and Thursday Powell repeated that the central bank was looking for greater confidence that inflation was returning to its 2% target. Still, he went one step further during his second day of testimony on Capitol Hill by qualifying how soon the Fed might get there.
"When we do get that confidence, and we're not far from it, it will be appropriate to dial back" interest rates to avoid tipping the economy into a recession, he said.
Friday unemployment results showed the figure rose to 3.9% in February, the highest in two years, data from the Bureau of Labor Statistics showed. While the latest release showed better-than-expected 275,000 jobs were added in February, previous payroll figures were lowered, muting the latest monthly gains.
The revision meant non-farm job gains totaled only 229,000 in January, instead of the previously reported 353,000. For December, the payroll data was revised down by 43,000.
Let's dive into the weekly buzzing stock list this week:
$Tesla(TSLA.US$ Inc. is no longer one of the 10 largest U.S. companies by market capitalization, dropping out of that elite club Wednesday for the first time in 13 months. The electric-vehicle company ended Wednesday's session with a $562.24 billion market cap, putting it behind $Visa(V.US$, which finished the day at $563.37 billion.
@ItsAllStrategy23: New low inbound and i fw Elon but puts it is next week low 160
Nvidia hit a fresh record at a new high of $974/share as analysts play price-target leapfrog. The chipmaker's shares have now risen 87% just this year and surged 303.5% over the past 12 months. Nvidia's market cap accounts for nearly 5% of the $S&P 500 Index(.SPX.US$. It's a stat that illustrates the increased dominance of a few stocks that has been causing concern for a while.
"Despite the strong returns, many clients have expressed anxiety about the extreme current degree of market concentration relative to recent history," say a team of equity strategists at Goldman Sachs led by Ben Snider.
@7264467 : Don't run away greedily
Monday, shares of $Super Micro Computer(SMCI.US$ jumped after the company, alongside $Deckers Outdoor(DECK.US$, was tapped to join the S&P 500 index. The stock was up 18% at $1,068.82 in Monday morning trading. Shares had already tripled year-to-date when the market closed Friday. Deckers shares were up 2.8% at $928.29.
@jimmy the trader: price target 700 within a month
Several crypto stocks were up in recent Friday trading after Bitcoin reached a new intraday record high. Bitcoin, the largest cryptocurrency by market value, topped the $70,000 level for the first time in volatile trade, Reuters reported. The cryptocurrency was trading at roughly $67,896 around 11 am ET, according to CoinMarketCap data. $Coinbase(COIN.US$ shares were up 5.5% in recent trading, while $Marathon Digital(MARA.US$ jumped 5.8%. $Riot Platforms(RIOT.US$ rose 2.1%.
Chinese electric-vehicle maker $NIO Inc(NIO.US$ forecast soft sales in the first quarter after its fourth-quarter loss narrowed on higher deliveries. The firm posted a net loss of 5.59 billion yuan ($776.4 million), compared with a net loss of CNY5.85 billion a year ago, the company said Tuesday.
@Cui Nyonya Kueh: tonight hope can see 6.
$Phunware(PHUN.US$ sank more than 30% Wednesday as so-called “Trump Stocks” consolidated big recent gains, pulling back even as former President Donald Trump all but locked up the 2024 Republican nomination. PHUN -- a software and blockchain company that provided Trump's 2020 presidential company with data to help target ads – shed 30.2% to end at $10.27, partly reversing a 107.9% gain that the stock saw in just two sessions.
In the battle for smartphone dominance, Google could soon gain an advantage over $Apple(AAPL.US$ from an unlikely source: a new European law. Starting this week, the world's largest technology companies have to comply with the European Union's Digital Markets Act, a sweeping new law aimed at boosting competition from smaller companies in the realms of digital advertising, online search and app ecosystems. In the near term, one of its biggest impacts could be in the rivalry between Apple and Google.
@Almonds: Funny to see when all AI related stock goes up while Apple drops, and now Apple use UNO reverse card
Shares of AMC Entertainment Holdings inched 0.88% higher to $4.60 Thursday, on what proved to be an all-around favorable trading session for the stock market, with the NASDAQ Composite Index rising 1.51% to 16,273.38 and the Dow Jones Industrial Average rising 0.34% to 38,791.35. This was the stock's third consecutive day of gains. AMC Entertainment Holdings Inc. Cl A closed $50.37 below its 52-week high ($54.97), which the company reached on July 24th.
@NorcalSalsa: looks like the market crash may be around the corner!Puts on everything - BUYING AMC WITH PROFITS
AMD reached an all time high Wednesday, reaching 0.64% to $211. The entire AI and semiconductor sector climbed in preparation for $Broadcom (AVGO.US)$ earnings, which ended up dissapointing investors. Still $NVIDIA(NVDA.US$ and $Taiwan Semiconductor (TSM.US)$ climbed to fresh all time highs.
@Master Corgi: This stock is worth $150
$SoFi Technologies(SOFI.US$ shares fell Tuesday after the company announced a proposed convertible senior notes offering. SoFi announced that it intends to offer $750 million worth of convertible senior notes due 2029 in a private offering to qualified institutional buyers. The company also plans to grant the initial purchasers a 13-day window to purchase up to an additional $112.5 million of the notes.
@James Chen4: just keep sinking.
Thanks for reading!
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Weekly Topic
How are you preparing your portfolio for the incoming presidential election?
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Piggy Bank Trader : Women’s day… ! When do men get men’s day or when is Piggy day???
102362254 : With the presidential election around the corner, it's a good idea to brace myself for some ups and downs in the market. While history tells us that the challenging party tends to gain ground during midterms, the market usually anticipates this. I would rather stick to the basics: think long-term goals and diversification to ride out any bumps. I will remain focused, stay diversified, and stick to my investing game plan for the incoming presidential election.
Cui Nyonya Kueh :
mr_cashcow : Seems like the US election is down to the same old two candidates again
I guess that is why it is called the circus
Definitely keeping a closed eye on the result
Position wise, apart from $NVIDIA (NVDA.US)$ I am keeping my other eye on my cryptos since the halving event is on the horizon
Juno-24 mr_cashcow: how do u get the buzz star list?
mr_cashcow Juno-24: Just actively participate in moo community posts
doctorpot1 : As I navigate the upcoming presidential election, I'm taking a personalized approach to safeguard my investment portfolio. With holdings in China, Singapore, and the US, I'm strategically reviewing my sector exposure, keeping an eye on currency risks, and closely monitoring candidates' stances on international trade policies. The global nature of my portfolio calls for a keen understanding of potential economic policies and their impact on each country. I'm staying adaptable and ready to reallocate assets based on evolving market conditions, political stability assessments, and any election-related news. Implementing risk management measures is crucial to ensure my portfolio remains resilient in the face of unforeseen market movements. It's not just about diversification but also about staying informed and flexible as I prepare for the uncertainties that the election may bring.
HuatLady : As a long -term investor, it's wise to maintain a cool and steady approach regardless of political fluctuations.
While presidential elections can create short-term volatility due to uncertainty, historical data suggests that the long-term performance of stock market is driven by broader economic factors rather than individual political events. Keeping a watchful eye on the market trends can help mitigate any political risks associated with potential changes.
QM137over1 : Who is Powell?
HuatEver : As the forthcoming presidential election draws near, I approach my portfolio strategy with cautious optimism. I will diligently research and analyse political shifts to make well-timed decisions. Staying informed through reliable news’ sources and expert opinions is crucial for understanding candidates’ economic plans. I will maintain adaptability to navigate the election’s fluctuations and to adjust my portfolio accordingly.
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