OVERVIEW
The Weekend Rip: December 01, 2024

Source: Tenor.com

It was a shortened holiday week, but that didn’t stop the bulls from pushing stocks to new all-time highs and altcoins to new cycle highs. 🤑 

Let’s recap and prep you for the shortened week ahead. 📝

What Happened?

🥳 On Monday, small-caps soared to record highs. The Russell 2000 hit its first record high in three years, Cassava Sciences cratered while BridgeBio boomed, and other stocks moved on earnings and company news.

😎 On Tuesday, consumer confidence cruised higher alongside stocks. Americans see clear skies ahead, retail and tech earnings were a mixed bag, and $PGHL became the latest Chinese “pump and dump.”

🛏️ On Wednesday, the bulls took a much-needed break. Team transitory faced some trouble as inflation ticked up, Nvidia’s price action raised some red flags, and coffee prices boiled to all-time highs.

🦃 On Thursday, U.S. markets were closed for Thanksgiving.

📈 On Friday, buyers gave thanks for new all-time highs. The trend in risk assets continued higher, The Container Stores slid further toward bankruptcy, and Bitcoin remained below $100,000.

🤩 This week’s Stocktwits Top 25 showed mixed performance vs. the indexes.

Here are the closing prices: 

Bullets From The Weekend 📰

🧑‍⚖️ Canadian news outlets join suit against OpenAI. A coalition of Canada’s largest news outlets is suing OpenAI, alleging the company is illegally using news articles to train its software. “Journamilsn is in the public interest. OpenAI using other companies’ journalism for their own commercial gain is not. It’s illegal,” the joint statement read. However, OpenAI says its models are “trained on publicly available data.” BBC News has more.

❌ Elon Musk asks the court to block OpenAI’s for-profit conversion. The billionaire is asking a federal court to stop the non-profit from converting into a fully for-profit business, arguing that OpenAI “cannot lumber about the marketplace as a Frankenstein, stitched together from whichever corporate forms serve the pecuniary interest of Microsoft.” This is the group’s latest move as xAI, former OpenAI board member Shivon Zilis, and Musk escalate their legal feud with OpenAI and CEO Sam Altman (and their backers) More from CNBC.

🛡️ BlueSky rushes to prevent impersonators. As more celebrities and popular influencers join the X alternative, many are facing the same issue they’re facing on every other social media site…impersonation and identity fraud. As a result, BlueSky’s safety team is taking a more aggressive approach to verifying identities and handling squatting accounts to allow individuals to register with their own name and likeness. TechCrunch has more.

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Source: Shop.Stocktwits.com

THE BRIEF

Need a concise summary of what’s going on this week? Look no further. Here’s a rundown of this week’s earnings and economic data.

Economic Calendar

Source: TradingEconomics.com

It’s a busier week of economic data, with investors focused on labor market data. In addition to the above, check out this week’s complete list of economic releases.

Earnings This Week

Earnings season is past its peak, but 91 stocks still report this week.

Source: Stocktwits.com

Above is a quick summary. Check out the full Stocktwits earnings calendar for the other names reporting this week.

Links That Don’t Suck 🌐

🤖 How ChatGPT changed the future

👀 Gautam Adani breaks his silence on U.S bribery indictment

🛒 SHEIN and Temu expanding toy offerings to lure in more holiday shoppers

😲 An entire section will disappear from all Costco stores across the US within weeks

🙃 Mark Cuban admits he’s down on Shark Tank deals after investing $20M into 85 startups — 3 simple lessons for 2025

🪙 A man hid five treasure chests worth more than $2 million across the United States. Here’s how to find them

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