The Weekend Rip: November 24, 2024
OVERVIEW
The Weekend Rip: November 24, 2024
Source: Tenor.com
Stocks got over their post-election hangover, with bulls battling back and pushing prices back toward all-time highs. Meanwhile, crypto continued its cruise higher ahead of the Thanksgiving holiday, with Bitcoin nearly cracking $100,000. 🤑
Let’s recap and prep you for the shortened week ahead. 📝
What Happened?
😮💨 On Monday, stocks lacked sufficient steam to rally throughout the day. Super Micro Computer secured a new auditor, Boston Scientific broke out, and Stocktwits’ Daily Rip Live show premiered on Monday morning.
😬 On Tuesday, markets braced for Nvidia Day. The bulls were back in town, with meme coins surging alongside MicroStrategy, Nvidia traffic spiked ahead of earnings, and individual stock news drove several more big moves.
🤑 On Wednesday, options sellers won Nvidia Day. The semiconductor giant beat expectations again, but prices stayed flat. Target’s tough times continued while other retailers like Williams Sonoma managed to execute.
🛒 On Thursday, bulls went Black Friday shopping as the major indexes pushed toward new highs. The Department of Justice (DoJ) went after Google’s Chrome browser, MicroStrategy’s madness continued, and Snowflake soared.
😐️ On Friday, Bitcoin disappointed bulls after failing to break $100,000, but the speculation continued across the altcoin market. Besides that, everyone prepared their portfolios for a quieter Thanksgiving week ahead.
🤩 This week’s Stocktwits Top 25 showed mixed performance vs. the indexes.
Here are the closing prices:
|
S&P 500 |
5,969 |
+1.68% |
|
Nasdaq |
19,004 |
+1.73% |
|
Russell 2000 |
2,407 |
+4.46% |
|
Dow Jones |
44,297 |
+1.96% |
Bullets From The Weekend 📰
🚕 Did Baidu break the Robotaxi code? The Chinese automobile giant’s robotaxi division, Apollo Go, just rolled out its sixth-generation driverless car, and its pricing under $30,000 has U.S. competitors nervous. Its battery-swapping solution has allowed the Level 4 autonomous vehicle (built without the need for a human driver) to be priced at a significant discount to most electric vehicles (EVs) in the U.S. The Verge has more.
🤖 Amazon furthers its bet on OpenAI’s biggest rival. The tech giant is investing an additional $4 billion in Anthropic, the artificial intelligence startup founded by ex-OpenAI research executives. It has now invested $8 billion in the venture as a minority investor, and Amazon Web Services (AWS) will become Anthropic’s “primary cloud and training partner.” More from CNBC.
🥚 Egg prices pop ahead of the holiday season. Egg production is down, and prices are higher due to a particularly persistent strain of avian influenza (H5N1). More than 73 million egg-laying hens have been affected by the latest bird flu strain as of August, more than doubling wholesale egg prices in New York in two months. Yahoo Finance has more.
PRESENTED BY STOCKTWITS
The “Trends With Friends” Crypto Special ₿
In this week’s episode, the group is joined by Asymmetric’s Joe McCann and Bitwise’s Ryan Rasmussen to break down the meme coin phenomenon, Solana’s rise, Bitcoin’s potential as a national reserve currency, and the future of decentralized finance.
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: Stocktwits.com
It’s a slower week of economic data, third-quarter GDP and inflation 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 73 stocks still report this week.
Source: TradingEconomics.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 🌐
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📱 Democrats flee X for Bluesky amid Musk-Trump alliance
🧑💼 TikTok CEO sought Musk’s input ahead of Trump administration, WSJ reports
₿ Pro-crypto shift at SEC begins as anti-crypto commissioner steps down after Gensler resigns
❌ German giant Bosch becomes latest firm to give employees unwanted 4-day week as economy falters
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