Monthly Buzz: November kicks off year-end rally

Hey, mooers! Welcome back to Monthly Buzz.

To sum up, the US stocks notched their best month this year. The Dow closed out November with an 8.8% gain, breaking its three-month losing streak. The S&P 500 rose 8.9% in November, while the Nasdaq 100 advanced 10.7%. Both averages had their best monthly performance since July 2022, and were trading about 1% away from their respective 2023 highs.

After the Fed held interest rates steady for a second-straight meeting on Nov 1, share prices started surging amid conviction that its most aggressive monetary policy tightening since the 1980s is finally over. With the PCE price index rising less than 0.1% in October, and core inflation falling to its lowest since April 2021, the market solidified bets that the Fed is done hiking rates and will be cutting substantially in 2024.

In terms of sector performance during the month, the Real Estate and Technology sectors took the lead, while most sectors also rallied from prior losses. (Data as of Nov 30, 2023)

Let's take a look at how the stocks that created the most buzz on the moomoo app performed during the month.

Nov 02: Tesla shares soared 6.3%, putting them on track for their best day in a month and for a third straight gain, as part of a broad rally in stocks of electric-vehicle makers. The gains come after the China Passenger Car Association said that Tesla sold 72,115 EVs made in China in October, up 0.6% from a year ago but down 2.6% from September, as Dow Jones Newswires reported.

Nov 09: Tesla shares dropped 5.5% with HSBC analyst Michael Tyndall initiating coverage of Tesla with a Reduce (or Sell) rating and $146 price target, implying a 33% drop in Tesla’s stock price.

Nov 14: Tesla shares rallied 6.1%. The consumer price index climbed 3.2% Y/Y in October, compared with the 3.7% rate recorded in September and August, which indicates lower inflation in favor of EV stocks. Tesla and other car companies have been significantly impacted by higher interest rates.

Nov 02: Shares of AMC Entertainment Holdings Inc. climbed 2.2% after rival Cinemark Holdings Inc.'s third-quarter top- and bottom-line beat. Cinemark had a record domestic box office in July, the company said in a statement released before the market opened.

Nov 09: AMC Entertainment Holdings shares dropped 13.7% after it reported third-quarter earnings and announced a $350 million stock offering on the market. AMC reported positive net income for the second straight quarter.

Nov 01: NVIDIA shares rallied 3.8%. Semiconductor and chip stocks move higher, resonating with AMD, which rose after reporting third-quarter results.

Nov 10: NVIDIA shares rallied 3%. NVIDIA is reportedly launching three microchips specifically for China, after getting blocked by the U.S. government from selling high-end chips there.

Nov 21: NVIDIA shares dipped 2.5% after the company reported quarterly results despite better-than-expected third-quarter earnings and the release of strong earnings guidance. The company said it expects sales in the Chinese market to fall due to export restrictions, and the stock may be under pressure as a result.

Nov 03: Apple Inc. stocks dropped 0.5% after it released the fourth quarter results. Revenue fell to $89.5 billion in the fiscal fourth quarter, compared with an average Wall Street estimate of $89.35 billion. The unenthusiastic forecast caused the shares to drop by as much as 4% in after-hours trading.

Nov 10: Apple Inc. stocks rallied 2.3% amid a broad market rally. Consumer sentiment fell in November for the fourth month in a row due to worries about higher interest rates as well as the ongoing war in the Middle East.

Nov 01: NIO Inc. shares were trading 2.1% higher after the company provided a delivery update. Nio said it delivered 16,074 vehicles in October, up 59.8% Y/Y and up from 15,641 vehicles in September. As of the end of October, Nio had deployed 2,079 power swap stations and 1,923 power charger stations globally.

Nov 03: NIO Inc. shares were trading 5.7% higher on a Bloomberg report that said an internal letter signed by CEO William Li it had privy to, revealed plans to cut 10% of jobs in November, with "duplicate" and "inefficient" jobs likely to be impacted.

Nov 06: NIO Inc. shares plunged 6.8%. The sell-off was attributed to the outcome of a high-profile summit between US-China leaders. Albeit, Wednesday's summit in San Francisco produced warm words between the heads of state of the world's two largest economies in their first meeting in a year.

Nov 15: Alibaba Group shares surged 3.8% after its peer JD.Com released third-quarter results, which achieved strong profitability in Q3.

Nov 16: Alibaba Group shares plunged 9.1% after it released the September quarter 2023 results. The company said it would shelve some of its spin-off plans, which it had previously hoped would unlock shareholder value.

Nov 28: Alibaba Group shares dropped 1.0% after its rival PDD Holdings Inc (NASDAQ:PDD) reported third-quarter FY23 revenue growth of 94% Y/Y to $9.44 billion, beating the consensus of $7.69 billion.

Nov 16: Microsoft shares were trading 1.8% higher after it showed off its first two in-house processors on Wednesday at its annual Ignite conference, one focused on artificial intelligence and the other focused on cloud computing, as it looks to compete with semiconductor giants and reduce its reliance on other companies.

Nov 20: Microsoft shares rallied 2.1% after CEO Satya Nadella announced that OpenAI's Sam Altman and Greg Brockman will be joining the company. The news comes after OpenAI announced Friday that it was replacing Altman following a deliberative review process that found he "was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities."

Nov 01: Advanced Micro Devices shares jumped 9.7% after the company's non-GAAP earnings and net revenue came in ahead of analysts' forecasts. The company reported Q3 non-GAAP earnings late Tuesday of $0.70 per diluted share, up from $0.67 a year earlier.

Nov 22: Advanced Micro Devices shares were trading 2.8% higher after NVIDIA's third-quarter earnings release. It's also a bounce back from the slump due to weak guidance from Analog Devices' fourth-quarter earnings on Tuesday.

Nov 14: Amazon rallied 2.3% after C3 AI announced an expansion of its Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to deliver artificial intelligence (AI) solutions designed to solve customers' critical business challenges across a variety of industries.

Nov 21: Amazon stocks dropped 1.5% following a report from CNBC that said Bezos may sell around 8 million to 10 million Amazon shares, which would be more than $1 billion worth of stock.

Nov 21: ReAlpha Tech shares were down 38.7% to $4.4 after the company priced a public offering of 1.6 million units, with each unit consisting of one share and one-and-a-half warrants to buy one-and-a-half shares. The real-estate technology company said each unit is being sold at a public offering price of $5.

That's all for today's Monthly Buzz. Thanks for reading!