Moovin Stonks | Friday Market Calm Before Storm After Turbulent Week
Good morning, traders. Happy Friday, it's nearly afternoon and a tropical storm is coming to Jersey city. The market is turbulent and trying to not fall after the S&P 500 hit its best day for the year on Thursday. Monday was the worst trading day for the S&P 500 in two years.
My name is Kevin Travers, here are moovin' stonks.
Eli Lilly $Eli Lilly and Co (LLY.US)$ climbed a further 7% Friday after a Thursday Q2 earnings beat, boosted by demand for the company's Mounjaro diabetes treatment and weight-loss drug Zepbound. The stock had climbed 8% Thursday, and the firm raised its guidance after pulling in $3B from weight loss drugs in the quarter.
Akami $Akamai (AKAM.US)$ climbed 9% after the firm reported Q2 earnings above estimates; the cloud computing and security firm was the highest gaining stock on the S&P 500.
Shares of Expedia Group $Expedia (EXPE.US)$ were trading higher Friday after reporting an earnings beat despite weak guidance and warnings about demand. It was one of the highest gainers in the S&P 500. $Airbnb (ABNB.US)$ fell 13% after reporting weak demand earlier in the week.
$Intel (INTC.US)$ Intel fell 3% further Friday, after hitting a 52-week low in price Wednesday. Thursday, it informed conference attendees it would postpone its Innovation 2024 conference in September.
Unity Software posted a narrower quarterly loss Thursday night after it cut research, sales, and marketing expenses. $Unity Software (U.US)$ climbed 14% Friday.
$Sweetgreen (SG.US)$ Sweetgreen posted earnings that showed it was selling more salads, and losing less money. The stock jumped 25% Friday, despite a $14.5M loss for the quarter.
$Crude Oil Futures(OCT4) (CLmain.US.US)$ climbed 60 bps, gaining all week to nearly $80/barrel after supply cuts reported by the EIA Wednesday were twice as much as expected. $Bitcoin (BTC.CC.CC)$ was pulling back at the time of writing, but it climbed over $60k again Friday morning.
Gold traded flat, Silver fell. The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ stayed around 4%, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell.
The S&P 500 tried to hold on to Thursday's gains, but the market was flat Friday morning at the end of a major pullback week.
Just past 11 am ET the $S&P 500 Index (.SPX.US)$ fell 0.28%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.12%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.18%.
Friday brought no major macroeconomic news, and investors look forward to next week when PPI and CPI inflation data comes out.
Thursday in macro, initial jobless claims came in at 233k, lower than 250k last month. Monday, this week's macro data came in the form of S&P PMI at 54.3 vs 55 estimated and ISM PMI at 51.4.
Meanwhile, last week's macro numbers pointed to a rush of unemployment. The numbers showed non-farm payrolls dropped from the month before, the economy only added 114k jobs vs 175k forecast and 179k in June, according to the Bureau of Labor Statistics. The unemployment rate in July rose to 4.3%, compared to 4.1% last month. The Federal Reserve has looked extensively at the labor market as an indicator of its monetary policy and appetite for rate cuts, and they left rates unchanged Wednesday.
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Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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rennymc : Do you think $Palantir (PLTR.US)$ may be the next NVDA? I’m holding my shares forever, but am wondering what a professionals position is.
Pollster rennymc : No one can answer that question , takes multiple great earnings reports to be even considered a worthy stock , next Nvidia … who knows … one Microsoft deal is a short term trigger ; long term - if you hold your shares ‘forever’- you must have incredible trust in the management . So do your own due diligence and doesn’t rely on random people online for your investment decision
152398743 Pollster : if you hodl your shares forever, then it doesn't matter which way the stock moves