Weekly Buzz: Fresh Highs for Everyone, But Weak Bank Earnings
Happy Friday, mooers! Welcome back to Weekly Buzz, where we review the news, performance, and community sentiment of the top ten buzzing stocks on moomoo based on search and message volumes! Comment below to answer the Weekly Topic question for a chance to win an award!
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Weekly Buzz
The market climbed this week to all-time highs, and not just the usual suspects- all three indexes topped the charts this week. As a general recap, the market finished out the week Friday on the rise, climbing back with force and almost sending the S&P 500 towards its 38th all-time high close, but it did not quite make it. The Dow Jones Industrial Average hit an all-time closing high of 40,001 and an all-time high of 40,257. In the hour before the end of trading for the week, the S&P 500 pulled back, and it missed its record close.
Compared to its partner top indexes, the Dow Jones has not seen a fresh all-time high since May.
Earnings seasons began this week for the second quarter of 2024, and the first results were rough. JPM, Delta, and Wells Fargo all posted disappointing results that saw their stocks decline in trading, while Citi was able to impress investors. Next week, Netflix is the first of the major tech stocks to report alongside the rest of the largest financial institutions.
According to FactSet insite, of the 27 S&P 500 stocks that reported this first week, 81% were above revenue estimates.
Shortly after 4 pm EST, the $S&P 500 Index (.SPX.US)$ climbed 0.87% for the week, the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.59%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.25%.
In macro this week, investors watched inflation indicators and comments from Jerome Powell on Capitol Hill. Producer Price Index numbers came out Friday, showing core producer prices grew at a rate of 0.4%, more than last month. Producer prices, including energy, rose at 0.2%, also about 0.1% higher than expected and last month's numbers.
CPI numbers showed a basket of consumer prices in the United States fell for a third straight month to 3.0% in June from 3.3% in May 2024. Core consumer prices in the US increased by 3.3% in June of 2024 over the same month in the previous year, down from 3.4% in May. Consumer prices fell about 0.1%, leading to hope that the Fed may lower interest rates.
Initial jobless claims also came out at the prescribed 222,000 Powell as he spoke of in front of the Senate Tuesday and Wednesday, where he said that was the average job growth for the past six months. He said that, compared to two years ago, the labor market had cooled significantly to just above where it sat in 2019, and that inflation was not the Fed's only concern.
"Reducing policy restraint too late or too little could unduly weaken economic activity and employment," Powell said.
Anyway, let's dive into the buzzing stocks this week:
Shares of $NVIDIA (NVDA.US)$ bounced Friday as investors shook off the jitters that led to a massive selloff in megacap technology companies in the previous session.
Benchmark analyst Cody Acree picked the right time to put out a note to clients about his take on a "fireside chat" that he hosted earlier this week between Nvidia and investors. A day earlier and it likely would have fallen on deaf ears.
@tehbing: i regret selling yesterday so much
Tesla started the week on a high from its delivaries press release last Monday, showing the firm shipped more cars than last quarter, but 10% less year over year. Still, investors were excited to push the stock nearly 40% higher before analysts' upgrades and self-driving taxi delays pushed the price lower this week.
@HoldEmBags: its dead
The only major new this week was when "Bond King" Bill Gross called Tesla a meme stock like GME.
@Troll Hunter: have you noticed how the comment section seems to be getting filled with spam-shills.
Bitcoin maintained its level around $57k pretty much all week, reaching up towards $59 three times.
@73676195: Can we surpass the 60,000 mark?
AMD annocued the purchase of a Finnish AI lab for $665M Thursday.
@D33zNutz: what happened to you small cap guys
$Apple (AAPL.US)$ is set to benefit from iPhone 16 upgrade cycle as more signs pointed to iPhone stabilization based on recent Asia supply chain checks, Wedbush said in a note Monday.
"Spots of optimism for iPhone growth are forming in various markets and ultimately we now believe June will be the last negative growth quarter for China with a growth turnaround beginning in the September quarter," said Wedbush analysts, including Daniel Ives and Scott Devitt.
@Johnson_旺: Luckily never follow the panic sell yesterday.
Shares of $Taiwan Semiconductor (TSM.US)$, a big supplier of chips to Nvidia and Apple, were advancing Wednesday after the world's largest third-party chip manufacturer reported a surge in sales. Taiwan Semiconductor's American depositary receipts were up 1.5% in early trading at $187.39. Coming into the session, they had gained 77% this year.
@RetireInStyle: Looks good to accumulate. Continue the buying momentum.
$Broadcom (AVGO.US)$ is gearing up for its highly anticipated 10-for-1 stock split on Friday July 12. Following in the footsteps of recent splits by $NVIDIA (NVDA.US)$ and $Chipotle Mexican Grill (CMG.US)$, Broadcom aims to make its soaring stock more accessible to a broader range of investors.
@10baggerbamm: this will trade the same way Nvidia did post split you're going to see probably 2 weeks of flat to down because people are going to sell off a hundred shares 200 shares 300 shares to diversify or buy something
Zapp, an electric motorcycle company, climbed 68% after China auto sales showed that gas car sales had fallen.
@seb240sx: volume is back
@Xiao Jian: sold out, see you on monday
Thanks for reading!
* All comments, links, and content posted or shared by users of the community are the opinion of the respective authors only and do not reflect the opinions, views, or positions of Moomoo Financial Inc., Moomoo Technologies, any affiliates, or any employees of MFI, MTI or its affiliates. Please consult a qualified financial professional for your financial planning and tax situations.
Awards
Congrats to the following mooers whose comments were selected as the top comments last week!
Weekly Topic
Ok, so Delta and JPM did not do so hot, do you think Netflix will show how tech performed this past quarter?
Comment below and share your ideas! We will select up to 15 TOP COMMENTS for a reward next week. Winners will get 200 points by next week, with which you can exchange gifts at Reward Club.
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HuatLady : Appreciate your reward points![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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. Netflix will be the first of the major tech stocks to report the earnings. While I don't solely rely on the earnings to guide my investment decisions, I am more interested in their forward guidance. Regardless of Netflix’s performance. I plan to invest for the long-term and will continue to buy more during any price dips to increase my holdings.
JP Morgan and Delta have posted disappointing results, leading to declines in their stocks
Crypto Angel : JPM will go up
102362254 : There's positive anticipation surrounding Netflix's upcoming earnings report. I’m hopeful that Netflix will show how the tech sector has fared, potentially shedding light on broader industry trends and performance indicators. Let’s hope this streaming giant surprises us in a good way.
steady Pom pipi : Recently, it was discovered that almost all of these stock giants have reached record highs! Either way, eventually Netflix will go up, and you can buy it anytime.
The stock price will fluctuate greatly after the company's financial report is announced, but what really has an impact or should be paid attention to is the company's future development prospects and potential.
HuatEver : Netflix is the first major tech stock to report earnings alongside the largest financial institutions. Tech companies are known for their distinct market behaviors, and with Netflix showing consistent growth and strong Q1 2024 performance, it might exceed expectations and surprise us once more. As a loyal Netflix subscriber and investor, I'll be closely watching their upcoming report.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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Connie C : Hope so, everyone intends to stay home and avoid spending when the market is no good. Netflix seems like a good choice for cost saving.
mr_cashcow : Thanks for the reward points![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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Netflix has become a necessity for a lot of people so of course it will print unless somehow people decided to stop watching shows
With their aggressive removal of low cost basic tier, users are force to pay more so it would help with their bottom line
ZnWC : Thanks for the rewards points![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Netflix expects its revenue to increase 16% YoY to $9.49 billion in Q2 2024 but analysts predict slightly higher at $9.53 billion. For earnings, Netflix forecasts $4.68 per share for Q2 2024 versus analysts estimate $4.74 per share.
LSEG Data & Analytics data shows a consensus analyst rating of ‘buy’ for Netflix – 11 strong buy, 18 buy, 16 hold and 1 sell (as of 10 July 2024).
Netflix share price, up over 45% YTD, is approaching its November 2021 record high at 700.99 USD. I expected a positive catalyst to the share price immediately after earnings but may face a pull back (or overreaction) when there are any missed expectations or negative news (fake or real).
Yi Long Ma : Netflix has been growing steadily and will definitely grow more. my thought is that it will even outperform current performance and continue to hit more highs
ZnWC : Tesla stock faced overreaction after Bloomberg's report but is not "dead" as some commented.
Timing of Robotaxi does not change our bullish Tesla thesis: Wedbush
https://www.moomoo.com/community/feed/112780649627654?share_code=018J8W
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