Weekly Buzz: Magnificient Pull Back After Mag 7 Earnings
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Weekly Buzz
The market took a hit Friday following a week of shakey earnings reports. Intel and Amazon earnings disappointed investors and job data spawned fears of recession. The Dow Jones Industrial Average fell 600 points, with $Intel(INTC.US$ dropping the most in one day than it has in decades; its lowest price today was one not seen since 2013.
For the week, the $S&P 500 Index(.SPX.US$ fell 3.18%, the $Dow Jones Industrial Average(.DJI.US$ fell 2.71%, and the $Nasdaq Composite Index(.IXIC.US$ fell 4.68%. 8900 equities declined overall, with just 2800 gaining.
The only solace in a sea of red was labor numbers, and they also spelled fears of recession. Friday data showed U.S. Jul. Non-Farm Payrolls 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. Rate cuts in the future might help ease recession fears.
The CBOE Volatility Index, popularly known as the market's fear gauge, surged over 30% to reach the high-20 levels.
Thursday, according to the Labor Department, Initial applications for US unemployment benefits jumped to 249,000 last week, the highest level in a year. Continuing claims, a number that is analogous to unemployment, rose to 1.88 million, the highest since 2021. S&P Global PMI came in at 49.6 vs 49.5 expected, and ISM PMI came in at 46.8, lower than 48.8 expected.
The FOMC left rates unchanged Wednesday, and after the release at 2 pm ET, Federal Reserve President Jerome Powell answered press questions and said if all goes well, the FOMC would consider a rate cut in September.
"For example, if inflation was moving down quickly or in line with expectations, growth remains reasonably strong, and the labor market remains consistent with its current condition, then I would think that a rate cut could be on the table at the September meeting,' Powell said.
Anyway, let's dive into the buzzing stocks this week:
Nvidia fell for the week, hurt by earnings results from AI and semiconductor firms like Arm, Intel, and ASML.
@Ultratechman Hopefully recover monday. shorted markets tend to squeeze.
Tesla fell this week, despite an early week analyst upgrade: Tesla replaced $Ford Motor(F.US$ as Morgan Stanley's "Top pick" in the U.S. auto industry. Morgan Stanley has a price target of $310 for Tesla and $16 for Ford. This is an upside of nearly 34% from Tesla's closing price on Monday, and nearly 45% for Ford, according to Benzinga Pro data.
@Shroomie: BLINK TWICE IF YOU NEED HELP
Stocks listed under $NVIDIA Holdings(LIST20882.US$ investments fell this week alongside Nvidia. Friday, $Serve Robotics(SERV.US$ fell 8.95% to $15.72 with a turnover of $21.47 million. But Serve hit a Tuesday high that would not give up: Serve reported earnings that beat estimates and the firm raised its guidance, sending the popular stock flying.
@151841932: price will crash as US job data just released as discretionary spending will decrease.
$Advanced Micro Devices(AMD.US$ reported second-quarter earnings on Tuesday that beat Wall Street expectations on the top and bottom lines and showed continued growth in sales of the company’s AI chips. For the quarter, AMD reported adjusted earnings per share (EPS) of $0.69 and revenue of $5.8 billion. Wall Street was anticipating adjusted EPS of $0.68 on revenue of $5.7 billion, according to consensus estimates by Bloomberg.
$Advanced Micro Devices(AMD.US$ shares rose 8% in extended trading following the announcement, while shares of rival $NVIDIA(NVDA.US$ jumped 5%. Shares of $Taiwan Semiconductor(TSM.US$ rose more than 4%. After the news, the entire Semiconductor industry fell following Intel's earnings and the overall tech market direction.
@James Chen4: trash can
Bitcoin fell for the week after getting close to breaking the $70k barrier the equity has faced all summer. Speaking at a Bitcoin conference, former President Donald Trump said he wanted to create a U.S. crypto reserve, and traders sent the coin higher with enthusiasm.
@BFSkinner vix is absolutely bonkers today. the pop back is gonna be somethin
$Microsoft(MSFT.US$ reported adjusted earnings Tuesday of $2.95/share on revenue of $64.73 vs. estimates of $2.94/share on revenue of $64.52B. By segment, Microsoft beat most estimates just barely, with $20.32B in Productivity/business revenue beating estimates by $110M. Intelligent Cloud revenue missed estimates by about $200M, at $28.52B vs. estimates of $28.72B. named OpenAI among its significant rivals, acknowledging that its most important partner in artificial intelligence is also increasingly competing for some of the same business.
The software giant, which has invested more than $13 billion in OpenAI, added the startup to its list of competitors in its fiscal 2024 report filed this week -- the first time Microsoft has designated its partner that way in the annual filing. The maker of ChatGPT joined a shortlist of AI rivals named in the document, including $Amazon(AMZN.US$ and $Alphabet-C(GOOG.US$.
@lauwaijen: Since all stocks performed badly today, I decided to short some stocks for the first time in my life, j
@70135330: Seems like GameStop become a piece of trash that only goes down very boring stock
$SoFi Technologies(SOFI.US$ shares are trading higher Wednesday after the company on Tuesday posted strong second-quarter results. SoFi reported earnings of 1 cent per share, which is in line with the consensus estimate, and quarterly sales of $599 million beat Street's estimate for the second quarter.
@DreamyLucid: Morgan Stanley hiring bulls*** analysts to pump Tor overhyped Tesla and Nvidia tells a lot that they have no credibility.
Apple was on eof the Mag 7 stocks that managed to win out in earnings. $Apple(AAPL.US$ reported its fiscal third-quarter earnings on Thursday, surpassing Wall Street's expectations with an overall revenue increase.
Apple's revenue for the quarter was $85.78 billion, compared to $84.53 billion estimated. Earnings per share amounted to US$1.40 a share in the period, exceeding the US$1.35 analysts had estimated. The company expects similar overall revenue growth in the current quarter, according to CFO Luca Maestri.
@101721316: best of the best
Meta was the other Mag 7 stock that beat estimates and maintained its lead on the market but still pulled back some Friday. $Meta Platforms(META.US$ jumped 8% after reporting earnings which rose to meet estimates Wednesday night; it was the highest gaining stock on the Nasdaq 100. The firm warned it would increase spending this year but posted record revenue of more than $39B.
@rational Ibex_9813: omg poor meta also gave up all gains from good earnings
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Will the market turn around after rate cuts or Nvidia earnings? What will the remainder of the year look like?
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Ultratechman :
Hase Investment King : The Fed is cautious about cutting rates soon, which has dampened some market optimism… which the sea is red as for now for Mag7. Except the green apple $Apple (AAPL.US)$ which the earnings beats the unexpected and iphone16 coming soon. Q3 always a good quarter for apple.
Nvidia’s strong earnings and continued demand in AI have bolstered market confidence, with analysts predicting further growth. But right now, it just became another $Tesla (TSLA.US)$ …
However, the overall market remains volatile, influenced by economic indicators and policy changes. Investors should watch for future earnings reports and Fed decisions for clearer market direction.
As a long term investor, still follow my rule no.1: DCA (Dollar Cost Avg). Do not get emotionally sway by the volatile
Space Dust : I must be related to that primate.
Space Dust Hase Investment King : hitting a 52wk low is my weakness and I get over positive emotions when I see one.. the epitome of buy low, having the patience and instinct on when the sell high appears.
ideas 
that bounce around.
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
. when rates are low, companies take on too much debt, since money is cheap. this leads to waste, and sometimes Malfeasance, as companies ABUSE this by OVER RISK. knowing bailouts are a possibility.
IMHO, lowering rates is not good. the why comes from the perhaps foolish
Hear me out,
plus, high interest encourages savings and wealth.
and HAPPILY punishes those that take on too much risk, and are all about greed with gains, but want to share losses..
I'm sure everyone has these opinions at times, and appreciate to hear other wise viewpoints.
Space Dust : buy low, sell high. market keeps crashing it won't matter at some point anymore. it will bounce back at some future point and if it never did, there would be much bigger worries to where we would forget what stocks even were.
HuatLady : Predicting market movements is always challenging, but rate cuts and Nvidia earnings could certainly influence it. Keeping an eye on broader economic indicators might provide some clues about the remainder of the year. As for me, I'll stick with my strategy of RSP (Regular Savings Plan), which aims to mitigate short-term market volatility while aiming for long-term growth.
Sam Phua Space Dust : wise words
102362254 : The market's direction hinges on several factors, including interest rate changes and Nvidia's earnings. Lower rates can stimulate the economy by reducing borrowing costs, which may increase spending by consumers and businesses. Strong earnings from Nvidia could indicate growth in tech, boosting market confidence. Yet, predicting the market's path for the year involves uncertainties like geopolitics and global economics. Even though rates and Nvidia are important, staying informed and spreading out investments can help deal with market changes.