Weekly Buzz: September Starts with Deep Pullback
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 declined Friday, ending a short but volatile week for stocks. The S&P 500 fell below the historic 5,500 point mark Thursday, a level first reached in June. August started with a pullback that sent the index below 5,500, and with Friday's close, September started the same way.
Bloomberg radio reporters called it the worst week for the S&P 500 since March 2023.
At Fridays closing prices, the $S&P 500 Index (.SPX.US)$ fell 3.28% for the week, the $Dow Jones Industrial Average (.DJI.US)$ fell 2.29%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 4.71%.
Friday, the economy added 142k nonfarm payrolls, and the Unemployment rate landed at 4.2% in August, according to the Bureau of Labor Statistics. The market is watching for labor softness that could hurt stock prices but help the chances of an FOMC rate cut during the committee's upcoming September 17-18 meeting.
Speaking of the Fed, investors also got word from New York Fed President John Williams Friday that it is time to cut rates. Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, and inflation is tracking lower, so "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."
Thursday, initial jobless claims figures from the Department of Labor Statistics came in at 227K, below last week's 230k. ADP numbers for private payrolls added to the economy showed just 99k jobs added in the past month, far below the 140k expected and the lowest number from ADP since 2021.
Wednesday, the JOLTS job openings came in lower than expected at 7.6M vs 8M. It is the lowest hiring data for open positions since 2021. Tuesday, the S&P PMI and ISM PMI index numbers came out lower than estimated, with ISM at 47.2 vs 47.5 and S&P at 47.9 vs 48, compared to last month's 46.8 and 49.6, respectively.
Anyway, let's dive into the buzzing stocks this week:
Bloomberg reported this week that the U.S. Department of Justice issued subpoenas to Nvidia and several other companies. Nvidia responded Thursday by saying they asked the Justice Department about the matter but had not received any subpoenas. The stock pulled back this week after reporting near-perfect earnings but not enough to impress. The entire market followed, and Nvidia fell further after Broadcom's future earnings estimates did not meet expectations.
@Samothy L Jackson: this is getting annoying.
Tesla climbed 6% Thursday after the firm said in a post it planned to launch self-driving assistance software in Europe and China in early 2025. The firm delayed its previous timeline for lunch this year and is awaiting regulatory approval. FSD is the company's autopilot driver assistance technology, which is available in the U.S. and Canada.
@Warren E Buffett: Gonna sink straight through $215 on next leg down
Bitcoin fell below $57k Friday to $53k, after hovering between $57k-$65k in August.
@152243478: need uno reverse card
According to the Wall Street Journal, NIO narrowed its net loss for the second quarter on stronger margins and record sales, which the Chinese EV maker expects to beat in the current quarter.
The Shanghai-based automaker's net loss was 5.13 billion yuan, equivalent to $721.2 million, narrowing from 6.12 billion yuan a year earlier, it said Thursday. That slightly missed the consensus of a 5.02 billion yuan loss in a Visible Alpha poll of analysts.
@MrAdil: even with this red market, Nio stood green
$Super Micro Computer (SMCI.US)$ fell 5% Friday, after a JPM analyst cut from Neutral to Overweight and slashed their price target to $500 from $950. August was the stock's worst monthly performance on record, seeing a price drop of 37% as the company battled against a short-seller report and announced the 10-K filing delay.
@bullrider_21:One of the biggest AI stocks of the year hit with downgrade from JPMorgan
GME shares jumped 6% Friday after yet another RoringKitty post on twitter, featuring a picture of Andy from Toystory dropping Woody on the ground, with a photoshopped picture of a cartoon dog on his face, with a caption that he was done playing with that toy now.
@BagLover: Good job Apes, stock is up a dollar! Slow clap!
Intel Corp. CEO Pat Gelsinger said he would present a plan to shed assets and cut costs in a mid-September meeting, Reuters reported on Monday. Intel has enlisted Morgan Stanley and Goldman Sachs to advise on these asset sales. According to the report, the company has not yet solicited bids but will likely do so after board approval.
@Dividend Stocks Guy: how is this a blue chip stock
CEO Tim Cook is set to unveil the iPhone 16 on September 9 next week, during its yearly tech event in Cupertino, California. The firm is expected to release updates to its Airpod and Apple Watch line. Wedbush Analysts said this event may trigger the most significant upgrade cycle in Apple's history if Apple shows AI tech updates to its platforms.
@dwarrior: next week APPl will bring us back? lol
AMC speculators woke up slightly when RoaringKitty posted on Twitter again.
@Maxxdog: Interesting that there is no sell orders in the XL category.
Trump Media shares have fallen 70% from their height and only stopped on their downward trend when the former president was shot at a campaign rally. According to Bloomberg, the selling pressure might only increase when the SPAC merger company shares clear from trading lockup on September 19th. For Trump, his once $5.8 billion stock holdings now amount to roughly $2 billion, all of which he can begin to sell in two weeks.
@Ken Griffin Charity2: Even if Trump wins, which is starting to look more and more unlikely, there is nothing about his victory that would make DJT a profitable company.
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Awards
Congrats to the following mooers whose comments were selected as the top comments last week!
Weekly Topic
Does the market reaction to Broadcom and Nvidia earnings mean the AI sector is out of razzle-dazzle? What industry will excite investors if not AI
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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LittleSoldier : Ya think
?
HuatEver : The market's response to Broadcom and Nvidia's earnings doesn't mean the AI sector is losing its appeal. Both companies continue to see strong growth in AI-related revenue. If interest in AI eventually slows down, investors might shift their focus to areas like renewable energy or biotech, which are expected to make big advances. Time to explore more.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
102362254 : The recent market reactions to Nvidia and Broadcom earnings reports don’t necessarily indicate that the AI sector is losing its luster. Now isn’t the time to rush into buying. I plan to add more shares if prices drop further. Timing the market is tough, so it's better to focus on long-term gains.
HuatLady : Thanks for the rewards![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
102514703 : The market is finding reasons to lower the stock price, and everyone understands nvidia's profits, it's just that lowering it makes more money.
EZ_money 102362254 : other factors at play AI is not losing anything. bunch of
for articles playing like the media. i agree 
ZnWC : Thanks for the reward points![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Censorship here : Censorship is real on this platform
103484522 : Ai overhype just like ev a couple year ago now rotate back to cheap ev like nio.hope all not miss the boat with l60 it will be next tesla
JulW21 : Both stocks earning reports show good result. Regardless of which sector, be it Al, banking, consumer, or others, my tactic remains the same. Invest in fundamentally good stocks. Plus, as an investor, we cannot put all our eggs in one basket. We need to diversify.
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