Weekly Buzz : The market waits for a reason to go up
Happy Friday, mooers! Welcome back to Weekly Buzz, where we review the news, performance, and community sentiment of the selected buzzing stocks on moomoo platform based on search and message volumes of this week! Answer the Weekly Topic question for a chance to win an award next week!
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Weekly Buzz | Market waits for more reasons to keep going up
U.S. equity indexes closed lower on Friday as concerns about accelerating inflation and weakness in market-leading semiconductor names heaped more pressure on stocks. For the week, the $Dow Jones Industrial Average (.DJI.US)$ climbed just 0.14%.
The $S&P 500 Index (.SPX.US)$ fell 0.13% for the week, though it hit records Tuesday and Wednesday before macroeconomic data pulled it back down. The $Nasdaq Composite Index (.IXIC.US)$ fell 0.70% for the week.
West Texas Intermediate (WTI) crude oil closed lower on Friday as investors cashed in on gains from a recent rally to a four-month high that came after the International Energy Agency warned it expects global inventories to tighten.
WTI crude for April delivery closed down US$0.22 to settle at US$81.04 per barrel after rising to the highest since Nov.6 a day earlier. May Brent crude, the global benchmark, was last seen down US$0.06 to US$85.36. Gold pulled back after hitting seven record closing highs leading into the week. Even Bitcoin, on a run for weeks on ETF spot volume and halving protocol price excitement, pulled back.
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The market started lower on Monday as investors awaited CPI and PPI data. Tuesday's CPI data came in just 0.1% higher than expected, but still the lowest core numbers in two years. The market began its mid-week climb.
The CPI rose 3.2% year-over-year in February 2024, following a 3.1% increase in January and slightly exceeding the market consensus of a 3.1% advance. Food costs were up 2.2% compared with one year ago, down from 2.6% YoY compared to last month. Energy costs decreased by 1.9% YoY. Energy costs decreased by 4.6% YoY in January. Energy prices increased by 2.2% on an MoM base.
On Wednesday, the S&P 500 drew back from its 17th-record high. Thursday's PPI data pulled everything back, and despite earnings results like Oracle's, the market was flat. The house passed a TikTok bill that would force the Chinese-based Owner ByteDance to sell the company in the U.S.
Let's dive into the weekly buzzing stock list this week:
Nvidia came off its recent highs this week, but a potential new hardware announcement could get it moving up again. The chip maker is now building to its GTC developers' event, which kicks off on Monday. Last year the company announced a series of partnerships and new products to help train artificial intelligence systems, which have helped the stock nearly quadruple since then. Nvidia is expected to give further details on its next-generation B100, or Blackwell, chip, according to Banzinga.
@102125877: Good luck for GTC next Monday.
Tesla stock fell on Wednesday after Wells Fargo Analyst Colin Langan downgraded TSLA to a Sell-equivalent Underweight from Equal Weight. He lowered its price target to $125 from $200, saying its valuation premium to the other Magnificent 7 stocks is "likely a risk." "While an EV & battery tech leader, TSLA screens poorly relative to Mag 7 peers, trading at 58 times PE vs. peers at 31 times," Langan said.
"We see downside risk to volume as price cuts are having a diminishing impact," Langan said. We also see headwinds from disappointing deliveries and more price cuts, which will likely drive the firm's 2024 EPS estimate to 32% below consensus."
@Lucky Starz: Seem like low resistance, no more support
Lawrence Marcus, Director, on March 12, 2024, sold 100,000 shares in Soundhound Ai for $712,960. Following the Form 4 filing with the SEC, Marcus has control over a total of 283,117 shares of the company, with 283,117 controlled indirectly.
@Nate M63862: fun
This week SoFi continued to fall after earnings and a price plummet after its announcement of a $750 million debt offering. As commentators from Yahoo Finance found, it's been a while since investors saw SoFi stock do well. After the initial hype died down post 2021, the stock has largely been doing a tango between the $5 to $10 level. While the latter half of 2023 appeared to provide some respite, by 2024, the stock had already been down almost 25%.
@James Chen4: imagine buying a stock that only goes down with good earnings. what happens when they miss?
Thursday, AMC Entertainment Holdings Inc. clinched a deal with Comcast Corp.'s NBC to show live daytime coverage of the Paris Olympics at 160 U.S. theaters.
"Exciting programming news, given our long desire to increase having live sports on our big screens," AMC CEO Adam Aron wrote on Wednesday on X, formerly Twitter. "AMC has agreed with NBC to show some of their live daytime coverage of the 33rd Summer Olympics. Paris. July 27 to August 11. At 160 AMC U.S. theatres. The Olympics!"
@MindOverMatter: Short bruhhhs WTF going on
NIO shed 5.74% to $5.58 Thursday on what proved to be an all-around grim trading session for the stock market. The NASDAQ Composite Index fell 0.30% to 16,128.53 and the Dow Jones Industrial Average fell 0.35% to 38,905.66. This was the ADR's second consecutive day of losses.
NIO Inc. ADR closed $10.60 short of its 52-week high ($16.18), which the company achieved on August 4th.
@NOOB212 : Hey CEo, can you shut your mouth and let it run higher.
Marathon Digital Holdings and Applied Digital Corporation shares traded higher Friday after the companies announced that Marathon Digital has entered into a definitive purchase agreement to acquire Applied Digital's Bitcoin mining data center.
Marathon Digital will purchase the Bitcoin mining data center in Garden City, Texas, with a nameplate capacity of 200 megawatts, for $87.3 million in cash. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2024.
@Laurence john tawil : wow wtf after this I'm done with mara for good
A recent survey indicates that $Advanced Micro Devices (AMD.US)$'s Instinct MI300X GPUs are gaining traction among AI professionals, with approximately 50% of the 82 engineers and AI experts surveyed expressing a preference for the AMD option over $NVIDIA (NVDA.US)$. Moomoo covered the hatter in a Monday column this week. The respondents cited a better price-to-performance ratio and greater availability as key factors for their choice. This shift suggests AMD's potential breakthrough into the competitive AI market.
@GuruGuruGulu : AMD is surprisingly doing well considering how every other AI stock is basically down
In a report released Wednesday, Ruplu Bhattacharya from Bank of America Securities reiterated a Buy rating on Super Micro Computer, with a price target of $1,280.00. Ruplu Bhattacharya has given his Buy rating due to various factors, including Super Micro Computer Inc.’s solid position in the rapidly expanding artificial intelligence (AI) server market. This growth is underpinned by the semiconductor analyst team’s revised projections, which anticipate the AI server industry’s revenue to surge from approximately $39 billion to around $200 billion between 2023 and 2027.
@AhSamHuatUncle: Super Micro Computer director Chan resigns to focus on family business. Red flag? Business is booming but resigning
Friday, Apple reportedly acquired a Canadian artificial intelligence startup ahead of the company's planned rollout later this year. Bloomberg said that Apple acquired DarwinAI, which helps to make AI systems smaller and faster and has added dozens of its employees to its AI team. That would seem to fit its efforts: A research paper published by Apple employees last year focused on running a large language model with limited memory.
@ericlaiys: time to do accumulation. Buy! Buy! Buy!
Thanks for reading!
All comments, links, and content posted or shared by community users 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.
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Weekly Topic
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mr_cashcow : Yes I definitely would recommend the moomoo community to friends and family! I would give 9 out of 10 stars because there is always room for improvements![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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The community is not as active in the U.S. as I’d have hoped. I think that Moo Moo could increase user engagements (for example by asking different questions, not about itself, in posts like these.) That said, I’ve met some really wonderful people here! I hope to meet more in time :). Thanks for responding to my posts and answering my questions, guys! I really appreciate you!I think there is plenty left to comment upon here. Sending hearts to everyone on this platform and wishing good luck and great gains. :) Thanks for everything! I’m happy that I am here, myself, I’m excited going forward!
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BelleWeather : So, to sum up, Nvidia is the most important company in human history (or will be,) Tesla is on sale (and will tie for the previous title,) Soundhound & Sofi are trash, and AMC, I can’t even…the…Olympics? Don’t think that’ll draw the masses to theatres even if the popcorn is excellent, Tesla and BDY ate NIO’s lunch and Nvidia let AMD keep their lunch money, but they’ll be switching to homeschool soon, Mara will be one of the last miners standing, Apple is soon to wow the world again (oh my gosh, not just a phone company anymore than Tesla is just a car company,) and SMCI is a bull trap? Got it!
Liam Mitchell : NVIDIA is coming soon!
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