Next week is yet another earnings week, with$NVIDIA (NVDA.US)$on Wednesday.
MACRO
In Macro, Thursday U.S. initial jobless claims declined by 10,000 to 222,000 in the week ending May 11, compared to market estimates of 220,000.
Cleveland Federal Reserve President Loretta Mester on Thursday echoed the sentiments delivered by many central bank officials in recent weeks, saying essentially that if monetary policy isn't broken, don't fix it.
Wednesday, CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.
Tuesday, Producer Price Index numbers came in high, climbing about 0.5% month over month compared to expectations of 0.3%, and core expectations of 0.2%. Powell spoke Tuesday morning, and he said the oft repeated "higher for longer," mantra, despite a PPI print that he called "mixed."
This week, retailers reported, with$Walmart (WMT.US)$showing a 6% stock gain after beating estimates, pulling up the retail sector. Friday the sector pulled back.
For the week, gold and silver futures were climbing, up 1.53%, while the US dollar rebounded following hopes for Fed rate cuts. Gold was +1.6% and hit a record at $2,431 Friday, while Silver traded +6% Friday.$Crude Oil Futures( for JUL 4)climbed 1.7% for the week, while Bitcoin climbed 9%, leading bitcoin stocks higher.
MOOVERS
Reddit and OpenAI have announced a partnership to bring the social media platform's content to ChatGPT that sent shares of$Redditsoaring 10%.
$GameStop (GME.US)$jumped 287% at its intraweek height on Tuesday at open Tuesday before hitting a circuit breaker on the way down. By Friday, the firm was down to just a 25% climb for the week, while the firm disclosed preliminary results that pointed to a sharp year-over-year decline in fiscal first-quarter sales and said it may sell up to 45 million of its class A shares.
The lowest decliner on the S&P 500 was$eBay, down about 2.3% after announcing a partnership to work with memorabilia firm Collectors PSA.
$Dollar Treewas the lowest decliner on the Nasdaq100, pulling back following a retail sector wide stock climb after$Walmart's earnings.
AMC was the second largest meme stock to fly this week, jumping about 260% to $11.50 at its height on Tuesday. Since then, the stock has declined to a 45% weekly climb. During the craze, the firm sold shares: AMC Entertainment Holdings completed a previously disclosed at-the-market offering of $250 million ofequity capitallate Monday through the sale of 82.5 million shares at an average price of about $3.45 a share.
$Faraday Future, a firm attempting to build and sell ultraluxury EVs, saw its stock climb more than 7,000% in the past week after investors jumped into heavily shorted stocks. On Friday, 0DTE options for FFIE pulled in enough volume to bring the stock to the top seven equities in the entire market by options volume. According to Barron's and FactSet, the firm's stock this week was one of the most shorted on the market, with 80-99% of shares dedicated to shorting.
$Crown Electrokinetics (CRKN.US)$was trading higher this week, caught up in the short-selling meme stock craze. Crown Electrokinetics shares were up 1,200% at one point this week before falling back to just a 340% climb.
$Greenwave Technology Solutions (GWAV.US)$shares are trading higher Friday as the stock receives attention from traders on Reddit, like Crown ElectroKinetics. Investors traded more than 750 million shares, according to moomoo. Greenwave Technology Solutions is runs recycling facilities in Virginia and North Carolina.
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