Wall Street's benchmark S&P 500 (SP500) fell marginally on Friday but ended higher for the week after recording gains in three out of five ...
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| | Top News  uschools Wall Street's benchmark S&P 500 (SP500) fell marginally on Friday but ended higher for the week after recording gains in three out of five sessions aided by strong macro data.
The Dow Jones Industrial Average (DJI) posted its 32nd record close for the year on Friday as the latest inflation data indicated further price cooling in August, lifting expectations for additional interest rate cuts by the Federal Reserve.
A day earlier, the Commerce Department confirmed that the U.S. GDP grew at an unrevised 3% rate in the last quarter. Meanwhile, China-focused U.S. companies outperformed during the week as a fresh set of stimulus measures took effect in the world's second-largest economy.
The S&P (SP500) added +0.6% for the week, while the Nasdaq Composite (COMP:IND) advanced +1.0%, and the blue-chip Dow (DJI) gained +0.6%. Read a preview of next week's major events in Seeking Alpha's Catalyst Watch. | | M&A Once considered to be a major force in Silicon Valley, Intel ( INTC) became the subject of takeover talk given its technological and financial struggles. In fact, the company's shares have lost over half their value in 2024, so it's no surprise that rivals are looking to scoop up its assets at cheaper prices. Qualcomm ( QCOM) was said to have made a takeover approach, while Apollo ( APO) offered to invest about $5B and Arm Holdings ( ARM) was reportedly rebuffed. Amid all the takeover chatter, Intel may secure $8.5B in CHIPS Act funding by the end of the year, although any M&A activity could impede the deal. ( 230 comments) | | Global Chinese central bank policymakers came out swinging on Tuesday, with the PBOC slashing its reserve requirement ratio to the lowest level since at least 2020 and trimming its main short-term interest rate. The stimulus also targeted the beleaguered property market, with measures to lower mortgage costs and ease rules for second-home purchases. It's all being aimed at getting the country's growth trajectory back on track amid a weak consumer and long deflationary streak, as well as mounting debt problems and a spiraling property crisis. Investors cheered the stimulus blitz, with the blue-chip CSI 300 Index ( SHSZ300) posting its biggest weekly gain since 2008. ( 51 comments) | | Energy In a move that can unlock financing for the industry, major global banks, including Bank of America ( BAC), Barclays ( BCS), Citi ( C), Morgan Stanley ( MS), and Goldman Sachs ( GS) pledged to increase support for nuclear energy. While nuclear project funding complexities and risks remain, experts said a public show of support has been long-awaited, given the critical role nuclear energy can play in the overall global energy transition. Remember, Microsoft just signed a 20-year deal to revive the Three Mile Island nuclear plant to power its data centers. ( 43 comments) | | Commodities The quest for precious metals has led to new heights in 2024, with gold within grasp of $2,700/oz for the first time ever. Other shiny objects are close behind, benefiting from a Federal Reserve that has returned its cutlass to its scabbard after calling time on higher interest rates. On Thursday, spot silver ( XAGUSD:CUR) officially topped spot gold's ( XAUUSD:CUR) year-to-date return, while both commodities have outperformed the 20% gain of the benchmark S&P 500 Index ( SP500). Geopolitical and economic uncertainty have helped propel the precious metal boom, as well as central bank buying and a number of other catalysts. | | Tech At the Meta Connect 2024 event, Meta's ( META) CEO Mark Zuckerberg showcased new augmented reality products and artificial intelligence updates. The main highlight was the Orion prototype, touted to be Meta's "first true holographic AR glasses." A cheaper version of its virtual reality headset and new celebrity voices for its AI assistant were also unveiled, as well as AI updates to the Ray-Ban Meta glasses and upcoming partnerships with Spotify ( SPOT) and Amazon Music ( AMZN). In other tech news, Disney+ ( DIS) became the latest to crack down on password sharing and OpenAI was said to explore a restructuring into a for-profit benefit corporation. ( 31 comments) | | Notable Ratings From SA Analysts | | Weekly Movement U.S. Indices
Dow +0.6% to 42,313. S&P 500 +0.6% to 5,738. Nasdaq +1% to 18,120. Russell 2000 -0.3% to 2,222. CBOE Volatility Index +5% to 16.96.
S&P 500 Sectors
Consumer Staples +0.1%. Utilities +1%. Financials -0.5%. Telecom +1%. Healthcare -1.1%. Industrials +1.6%. Information Technology +1.1%. Materials +3.4%. Energy -0.8%. Consumer Discretionary +1.8%. Real Estate -0.2%.
World Indices
London +1.1% to 8,321. France +3.9% to 7,792. Germany +4% to 19,474. Japan +5.6% to 39,822. China +12.8% to 3,088. Hong Kong +13% to 20,632. India +1.2% to 85,572.
Commodities and Bonds
Crude Oil WTI -5.2% to $68.18/bbl. Gold +1.3% to $2,680.8/oz. Natural Gas +22.2% to 3.322. Ten-Year Bond Yield -0.2 bps to 3.751.
Forex and Cryptos
EUR/USD +0.01%. USD/JPY -1.2%. GBP/USD +0.39%. Bitcoin +4.3%. Litecoin +6%. Ethereum +3%. XRP -1.6%.
Top S&P 500 Gainers
Wynn Resorts (WYNN) +22%. Las Vegas Sands (LVS) +22%. Micron Technology (MU) +18%. The Estee Lauder Companies (EL) +17%. Freeport-McMoRan (FCX) +15%.
Top S&P 500 Losers
Regeneron Pharmaceuticals (REGN) -9%. Global Payments (GPN) -9%. Super Micro Computer (SMCI) -8%. ServiceNow (NOW) -6%. Diamondback Energy (FANG) -6%.
Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section. | | Seeking Alpha's Wall Street Breakfast Podcast Seeking Alpha's Wall Street Breakfast podcast brings you all the news you need to know for your market day. Released by 8:00 AM ET each morning, it is a quick listen that you can put on as you get ready to start your working day. | | | | |
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