OVERVIEW
The Weekend Rip: April 07, 2024

Stocks had a rare down week across the board, with a strong labor market and Fed officials casting doubt on the future path of rate cuts. 👀

Let's recap and prep you for the week ahead. 📝

What Happened?

⚠️ On Monday, stocks continued their weakness as traders discussed the technical divergences building in U.S. and global indexes. Meanwhile, manufacturing bounced back into positive territory for the first time in 17 months, and Trump Media & Technology Group fell after revealing $53 million in 2023 losses and just $4.10 million in revenues.

🪫 On Tuesday, market turbulence ticked up as Tesla’s price and sentiment soured following a major first-quarter delivery miss. Additionally, 132-year-old GE completed its three-way split, and Chinese travel stock Trip.com broke out to five-year highs.

🤖 On Wednesday, bulls held the bears at bay as Apple revealed its next big bet…personal robotics. Also, Intel fell after warning it’ll take a while for its foundry business to break even, and Ulta Beauty dropped after forecasting a major cooling in demand. Silver also broke out to new a high, as commodities remain on market participants’ radars.

📉 On Thursday, Federal Reserve Bank of Minneapolis President Neel Kashkari crashed the market after casting doubts over whether rate cuts will even be necessary this year. Next, Lamb Weston shares got mashed, and United Healthcare tried to find support after falling 20% from its all-time highs.

👨‍💼 On Friday, stocks were buoyed by a Goldilocks job report in which wage growth continued to decelerate without a major uptick in job losses or economic weakness. Tesla was back in the news, with Reuters reporting that the company had scrapped its low-cost car plans and Elon Musk immediately refuting it on X. And lastly, the Biotech ETF $IBB attempted to find support.

🤩 This week's Stocktwits Top 25 showed outperformance vs. the indexes.

🔥 Certain symbols were on the Stocktwits trending tab for most of the week, including $UVXY, $CGC, $AMD, $APAC, and $DJT.

Here are the closing prices: 

Bullets From The Weekend

🎮 Apple’s App Store now allows retro game emulators. These types of apps have been banned from the App Store for a long time, making European users seek out third-party marketplaces to get their fix. However, in an update on Friday, the consumer tech giant announced that game emulators can be listed in the App Store globally but need to comply with “all applicable laws.” This should allow the retro console emulators living on Android to bring their apps to the iPhone, ending the need for iPhone users to find workarounds like jailbreaking. Ultimately, Apple is making adjustments to stave off further antitrust scrutiny. The Verge has more.

🛒 Amazon’s latest attempt to crack the Indian market. The company has silently introduced a “special store” called Bazaar in the country, featuring affordable and trendy fashion and lifestyle products. The move comes as it looks to recapture market share from Walmart-owned Flipkart and Reliance’s Ajio, which have stronger presences in the Indian fast-fashion market. It began recruiting sellers for the store in February and has begun to roll out the new store in its India Android App, promising “hassle-free” delivery, zero referral fees, and access to a vast customer base. More from TechCrunch.

🌎 SEC pauses its climate rule as legal challenges mount. The U.S. Securities and Exchange Commission (SEC) voted on the rule in March the final rule that requires some public companies in the U.S. to report their greenhouse gas emissions and climate risks. The rule adopted in early March was watered down from its initial proposal two years ago, drawing criticism from both proponents and opponents of the bill. Now, as it faces a slew of lawsuits, it’s pausing implementation until it can defend the rule in court. AP News has more.

STOCKTWITS “CHART ART”
Tech Dinosaur Continues Its Upward Trend 👴

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THE BRIEF

Need a concise summary of what's going on this week? Look no further. Here’s a rundown of this week’s earnings and economic data.

Economic Calendar

It's a light week for economic data, with investors focused on U.S. inflation data and foreign central bank decisions. In addition to the above, check out this week's complete list of economic releases.

Earnings This Week

Banks will kick off a fresh earnings season on Friday, as just 63 stocks report this week. Some tickers you may recognize are $JPM, $C, $WFC, $DAL, $TLRY, $STZ, $FAST, $KMX, $PGR, and more.

Above is a quick summary. Check out the full Stocktwits earnings calendar for the other names reporting this week.

Links That Don’t Suck

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😎 Airbnb eclipse bookings illustrate the path of totality

🏘️ Charted: What people are sacrificing to afford housing

🍻 On National Beer Day 2024, the US is drinking more Modelo than Bud Light as NA brews rise

🤑 Oregon Powerball player wins a $1.3 billion jackpot, ending more than 3 months without a grand prize

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