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OVERVIEW
The Weekend Rip: April 14, 2024

Higher-than-anticipated inflation and escalating tensions between Iran and Israel were responsible for this week’s risk-off action, with equities and crypto selling off and safe havens like gold soaring to new highs. 👀

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

What Happened?

🌞 On Monday, the solar eclipse was more of a spectacle than the market, with trading volumes falling to their lowest level since Thanksgiving 2023. Blackstone made its biggest bet yet on multifamily housing, Taiwan Semiconductor secured major U.S. funding, and U.S. energy stocks eclipsed their 2022 highs.

🛑 On Tuesday, prices stayed sticky despite the bears’ efforts to push them lower. Marijuana stock Tilray topped out after earnings, vaccine maker Moderna staged a comeback, and the Nasdaq 100 faced a “do or die” moment.

🥵 On Wednesday, hotter-than-expected consumer prices invigorated the bears to push risk asset prices lower. With inflation staying high in March, markets adjusted to the possibility of no rate cuts occurring until after November’s presidential election. Meanwhile, Delta dove despite beating earnings expectations, and Rent The Runway shares went for a run after posting better-than-expected results.

🤖 On Thursday, big tech bounced back, pulling the rest of the market up with it. Short seller Fuzzy Panda Research revealed a position in insurer Globe Life and alleged it’s committing insurance fraud, causing shares to fall 50%. And furniture retailer Conn’s Inc. continued its turnaround after reporting improving fundamentals.

⚠️ On Friday, warnings of Iran’s coming attack on Israel caused investors to race for protection. Big bank earnings didn’t help matters either, with JPMorgan and its peers warning that business remains good but not as amazing as it was in the last twelve to eighteen months. Lastly, pet giant Zoetis fell to one-year lows on reports that one of its medicines may be making pets sick.

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

📊 We also launched a brand new newsletter called “Chart Art,” which delivers the best trade ideas and analysis from the Stocktwits community every weekday by 8 pm ET. You can read the latest editions and sign up here. If you sign up within April, you’ll have a shot to win one of five Stocktwits Edge annual subscriptions AND receive a list of the best chartists to follow on Stocktwits in your welcome email! We’ll see you there! 📬

🔥 Certain symbols were on the Stocktwits trending tab for most of the week, including $TSLA, $GL, $AMC, $DJT, and $DXYZ.

Here are the closing prices: 

Bullets From The Weekend

📰 Google plays chicken with California over proposed news site legislation. The tech giant is removing links to California news websites in response to a proposed law that would require big tech companies to pay news outlets for their content. Google says it’s testing the change with a small percentage of California users to help it gauge the impact of this legislation on its product experience. The California Journalism Preservation Act was introduced in March 2023 and is still awaiting a hearing, but it looks to tackle the issue of news aggregators pulling traffic away from news websites (hurting their revenue and ability to survive). CNN Business has more.

💾 Akamai nears a deal to acquire API startup Noname Security. The cybersecurity startup that protects APIs was co-founded in 2020 and has raised $220 million from venture investors. Its series C raised $135 million in December 2021 at a valuation of $1 billion, meaning the company’s potential sale would be at a roughly 50% haircut to pandemic-era valuations. With that said, the increase in regulatory and shareholder scrutiny around cybersecurity events means the appetite for larger companies to beef up their offerings in this space is likely to remain high for the foreseeable future. More from TechCrunch.

⚔️ Israel fends off attack from Iran as Middle East tensions escalate. After warnings late in the week that an attack was imminent, Iran launched over 300 drones and missiles toward Israel on Sunday, with roughly 99% of them being shot down by the Israeli military and its allies. Iran launched the attack in retaliation for the April 1st bombing of its consular building in Syria that killed two of Tehran’s top commanders. For now, President Joe Biden reiterated his “ironclad” support for Israel but told Israeli Prime Minister Benjamin Netanyahu that the U.S. would not participate in offensive operations against Iran. NBC News has more.

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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 housing market data and Fed member speeches. In addition to the above, check out this week's complete list of economic releases.

Earnings This Week

A new earnings season will start to ramp up, with 121 stocks reporting this week. Some tickers you may recognize are $GS, $SCHW, $BAC, $ASML, $TSM, $NFLX, $DHI, $AXP, $SLB, $UNH, 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

😒 Generative AI is coming for healthcare, and not everyone’s thrilled

🚀 The Space Force is planning what could be the first military exercise in orbit

✈️ Oakland officials vote to include 'San Francisco' in airport's name, despite opposition

💵 The income everyday Americans earn in every U.S. state—see how your salary measures up

🚫 US airlines ask the Biden administration not to approve additional flights between the US and China

🏭 US Steel’s shareholders just voted to end more than a century of American ownership. It may not matter

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