The Weekend Rip: April 21, 2024

What you need to know for the week ahead.

The Weekend Rip: April 21, 2024

It was a rough week for the stock market, with Fed officials casting doubts on rate cuts and chip stocks failing to live up to expectations. 😬

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

What Happened?

🛍️ On Monday, a hot retail sales number renewed inflation fears and sent tech stocks tumbling. Tesla and Trump Media broke down despite their cult-like followings, and Salesforce dragged down software stocks.

😞 On Tuesday, Fed Chair Jerome Powell said, “the recent data have clearly not given us confidence” and that it’s likely to take longer than expected for inflation to come down. United Health popped while Jonhson & Johnson dropped.

⚠️ On Wednesday, semiconductors sucked the air out of the market after ASML Holding provided a cautious outlook, calling 2024 “a transition year.” United Airlines jumped after beating expectations, and VinFast Auto fell to fresh lows. And technical analysts identified an interesting setup in the energy sector.

📺 On Thursday, tech stock’s cautious tone continued to drag down the market, with Taiwan Semi cutting its industry growth forecast. Netflix’s current quarter results topped expectations, but its revenue guidance was below expectations. It also said it would stop sharing membership numbers in 2025. Underfollowed stock Forestar group popped up on traders’ radars.

📉 On Friday, Nvidia nosedived more than 10% for the first time since 2020 and took the rest of the market with it. Procter and Gamble’s price-raising days are over, bougie customers buoyed American Express’s profits, and one chart called into question the EV revolution.

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

🔥 Certain symbols were on the Stocktwits trending tab for most of the week, including $WISA, $TSLA, $HOLO, $SBFM, $DJT, and $JAGX.

Here are the closing prices: 

S&P 500






Russell 2000



Dow Jones



Bullets From The Weekend

✂️ Tesla’s price cuts continue as it ends its referral program. The electric vehicle giant cut its prices by nearly $2,000 across its models in China, following similar U.S. actions as it looks to compete with cheaper foreign EVs. Additionally, it announced its current referral program will end on April 30th. CNBC has more.

🚫 TikTok ‘ban’ passes in the House again. Another divest-or-ban bill has passed the House, this time as part of a foreign aid package that may force the Senate to vote on it. The earlier TikTok bill passed in the House just last month but has lingered in the Senate, where lawmakers have given mixed messages about its trajectory. The updated language extends the timeline for ByteDance to divest TikTok to a year from six months. But ultimately the major difference is that it’s part of a larger aid package that needs to be voted on, so lawmakers will have to address it. More from The Verge.

🗳️ Tennessee autoworkers score historic union win. The United Auto Workers (UAW) union secured an overwhelming election victory at a Volkswagen plant in Tennessee, giving it hopes of making broader inroads in the South, which remains the least unionized part of the country. Its next test will come as it looks to represent workers at two Mercedes-Benz plants in Alabama, where a five-day election is scheduled to start on May 13th. AP News has more.

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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 Friday’s inflation data and a Bank of Japan rate decision. In addition to the above, check out this week's complete list of economic releases.

Earnings This Week

Earnings season is in full swing, with 554 stocks reporting this week. Some tickers you may recognize are $TSLA, $META, $MSFT, $GOOG, $SNAP, $HLT, $RTX, $LMT, $UPS, $FCX, $V, $CMG, and more.

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

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