OVERVIEW
The Weekend Rip: December 01, 2024

It was a shortened holiday week, but that didn’t stop the bulls from pushing stocks to new all-time highs and altcoins to new cycle highs. 🤑 

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

What Happened?

🥳 On Monday, small-caps soared to record highs. The Russell 2000 hit its first record high in three years, Cassava Sciences cratered while BridgeBio boomed, and other stocks moved on earnings and company news.

😎 On Tuesday, consumer confidence cruised higher alongside stocks. Americans see clear skies ahead, retail and tech earnings were a mixed bag, and $PGHL became the latest Chinese “pump and dump.”

🛏️ On Wednesday, the bulls took a much-needed break. Team transitory faced some trouble as inflation ticked up, Nvidia’s price action raised some red flags, and coffee prices boiled to all-time highs.

🦃 On Thursday, U.S. markets were closed for Thanksgiving.

📈 On Friday, buyers gave thanks for new all-time highs. The trend in risk assets continued higher, The Container Stores slid further toward bankruptcy, and Bitcoin remained below $100,000.

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

Here are the closing prices: 

Bullets From The Weekend 📰

🧑‍⚖️ Canadian news outlets join suit against OpenAI. A coalition of Canada’s largest news outlets is suing OpenAI, alleging the company is illegally using news articles to train its software. “Journamilsn is in the public interest. OpenAI using other companies’ journalism for their own commercial gain is not. It’s illegal,” the joint statement read. However, OpenAI says its models are “trained on publicly available data.” BBC News has more.

❌ Elon Musk asks the court to block OpenAI’s for-profit conversion. The billionaire is asking a federal court to stop the non-profit from converting into a fully for-profit business, arguing that OpenAI “cannot lumber about the marketplace as a Frankenstein, stitched together from whichever corporate forms serve the pecuniary interest of Microsoft.” This is the group’s latest move as xAI, former OpenAI board member Shivon Zilis, and Musk escalate their legal feud with OpenAI and CEO Sam Altman (and their backers) More from CNBC.

🛡️ BlueSky rushes to prevent impersonators. As more celebrities and popular influencers join the X alternative, many are facing the same issue they’re facing on every other social media site…impersonation and identity fraud. As a result, BlueSky’s safety team is taking a more aggressive approach to verifying identities and handling squatting accounts to allow individuals to register with their own name and likeness. TechCrunch has more.

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