OVERVIEW
The Weekend Rip: December 08, 2024

It was a news-filled week in the market. Many stocks showed weakness under the surface, but tech and discretionary stocks pulled the indexes higher. 🤪 

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

What Happened?

🤔 On Monday, a new version of Enron returned in the latest show of bull market behavior. Apple joined the crypto craze with a Coinbase partnership, SMCI investors received a special committee update, and Stellantis’ CEO stepped aside.

🐂 On Tuesday, it was a mixed market, but bulls kept buying the biggest winners. Marvell Tech soared to new all-time highs following an AI earnings beat. Trump Jr.’s presence pumped several stocks, and South Korea shocked the globe.

🪙 On Wednesday, stocks could not be stopped as Bitcoin hit $100,000. The U.S. tech sector recorded a fresh all-time high, Square broke out, and Stocktwits users got bulled up on Bitcoin as it crossed its latest milestone.

⚠️ On Thursday, the market waved several potential red flags. Airline stocks soared following upbeat guidance, Magazine cover madness continued, and several popular stocks soared on earnings and other news.

📈 On Friday, mega-cap stocks made their move, taking the S&P 500 and Nasdaq 100 to new highs. The labor market showed some cracks, SMCI received some good news, and the S&P 500 announced its quarterly index rebalance plans.

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

Here are the closing prices: 

Bullets From The Weekend 📰

🧑‍⚖️ Google sues CFPB after it orders supervision of Google Pay. The Consumer Financial Protection Bureau (CFPB) said it has ordered federal supervision of Google Payment Corp. While the regulator typically monitors banks, credit unions, and other financial institutions, it recently finalized a rule to supervise digital payment apps like Google Pay and other peer-to-peer (P2P) payment services. The CFPB says it has “reasonable cause to determine that Google has engaged in conduct that poses risks to consumers.” Engadget has more.

❌ Advanced AI chips cleared for export to UAE. The U.S. government has approved the export of advanced artificial intelligence (AI) chips to a Microsoft-operated facility in the UAE as part of the company’s highly-scrutinized partnership with Emirati AI firm G42. The agreement is part of a U.S. effort to isolate China from the UAE’s rapidly expanding tech industry and disperse U.S.-developed AI technology around the globe. More from Axios.

🛡️ FDA may finally ban artificial red dye. The Food and Drug Administration (FDA), which regulates more than three-quarters of the U.S. food supply, noted that it’s been over a decade since the safety of the synthetic color additive Red No. 40 has been re-evaluated. The FDA’s deputy commissioner for human foods, Jim Jones, said, “With Red 3, we have a petition in front of us to revoke the authorization board, and we’re hopeful that in the next few weeks, we’ll be acting on that petition.” NBC News has more.

PRESENTED BY STOCKTWITS
The Latest Weekend Rip With Ben & Emil 🍿 

It was a week of financial hell in the markets, but not for the reasons you might think. Ben and Emil discussed the latest degeneracy, including Hawk Coin’s collapse, public sentiment on healthcare, their latest trading wins and losses, and more!