The Weekend Rip: July 07, 2024

What you need to know for the week ahead.

OVERVIEW
The Weekend Rip: July 07, 2024

Despite a shortened trading week and tons of economic data, the large-cap indexes scored another week of gains on the back of big tech. 🦾

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

What Happened?

🤖 On Monday, big tech and banks dominated the market, while the smaller-cap Russell 2000 lagged. Boeing agreed to acquire its troubled supplier Spirit Aerosystems for $37.50/share, Roaring Kitty revealed a stake in Chewy, and homebuilding stocks broke technical support.

🧑‍💼 On Tuesday, bulls reminded bears that they don’t take vacation breaks, with Tesla and other big tech leading the market to new all-time highs. Elsewhere, palladium prices perked up, and Peloton kicked cash concerns down the road.

😏 On Wednesday, soft economic data renewed hopes for a September rate cut. Meanwhile, precious metals and mining stocks broke out of their recent consolidations as the silver/gold ratio suggests more room to run.

🏖️ On Thursday, U.S. markets were closed for Independence Day.

🥳 On Friday, stocks made new all-time highs as Meta, Apple, Google, Microsoft, and more big tech continued their rise. Meanwhile, labor market data showed a continued softening, Samsung shares surged on AI hopes, and Saks Fifth Avenue and Neiman Marcus merged (with the help of Amazon).

🤩 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 $GME, $CHWY, $META, $KOSS, $RDDT, and $IREN.

Here are the closing prices: 

S&P 500

5,567

+1.95%

Nasdaq

18,352

+3.50%

Russell 2000

2,026

-1.02%

Dow Jones

39,375

+0.66%

Bullets From The Weekend

NASCAR joins the global race to spur EV demand by unveiling a new electric SUV. While NASCAR racing is known for its loud, fast cars burning gas and rubber, the company did something different this past week. It unveiled an all-electric SUV with twice as much horsepower as their current gas-powered vehicles. The prototype is meant to highlight how far electric vehicles (EVs) have come and gauge fan interest in electric cars. CNN Business has more.

🪫 AI companies have become a treasure trove of information for hackers. A recent breach of OpenAI’s systems luckily didn’t allow access to any material information. Still, it reminded us all that cybersecurity at artificial intelligence (AI) firms will be crucial in protecting all the data they collect and create daily. This information falls into the buckets of high-quality training data, bulk user interactions, and customer data…all of which could be dangerous if it falls into the wrong hands. More from TechCrunch.

🤔 AI’s latest “interesting” use case. A company called American Rounds is looking to start dispensing bullets from a vending machine at grocery stores and other common shopping centers. It plans to use artificial intelligence (AI) and facial recognition technologies to verify that buyers are of legal age to buy bullets. The company thinks it’s solving a clear problem, but for many, this is just another example of AI creating solutions for things people didn’t know they wanted…because they probably don’t. Gizmodo has more.

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