OVERVIEW
The Weekend Rip: July 21, 2024

This week, U.S. stocks experienced a major shakeup as large-cap tech sold off and small-caps saw major inflows amid rate-cut speculation. 🫨

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

What Happened?

📈 On Monday, small-cap stocks started the week with another big push higher. Macy’s, Alphabet, and others were involved in M&A activity, Goldman jumped as financials pumped, and Celsius shares struggled amid further demand concerns.

😎 On Tuesday, it officially became a “small-cap summer” as the Russell 2000 logged record gains on an absolute basis and relative to its large-cap peers. Banks continued to break higher after earnings, and software providers in the financials space caught a bid.

🚫 On Wednesday, semiconductor stocks slumped after warnings of tougher export rules, Donald Trump’s comments on Taiwan, and ASML Holding’s earnings. Defensive market areas, like Healthcare, caught a bid, as UnitedHealth and Johnson & Johnson beat on earnings. And Beyond Meat begged its creditors to restructure.

✂️ On Thursday, it was another rough day for tech stocks, even as Netflix seemingly beat expectations. The European Central Bank set the stage for another cut in September, and Domino’s failed to deliver earnings results.

❌ On Friday, CrowdStrike caused the largest IT outage in history after a botched software update. Elliott Management took a position in Starbucks, and weekly asset class performance suggested that change could be afoot in investors’ asset allocation strategies.

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

🔥 Certain symbols were on the Stocktwits trending tab for most of the week, including $MAXN, $SOFI, $BYND, $SAVA, and $TSLA.

Here are the closing prices: 

Bullets From The Weekend

📝 American Airlines flight attendants reach new contract deal. The Association of Professional Flight Attendants has said they’ve secured a deal that addresses the compensation concerns of the more than 28,000 professionals they represent. The tentative deal goes to the union board for approval, marking the *potential* end to a three-year battle between the parties. The exact raises were not disclosed, but the union says the agreement provides “immediate” financial and quality-of-life improvements. Reuters has more.

🕶️ Google is going after Meta’s Ray-Ban partnership. The smart glasses market is heating up, with Meta reportedly ready to spend billions for a 5% stake in Ray-Ban maker EssilorLuxottica. Meanwhile, Alphabet is reportedly in talks with the company about putting its Gemini AI Assistant into future pairs of glasses. As more money is invested in AI technologies, tech companies are looking for more ways to integrate them seamlessly into consumers’ lives. More from The Verge.

😡 Torrent of tourism is troubling locals around the globe. The tourism industry shows no signs of slowing down, with the U.N. estimating that global tourism numbers will reach 1.80 billion people annually by 2030. However, the problem is that 80% of travelers visit the same 10% of locations, putting extreme stress on the infrastructure and local population. That’s caused various cities to implement measures to curb tourism or at least make more money from the activity. Axios has more.

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