The Weekend Rip: June 02, 2024

What you need to know for the week ahead.

The Weekend Rip: June 02, 2024

Despite it being a four-day trading week, it felt like a long one as the market experienced its first bit of downside in weeks. 😵‍💫

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

What Happened?

🏖️ On Monday, the market was closed, and we hope you enjoyed your day away from the screens!

📈 On Tuesday, the Nasdaq Composite closed above 17,000 while the rest of the indexes closed mixed. A new gambling tax in Illinois smacked down betting firms, T+2 settlement began, and M&A activity jumped after the long weekend.

📉 On Wednesday, most major asset classes came under pressure, with Nvidia remaining the only port in the storm. Many tech stocks experienced after-earnings selloffs, Dick’s Sporting Goods and Abercrombie & Fitch soared, and Chewy looked to achieve meme stock status.

🥶 On Thursday, a glitch caused prices to freeze for an hour, but that couldn’t stop sellers from continuing the downside. Dell dipped over margin concerns, Costco and Dollar General warned of a cautious consumer, and Burlington led another big day for retailer earnings.

🐂 On Friday, stocks bounced back in the last 30 minutes of trading. We examined whether stocks are set up for a June swoon, meme stock Faraday Future Intelligent Electric, and a volume surge suggesting that the software sector’s slide could end soon.

🤩 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 $SMMT, $GME, $AMC, $FFIE, $JAGX, and $NVDA.

Here are the closing prices: 

S&P 500






Russell 2000



Dow Jones



Bullets From The Weekend

🎰 Casino stocks surge on reports that activist Carl Icahn has taken a sizeable stake in Caesars Entertainment. The hotel and casino operator was among several names that jumped significantly on the news that Icahn might be getting involved in the company’s management again. In 2019, he pushed for it to explore strategic options, causing rival Eldorado Resorts to acquire it for $17.30 billion while retaining Caesar’s name. Could a similar outcome occur this time? That’s certainly what investors are hoping for. Investopedia has more.

🤑 VCs tap the wild SPV market to sell shares of hot private companies like Anthropic and xAI. Most venture capital firms are working hard to secure their slice of the artificial intelligence (AI) startup pie, with mixed success. However, family offices and high-net-worth individuals have found a way to get their hands on shares by using Special Purpose Vehicles (SPVs) that allow multiple parties to pool their money and share an allocation of a single company. Some VCs are using their access to buy into these companies and repackage part of their allocation in an SPV sold to other investors. More from TechCrunch.

💴 Japan confirms its first currency intervention since 2022. Data from Japan’s Ministry of Finance showed the country intervened in its market after the yen plunged to a 34-year low at the end of April. At the time, the yen rose materially because it was rumored that intervention had occurred, but nobody could confirm it. Now we know that Japan spent nearly 10 trillion yen ($62.25 billion) in one month as it struggles to keep its currency and interest rates in line. CNBC 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 full week of hard economic data, with investors on U.S. employment data and overseas interest rate decisions. In addition to the above, check out this week's complete list of economic releases.

Earnings This Week

Earnings season is past its peak, with 87 stocks reporting this week. Some tickers you may recognize are $LULU, $CRWD, $CHPT, $DOCU, $DLTR, 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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