The Weekend Rip: March 03, 2024

U.S. and global stocks pushed on to new highs this week as investors and traders looked past sticky inflation data. 👀

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

What Happened?

📈 Stocks ended a frothy February on a high, with buyers moving beyond the tech sector in a big way. Bitcoin is also continuing its historic run, approaching all-time highs as the rest of the crypto space picks up steam.

🤩 This week's Stocktwits Top 25 report showed outperformance relative to the indexes.

⏩ The trend of short squeezes continued, with Jumia jumping 140% over the last month and beaten-down stocks like Plug Power attempting to stabilize. Zoom also managed to avoid doom, for now, as earnings came in better than expected.

⚡ Traders are eying a short-term shift in the electric vehicle industry after Apple shut down its decade-long project and reallocated the resources towards generative artificial intelligence (AI). 

📝 Accounting issues have become a theme so far in 2024, with Chemours Company and New York Community Bancorp both revealing material issues. Meanwhile, antitrust regulators continue to have a field day, this time targeting UnitedHealth.

📰 Several other topics made headlines, including Bumble's path of least "rizz-istance," snow rest for the wicked, sellers unleashing on Unity, and physical gold and oil joining the bull run.

🔥 Certain symbols were on the Stocktwits trending tab for most of the week, including $SOUN, $LUNR, $DELL, $ROOT, $VKTX, and $LMND.

Here are the closing prices: 

Bullets From The Weekend

🏥 Venture capital's push into healthcare leaves communities uneasy. Venture firm General Catalyst said it would buy Summa Health, a nonprofit integrated health system that supports over 1,000 inpatient beds. It's an unprecedented move in the industry, which tends to bet on founders pursuing billion-dollar opportunities in the tech space. Under the new structure, Summa will become a for-profit organization, and General Catalyst says it will introduce tech-enabled solutions to scale care access and affordability. CNBC has more.

🦴 California throws the self-driving industry a bone. It's been an eventful last year for the self-driving car industry, with GM's Cruise unit running into issues and attracting the scrutiny of regulators, consumers, and other stakeholders. However, Waymo continues progressing, with California giving it the green light to expand its robotaxi operations to drive on highways in Los Angeles and the Bay Area. Still, both sides of the conversation continue to battle it out, as overall safety concerns remain. More from The Verge.

🎯 Credit rating agencies target struggling regional bank NYCB. New York Community Bancorp's credit rating was cut to junk by Fitch Ratings, with Moody's Investors Service lowering its rating even further. The bank's discovery of weaknesses in its internal controls added to concerns about its commercial real estate exposure. Moody's believes that NYCB may have to further increase its provisions for credit losses over the next two years because of credit risk on its office loans, adding to substantial repricing risk on its multifamily loans. Yahoo Finance has more.

STOCKTWITS CONTENT
A Brand New Momentum Monday

Stocktwits community lead Tommy Tranfo is joined by co-founder Howard Lindzon and resident chart wizard Ivanhoff every week on "Momentum Monday."

In this week's episode, the group discusses:

• SMCI joins the S&P 500, and AMD breaks out again 🌠

• Heavily shorted stocks continue to squeeze 🫨

• Bitcoin nears a new all-time high as the crypto run coin-tinues ₿

• 2024’s no-brainer plays and top picks for the week ahead 🤩

Watch it now on YouTube and subscribe to catch each episode when it goes live!

THE BRIEF

Need a concise summary of what's going on this week? Look no further. Here's an overview of important earnings and economic data for the trading week ahead.

Economic Calendar

It's a busy week of economic data, with investors focused on Jerome Powell's testimony and employment data. In addition to the above, check out this week's complete list of economic releases.

Earnings This Week

Earnings season is beginning to slow, with 300 companies reporting this week. Some tickers you may recognize are $AVGO, $MRVL, $BBAI, $JD, $CHPT, $CRWD, $COST, $BJ, $TGT, and more.

Above is a quick summary. Check out the full Stocktwits earnings calendar for the other names reporting this week.

STOCKTWITS CONTENT
This Week’s Trends With Friends 🍿

Stocktwits co-founder Howard Lindzon chops it up with pals JC Parets and Phil Pearlman every Thursday on "Trends With Friends."

In this week's episode, the friends and special guest Mo Al Adham discuss:

• Personalized Portfolios: How AI will accelerate the direct indexing trend  ⏩

• Diversification: How exposure to various sectors and countries helps investors 🧺

• Behavior: The role of self-care and rest in maintaining a motivated mindset 🧠

Watch it now on YouTube and Spotify, and subscribe to catch each episode when it goes live!

Links That Don’t Suck

😎 New features, powerful upgrades and a new name… MarketSmith becomes MarketSurge on March 4th!*

🏘️ Home Buyers Need to Earn $47,000 More Than in 2020

🔻 China is the only major economy dealing with deflation

😨 'Everything is rising at a scary rate': Why car and home insurance costs are surging

🤖 Nvidia CEO predicts AI will be able to pass ‘every single test’ in five years, as firm hits $2T milestone

⚠️ Hotshot Wharton professor sees $34 trillion debt triggering 2025 meltdown: ‘It could derail the next administration’

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

Get In Touch

Have feedback on The Daily Rip? Shoot me (Tom Bruni) an email at [email protected]; I’d love to hear from you.

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.