The Weekend Rip: March 10, 2024

Stocks posted their third down week of 2024, as mixed signals from the Fed and economic data kept traders and investors on edge. 👀

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

What Happened?

📈 On Monday, the semiconductor sector continued to surge while the broader market pulled back. Several clothing-related retailers like Stitch Fix and ThredUp also reported results.

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

₿ On Tuesday, Bitcoin briefly made a new all-time high before reversing sharply, with the broader market posting another down day. Target surprised to the upside, unveiling a new membership program, while CrowdStrike bucked the cybersecurity selloff by pushing to new highs.

🏦 On Wednesday, stocks tried to find their footing as the madness at regional bank NYCB continued, and JD.com joined the China party. Palantir also popped back on traders’ radars after punching through resistance.

✂️ On Thursday, stocks rebounded following comments from the European Central Bank and Fed Chairman Jerome Powell that suggested June rate cuts were still on the table. Meanwhile, BJ’s and Kroger beat out Costco on earnings, and the Stocktwits community eyed a certain energy stock.

🧑‍💼 A weaker-than-expected nonfarm payrolls number helped push stocks to fresh all-time highs before they quickly reversed, leading to a rare down week for the market. In the commodity space, Palladium perked up, and traders looked for support in Cassava Sciences.

🔥 Certain symbols were on the Stocktwits trending tab for most of the week, including $SMCI, $PHUN, $AISP, $JL, $SOXL, and $MNMD.

Here are the closing prices: 

Bullets From The Weekend

🍇 Australian farmers take drastic steps amid wine glut. Millions of vines are being destroyed to rein in overproduction, which has crushed grape prices and threatened the livelihoods of growers and winemakers. Falling wine consumption worldwide has been a big theme during the last few earnings seasons, and now producers are taking major steps to get the market’s supply/demand conditions back into balance. Reuters has more.

👍 OpenAI expressed ‘full confidence' in CEO Sam Altman. After concluding an outside investigation into the company’s recent turmoil, the board of directors is once again fully backing Sam Altman and reinstating him as a member of the board. The company also announced the addition of three women to its board of directors as part of its steps to stabilize the company and regain stakeholder trust. More from AP News.

🛢️ Saudi Aramco boosts dividend by a third despite profit decline. Production cuts and falling oil prices during 2023 caused the state-backed company’s profits to fall 25% YoY, but 2023’s $121 billion haul was its second-highest ever. Dividends rose to nearly $100 billion, and with the Saudi state owning nearly 95% of the company, the kingdom added another major windfall to 2022’s budget surplus. BBC News has more.

STOCKTWITS CONTENT
A Brand New Momentum Monday 👀

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

In this week's episode, the group discusses:

• Is Apple’s dip buyable or is there more weakness to come? 🍎

• What to make of Nvidia’s reversal and Coinbase’s relentless rally 📊

• Howard’s thoughts on SoFi Technologies as neobanks rebound 🏦

• Community AMA 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 a rundown of this week’s earnings and economic data.

Economic Calendar

It's a light week of data, with investors focused on inflation. In addition to the above, check out this week's complete list of economic releases.

Earnings This Week

Earnings season continues its slowdown, with 256 companies reporting this week. Some tickers you may recognize are $ORCL, $ADBE, $PATH, $JBL, $BLNK, $GRPN, $DG, $DLTR, $ZIM, and more.

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

STOCKTWITS CONTENT
Trends With Friends Macbook Pro Giveaway 🍿

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 discuss:

• Crypto: The growth drivers, risks, and behavior behind Bitcoin’s historic rally 🤩

• Fiat Alternatives: Exploring the relationship between Bitcoin and precious metals 🪙

• Markets: What the bond market and oil are saying about inflation 🌡️

• Giveaway: One lucky subscriber will win a Macbook Pro on March 17 by entering here 💻

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

Links That Don’t Suck

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🏘️ President Biden wants to give homebuyers a $10,000 tax credit. Here's who would qualify.

⚠️ That security camera and smart doorbell you’re using may have some major security flaws

*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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