OVERVIEW
The Weekend Rip: March 31, 2024

Stocks closed out a strong quarter with further gains during the shortened trading week. Commodities like oil and gold picked also up steam. 👀

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

What Happened?

🪫 On Monday, stocks took a breather as Bitcoin attempted another breakout. Electric vehicle stocks were in the news again as Fisker’s deal talks collapsed along with its share price, and Lucid Motors secured another $1 billion investment. Meanwhile, management shakeups occurred at Boeing as the aerospace and defense giant battles recurring safety issues.

🍩 On Tuesday, stocks continued to slow, but individual news drove the conversation. Notably, Krispy Kreme shares surged after announcing that McDonald’s has become its exclusive fast-food partner, with donuts to appear in over 14,000 locations by the end of 2026. Meanwhile, GameStop gave back its gains after another disappointing quarter, and Visa and Mastercard capped their processing fees after settling a $30 billion antitrust lawsuit.

🦐 On Wednesday, the appetite for small-cap stocks and other rate-sensitive assets surged as bonds quietly bounced back. We used our platform data to highlight some of the names retail investors are most focused on as we head into the second quarter.

😮 On Thursday, stocks ended the quarter on a high note. FTX’s Sam Bankman-Fried received a 25-year sentence for fraud and conspiracy. And retail investors raved over a new investment vehicle providing liquid access to private companies like SpaceX.

😴 On Friday, U.S. markets were closed for Good Friday, giving investors and traders a rare but welcome 3-day weekend.

🤩 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 $DJT, $RDDT, $CGC, $DNUT, and $MSTR.

Here are the closing prices: 

Bullets From The Weekend

🌡️ Fed’s preferred inflation gauge rises as expected. The U.S. markets were closed on Friday, but some important economic data did come out. The core personal consumption expenditure index (PCE) rose 0.30% MoM and 2.80% YoY, as expected. Consumer spending rising 0.80% MoM was more than anticipated, while personal income rising 0.30% MoM was a tad soft. With that said, consumers continue to spend as the labor market and overall economy hold up. CNBC has more.

🛰️ This startup wants to build “gas stations” for satellites. Orbit Fab is building a docking mechanism called RAFTI that just came on the market after getting flight-qualified. The port itself sells for $30,000, but the real money is in fuel sales and delivery. The company is looking to charge $20 million for 100 kilograms of fuel but says the value proposition is clear because every extra kilo of fuel can generate millions in marginal revenue for satellite operator. More from TechCrunch.

🚨 AT&T notifies millions impacted by data breach. AT&T said a dataset found on the “dark web” contains information such as Social Security numbers for about 7.60 million current account holders and 65.40 million former customers. The kicker here is that the data closely resembles a data breach that occurred in 2021 that AT&T never acknowledged. If that’s the case, class action lawsuits and other legal action are likely. Regardless, we should expect the stock price to adjust accordingly on Monday. AP News has more.

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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 for economic data, with investors focused on U.S. employment data. In addition to the above, check out this week's complete list of economic releases.

Earnings This Week

The last few earning season stragglers are rolling in, with 81 companies reporting this week. Some tickers you may recognize are $PLAY, $GOEV, $EXPR, $LEVI, $PAYX, $CAG, $CALM, and more.

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

Links That Don’t Suck

⚠️ US regulator issues highest alert for heart pump linked to 49 deaths

💵 New $20 minimum wage for fast food workers in California set to start Monday

🎫 Powerball jackpot jumps to $975 million after another drawing without a big winner

🗳️ Pension fund CalPERS votes for Nelson Peltz and Jay Rasulo in Disney board battle: report

💳 Visa, Mastercard agree to $30B deal with merchants. What it means for credit card holders.

🏡 Nepo-homebuyers: more than one-third of Gen Z and Millennial homebuyers plan to use family money for down payment

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