The Weekend Rip: November 03, 2024

What you need to know for the week ahead.

OVERVIEW
The Weekend Rip: November 03, 2024

Source: Tenor.com

Last week was volatile and ended in the red, though traders and investors are buckling up for another wild ride this week. In addition to 1,200+ companies reporting earnings, we’ve got the U.S. presidential election and Fed interest rate decision that will likely put markets on their toes. 😱 

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

What Happened?

👆️ On Monday, stocks rebounded to start the week as all eyes turned to ‘Magnificent Seven’ earnings. Ford’s forecast failed to impress, SoundHound bulls sounded the alarm, and retail set up for SoFi’s earnings results.

🤖 On Tuesday, big tech buoyed a mixed market. Reddit soared, SoFi slumped, PayPal slipped, Snap jumped, Alphabet bumped, and AMD tripped on earnings. Meanwhile, Bitcoin was the breakout of the day.

😵 On Wednesday, semiconductors were sent lower by shocking SMCI news. The semiconductor giant’s shares slipped after its auditor EY resigned and other big tech earnings failed to impress. The U.S. economy continued to hum along, even as the labor market showed additional signs of slowing.

😨 On Thursday, spooky season struck stocks after lackluster earnings. Apple and Amazon failed to impress Wall Street, but Intel bounced back after better-than-expected results. Fintech auto insurance stocks boomed on improving business fundamentals, and the “Trends With Friends” crew chatted about the future of crypto.

😬 On Friday, earnings failed to quell pre-election jitters. The Dow Jones Industrial Average finally dropped Intel and added Nvidia to keep up with the times. And one popular bull began calling out bearish signs for the market.

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

Here are the closing prices: 

S&P 500

5,729

-1.37%

Nasdaq

18,240

-1.57%

Russell 2000

2,210

+0.05%

Dow Jones

42,052

-0.15%

Bullets From The Weekend 📰

🤏 Legal bets on the U.S. presidential election are still dwarfed by sports gambling and other wagers. Prediction market startup Kalshi says Americans have legally wagered more than $123 million on the presidential election, in the country’s first election where betting is legal and widespread. Still, it pales in comparison to people betting over $400 billion on sports since legalized in 2018 and $120 billion just in 2023. With Robinhood rolling out its prediction market last week, we’ll see how these numbers shake out post-election. Axios has more.

🥺 Startups and incumbents join hands in fighting AI regulation. Two of the biggest forces in the tech ecosystem, Microsoft and a16z partners, are pleading with the government to stop considering regulations that might affect “innovation” in the emerging artificial intelligence (AI) industry. “Our two companies might not agree on everything, but this is not about our differences,” is part of the group's joint statement. More from TechCrunch.

🍷 Producers are whining about too much wine. A global decline in wine consumption creates problems for vineyards; too many grapes and too much wine. Global wine consumption fell from 247 million hectoliters in 2017 to 221 in 2023, roughly 3.5 billion fewer bottles of wine. Younger generations’ lifestyle changes and inflation are the primary drivers, with the industry trying desperately to win customers back and limit supply. Axios has more.

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