OVERVIEW
The Weekend Rip: November 10, 2024

It was a record week in markets, with stocks and other risk assets responding positively to a decisive election outcome and another Fed rate cut. 📉 

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

What Happened?

😬 On Monday, markets closed mixed as investors anxiously awaited Election Day. Several retail favorites reported results, tens of thousands of investors voted in Stocktwits’ U.S. election poll, and Nvidia became the most valuable company again.

👀 On Tuesday, stocks turned higher as all eyes turned to U.S. election results. Super Micro slipped after failing to provide investors with answers, market participants raced for protection, and earnings drove many individual stock moves.

📈 On Wednesday, a decisive Trump win took risk assets to new highs. The market's attitude shifted from fear to FOMO, investors prepped for another Powell presser, and earnings drove major moves in AppLovin, SolarEdge, Lyft, and others.

✂️ On Thursday, Fed Chairman Jerome Powell fended off tough questions. The Fed Chair cut rates by another 25 bps and said he would not leave his post if Trump asked. Speculative plays in the market caught a new wave. Earnings drove major moves in Under Armour, Wolfspeed, Pinterest, and more.

🥳 On Friday, stocks closed out their ‘best week’ of 2024. The S&P 500, Bitcoin, and several Magnificent Seven stocks hit new all-time highs. Upstart and other “catch-up” plays went parabolic. And the tariff terror is already beginning among U.S. consumers and companies.

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

Here are the closing prices: 

Bullets From The Weekend 📰

₿ Bitcoin blasts past $80,000 after Trump's victory drives risk appetite. This week’s crypto rally is one for the books, with Bitcoin leading the charge as it cracks above $80,000 for the first time ever. Meanwhile, altcoins are playing catchup, with the altcoin market cap breaking above $1 trillion and Solana cracking the $100 billion mark. Meme coins like DogeCoin, Shiba Inu, and others also moved sharply higher. CNBC has more.

☕ Intel tries to motivate employees with a $100-million-per-year coffee and tea program. The struggling chipmaker is getting back to basics, even as it attempts to cut billions in costs over the coming quarters. After suspending it recently as part of its cost-cutting efforts, the company is reinstating its free in-office coffee and tea perk for employees. However, it’s releasing it, saying, “…we understand that small comforts play a significant role in our daily routines. We know this is a small step, but we hope it is a meaningful one in supporting our workplace culture.” More from Tom’s Hardware.

🚫 U.S. ordered TSMC to partially halt shipments to China. The U.S. reportedly ordered Taiwan Semiconductor to halt shipments of advanced chips often used in artificial intelligence applications to Chinese customers starting Monday. The order came just weeks after TSMC notified the Commerce Department that one of its chips had been found in a Huawei AI processor. Yahoo Finance has more.

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