OVERVIEW
The Weekend Rip: October 20, 2024

Stocks closed out another week in positive territory, as earnings helped propel several market bellwethers to new all-time highs. 🥳

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

What Happened?

📈 On Monday, global stocks rallied after overlooking a ‘lackluster’ China stimulus. Fintech firms and financials felt the love after analyst upgrades, crypto stocks cruised higher after a weekend Bitcoin bump, and it was an M&A-filled day.

⚠️ On Tuesday, ASML’s early earnings release sank the stock market. The semiconductor giant’s cautious outlook hurt stocks, several stocks popped and dropped on key news, and some crazy behavior in nano-cap stocks like $DRUG.

💪 On Wednesday, small-cap stocks finally made their move. Airline stocks soared on the back of United Airlines’ numbers, the beauty industry experienced its latest blemish, and big tech made a big bet on nuclear energy.

🤖 On Thursday, markets were mixed as investors eyed “Mag 7” earnings. Investors gave a thumbs up to Netflix's results, which helped the stock hit all-time highs on Friday. Buyers turned up the heat in Travelers & Taiwan Semiconductor, and “Trends With Friends” talked meme coins and market culture.

👑 On Friday, stocks closed another week in positive territory, but the story of the day was precious metals' pump. Regions and Fifth Third Bancorp reported mixed results, silver broke out to 12-year highs, and Argentina impacted P&G earnings.

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

Here are the closing prices: 

Bullets From The Weekend 📰

💰 Spirit Airlines extends debt refinancing deadline with just hours to spare. The struggling budget airline extended a deadline with its credit card processor to renegotiate more than $1 billion in debt. The carrier has furloughed pilots, offered staff buyouts, and deferred aircraft orders to save cash while it tries to stabilize its core business in a post-Jet Blue merger failure world. Shares are at an all-time low. CNBC has more.

🤝 Elliott and Southwest Airlines begin settlement discussions. The activist investor and budget airline have begun discussing a potential settlement to avoid a proxy fight for control of the airline’s board. Elliott has proposed a new framework that would give it representation on Southwest’s board but not control. If a settlement is not met, the 10% owner will force a proxy meeting on December 10th. More from Reuters.

🏦 Bank failure in Lindsay leads to FDIC intervention. Residents of Lindsay, Oklahoma, are facing a rare bank closure after The First National Bank of Lindsay closed on Friday. The Federal Deposit Insurance Corporation (FDIC) will take control to protect depositors, the bank will reopen as The First Bank and Trust Company of Duncan. Still, market bears say this is an early sign of bigger problems ahead for many community and regional banks. Yahoo Finance has more.

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