The Weekend Rip: October 27, 2024

What you need to know for the week ahead.

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OVERVIEW
The Weekend Rip: October 27, 2024

Source: Tenor.com

Stocks broke their six-week win streak following softer-than-expected earnings and a continued rise in treasury yields. 📉 

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

What Happened?

◀️ On Monday, small-caps retreated as yields rose. Nvidia notched a new all-time highs, several popular stocks popped and dropped, and we recapped quotes from Stocktoberfest Day 1.

🌏️ On Tuesday, international stocks slipped as the U.S. churned sideways. GM and GE diverged on earnings, the Nikkei 225 flashed warning signals for international stocks, and several blue-chip stocks were in the news.

⚡️ On Wednesday, Tesla tried to reverse tech’s tumble with better-than-expected results. Tesla broke its quarterly losing streak, topping earnings estimates as revenues missed. Sugar futures are the latest commodity setup. And Spirit Airlines, Stide, Peloton, and others saw major moves.

🐂 On Thursday, bulls cheered the bull market in the Nasdaq…the actual exchange company, as its shares hit new all-time highs. Gold miners tumbled despite the shiny metal hitting new all-time highs many times this year. And someone launched a 2x Berkshire Hathaway ETF…a trading vehicle we never knew we needed.

😢 On Friday, the bears finally broke the bulls’ win streak. NYCB shares dipped while Booz Allen Hamilton ripped. Meanwhile, the NYSE responded to the competition by preparing to launch 22-hour trading.

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

Here are the closing prices: 

S&P 500

5,808

-0.96%

Nasdaq

18,519

+0.16%

Russell 2000

2,208

-2.99%

Dow Jones

42,114

-.268%

Bullets From The Weekend 📰

🤖 Meta strikes multi-year AI deal with Reuters. The tech giant struck a deal with Reuters to use its new content to provide real-time answers to user queries about news and current events in its Meta AI chatbot. It’s unclear whether the deal includes a licensing component that would allow Meta to use the content to train its large language model, Llama. It’s the latest deal publishers have put together to raise revenue, with Reuters recently paywalling some of its content to bolster its business. Axios has more.

⛔️ Taiwan Semi suspends shipments over security concerns. The world’s largest chip manufacturer suspended shipments to China-based chip designer Sophgo after a chip it made was found on a Hauwei AI processor. Huawei is restricted from buying the tech to protect U.S. national security. It’s unclear how this situation occurred; both companies are working with authorities to investigate. More from Reuters.

✂️ Swiggy cuts its IPO valuation again. While Indian stocks are still trading near all-time highs, the appetite for some initial public offerings (IPOs) is not as robust as it once was. Indian food delivery giant Swiggy has slashed its IPO valuation again to $11.3 billion, now 25% below the initial goal of $15 billion. Market volatility and Hyundai India's lackluster debut have dealmakers concerned about demand. Yahoo Finance has more.

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