OVERVIEW
The Weekend Rip: September 29, 2024

U.S. stocks continued their win streak, but global equities were the belle of the ball as China unveiled new monetary stimulus measures. 😋

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

What Happened?

☝️ On Monday, stocks floated to a new record high. Tesla turned on the turbo, Uxin Ltd. shared signs of China’s car market stabilizing, and regulators targeted Exxon Mobil in a first-of-its-kind case.

🌏 On Tuesday, the stock market boom went global. China unveiled a major monetary stimulus package, sending its stock market soaring. Bristol Myers received a boost to its turnaround story, Visa became the DOJ’s latest victim, and StitchFix needed a lot of fixing after earnings.

🏭 On Wednesday, semiconductor stocks bucked the market’s sluggish trend. Micron’s better-than-expected earnings results gave the sector more momentum, Flutter Entertainment and Lowe’s hit new all-time highs, and trouble brewed at OpenAI.

📈 On Thursday, stocks continued their streak into quarter end. Jabil jumped while Super Micro slipped, tech’s rally broadened out to Software, and energy slumped on Saudi Arabia’s production ramp.

🔺 On Friday, stocks closed mixed but secured their third straight week of gains. The Fed’s preferred inflation measure pushed lower, DirecTV and Dish looked to combine, Novo Nordisk neared a major reversal, and investors analyzed how to prepare for a seasonally weak October.

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

Here are the closing prices: 

Bullets From The Weekend 📰

🏘️ U.S. retailers brace for the impact of potential longshoremen’s strike. A dockworker’s strike is expected to close ports on the East and Gulf coasts beginning on Tuesday at 12:01 ET. National Tree Company CEO Chris Butler is one of many executives concerned about the strike’s impact on business, saying that if ports were to close through November, 150,000 trees might not arrive in time for peak Christmas tree shopping season. With the economy relying heavily on consumer spending to keep growth going, the market does not want to see any disruptions. AP News has more.

⚠️ Apple drops out of talks to join OpenAI investment round. The tech giant has reportedly left negotiations to participate in OpenAI’s latest round, where it’s expected to raise $6.5 billion at a roughly $150 billion valuation. Whether it was the high valuation, the recent exodus of several OpenAI executives, or some other reason remains to be seen. But once again, Apple is showing the discipline that many others aren’t by selectively choosing its strategic investments. More from Reuters.

🧑‍✈️ The world’s richest inmate was just released after a four-month sentence. Binance founder Changpeng “CZ” Zhao was released from U.S. custody on Friday after serving his sentence for Binance failing to stop widespread criminal activity on its exchange. He pleaded guilty, paid a $50 million fine, and agreed never to take an executive role at Binance again. Still, he’ll retain his 90% stake in Binance, making him the 25th richest person in the world, with a net worth of $61 billion. He’s now expected to work on Giggle Academy, an education platform that he says will bring in no revenue. TechCrunch has more.

STOCKTWITS CONTENT
Celebrating 10k “Chart Art” Subscribers 🥳

We launched “Chart Art” to curate the best analysis and trade ideas from the Stocktwits community. The response so far has been amazing, with the new brand reaching 10,000 subscribers in less than six months.

To celebrate this milestone, we’ve got a special edition of “Chart Art” highlighting the 10 featured trade ideas with the highest returns and rewarding those community members with some new merch!

Below is the top idea from @ACInvestorBlog. Genius Group is up 137% since he mentioned it on May 14th with the quote, “I like it a lot.” Nice call!