OVERVIEW
The Weekend Rip: August 11, 2024

It was a wild week in the market, with Japan’s currency moves causing chaos all over the globe. 🫨

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

What Happened?

💴 On Monday, the Japanese Yen carry trade unwind jolted global markets. Stocks experienced their first major bout of volatility all year, causing a bearish tone among market participants. Still, earnings season helped drive some winners, as did investors’ shift into defensive assets.

🐻 On Tuesday, investors eyed earnings as stocks stabilized, but sentiment on Stocktwits remained bearish. Super Micro Computer slumped over growth concerns, even as the company announced a 10-for-1 stock split to broaden its investor base.

😐 On Wednesday, ‘meh’ earnings caused the market to melt further, with a key risk-on/risk-off measure flashing caution. Ripple’s battle with the SEC is officially over, paving the way for more progress in the crypto industry. Robinhood and Shopify both popped on earnings.

🔺 On Thursday, the market crept toward positive territory, with improving price action causing Jeremy Siegel and other famous investors to temper their calls for an emergency Fed rate cut. Cannabis stocks caught a ‘Trump’ bid, while earnings drove moves in Bumble, Novo Nordisk, and more.

🤕 On Friday, investors earned 48 hours of reprieve, with the major indexes closing nearly green on the week. Beyond Meat led some wild moves in food-related stocks like Sweetgreen, Cava, Chipotle, Starbucks, and more. Also, Cisco slumped amid fresh job cuts.

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

Here are the closing prices: 

Bullets From The Weekend

🔋 More than half of new cars sold in China are electric or hybrid. The China Passenger Car Association’s data has been questioned in the past, but for now, the market is digesting new numbers that suggest battery-only and hybrid-powered cars accounted for 51% of new sales in China last month. For comparison, in the U.S., the rate was 18% in the first quarter, down from 18.80% in the previous quarter. CNBC has more.

😡 Apple’s new ‘nearly endless’ 20% fee angers EU developers. The consumer tech giant is once again tweaking App Store rules in the EU to comply with the Digital Markets Act (DMA). At first glance, the rules appear to give developers more freedom when linking to outside purchases. However, a restrictive new fee structure will require developers to pay a commission for sales across any platform when they include outside links. The 20% ‘store services fee’ will apply to sales within one year of the app installation, with the clock resetting if it’s reinstalled or updated. More from The Verge.

📺 The Cable TV business continues to crumble. Paramount Global and Warner Bros. Discovery both wrote down billions of dollars in value from their cable TV businesses this week. With traditional linear TV businesses struggling, these media conglomerates are having difficulty convincing Wall Street that their streaming profits will offset those losses. Additionally, with streaming giants like Amazon paying major premiums for live content like sports, it’s becoming increasingly difficult for pure media companies to compete. Axios has more.

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