OVERVIEW
The Weekend Rip: August 25, 2024

After some initial volatility, dovish Fed comments about coming cuts helped stocks close another week in positive territory. 💚

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

What Happened?

🤖 On Monday, stocks approached new highs after AMD’s big acquisition was announced. Meanwhile, a shipping giant showed momentum, and activist investor Carl Icahn settled charges with the SEC.

❌ On Tuesday, the bulls’ win streak ended at eight days. In the tech field, Palo Alto networks pushed toward new highs, PayPal and Adyen partnered, SiriusXM stole away a major podcast from Spotify, and Lowe’s left a lot to be desired with its tepid outlook.

📝 On Wednesday, dovish FOMC minutes offset historic payroll revisions to push buyers back into stocks. Retailers reported mixed results, while Zoom and Snowflake saw opposite earnings reactions.

📉 On Thursday, stocks pulled back as investors awaited Jerome Powell’s speech. Cava cruised to new all-time highs after notching solid growth, Peloton posted its best day ever, and Chinese stocks reported mixed earnings.

😁 On Friday, Jerome Powell signaled “the time has come” to shift policy. Small-caps roared along with the equal-weighted S&P 500, a Halliburton hack kept cyber stocks on the map, and sentiment suggested Nvidia earnings are the main thing investors care about next week.

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

Here are the closing prices: 

Bullets From The Weekend 📰

👮 French authorities arrest Telegram’s CEO. Telegram CEO Pavel Durov is reportedly in custody after being arrested near Paris on a warrant related to a preliminary investigation. French authorities believe the platform’s lack of moderation has “allowed criminal activity to go on undeterred on the messaging app.” While the app has become a critical resource for finding crucial information in places where heavy censorship is common, its lack of moderation also makes it a haven for bad actors. The Verge has more.

⚠️ Seattle Port and Sea-Tac Airport may have been hit by a cyberattack. The port began to experience issues on Saturday morning, and issues have continued across public sites and infrastructure well into Sunday. A TSA spokesperson reported no impact on security operations, but the cybersecurity issue is the latest in what seems to be a daily attack on public infrastructure and companies. More from TechCrunch.

📺 Americans will spend $39 billion on back-to-school shopping. The National Retail Federation expects this year’s spending to be the second-highest on record at $38.80 billion or $874.68 per household. That’s down from last year’s record-setting $41.50 billion, showing consumers continue to spend despite a slowing economy and labor market. With that said, experts anticipate bargain hunting and trading down to cheaper supplies to be key themes for this year’s season. CNN Business has more.

NVIDIA DAY COUNTDOWN
Join Us On Stocktwits For Nvidia Day 👀

Nvidia will report its second-quarter results after the bell on Wednesday, and the world will be watching. So we’re rolling out the red carpet of coverage ahead of the event, with everything from a price prediction contest to exclusive expert interviews.

It’ll all lead up to listening to the earnings call live on Stocktwits, where our community will react to the results in real time. 🎧

But in the meantime, be sure to follow @Stocktwits on the platform and our socials (X, Instagram, YouTube) so you don’t miss out on the action. 🚨