OVERVIEW
The Weekend Rip: September 01, 2024

It was a sweaty month of August, but bulls managed to close out the month's final week in positive territory…just in time for the three-day weekend. 🏖️

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

What Happened?

🔻 On Monday, big tech pulled back as the market awaited Nvidia’s earnings on Wednesday. Chinese stocks tumbled after PDD Holdings signaled some short-term trouble. Solar stocks showed a mixed outing. And marijuana stocks got smoked again.

😰 On Tuesday, stocks had another mixed showing as everyone prepared for Nvidia’s results. We outlined the social, fundamental, and technical aspects the market was watching ahead of the tech giant’s earnings.

😐 On Wednesday, Nvidia day ended in the red despite the company posting its seventh straight “triple beat,” which means it topped earnings and revenue expectations and raised guidance. Berkshire Hathaway became the first non-tech U.S. company to reach a $1 trillion valuation. Abercrombie & Fitch tumbled after its CEO warned of an “increasingly uncertain environment.”

🙃 On Thursday, the market essentially flipped Wednesday on its head, with Nvidia falling and the rest of the market rising. Dollar General shared some ‘damning’ commentary about the lower-income consumer, OpenAI looked to raise money at more than a $100 billion valuation, and GameStop gained momentum after announcing a retro gaming initiative.

🥲 On Friday, bulls closed out the volatile week (and month) in the green. A Potential Intel breakup caused the stock to rally, Goldman cut 3-4% of its workforce, and downward progress in core PCE continued.

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

Here are the closing prices: 

Bullets From The Weekend 📰

🥎 Private equity has a new target…youth sports. With money flowing by the billions into pro and college sports, it’s also coming for kids’ sports. U.S. families spend more than $30 billion annually on youth sports, which operate year-round. Private equity firms are getting into the game, buying exposure into everything from the sports teams to the various businesses supporting the industry, ranging from facilities to coaches to media and merchandise. Axios has more.

🏭 China’s factory data raises pressure for consumer stimulus. The country’s manufacturing activity fell to a six-month low, with prices and new orders tumbling. This is the sixth straight decline and the fourth month below the 50 mark, which separates growth from contraction. Now, policymakers are looking to renew momentum in the world’s second-largest economy by targeting stimulus at households rather than infrastructure projects as it had in the past. The country may bring part of next year’s bond issuance quota into October to try to salvage this year’s growth measures. More from Reuters.

📈 Bluesky gains momentum after Brazil bans X. Brazil’s court decision to ban X is benefitting its rivals big time, especially BlueSky. The microblogging platform said on Friday that it is seeing “all-time highs for activity,” with 500,000 new users joining in the previous two days. The growth is major for the platform, which only fully opened to the public in February. TechCrunch has more.

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