OVERVIEW
The Weekend Rip: September 08, 2024

September is generally a sucky month for stocks and boy, did it live up to its name during the first week. 😫

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

What Happened?

🌭 On Monday, U.S. markets were closed for Labor Day.

😨 On Tuesday, stocks started a seasonally weak September on a rough note. Nvidia fell 10% on reports that the government’s Nvidia AI antitrust investigation is ‘escalating.’ Software stocks got a shellacking, crude oil crashed into negative territory, and we reviewed September’s seasonal tendencies.

🔻 On Wednesday, stocks failed to regain any traction. Dollar Tree reiterated the weakness that Dollar General noted a week earlier. It was a mixed day for dealmakers; C3.ai slumped after earnings, and Celsius sliced through support.

😐 On Thursday, stocks posted another mixed day, with Broadcom being the latest artificial intelligence (AI) bust. Tesla topped resistance after Musk touted FSD’s timeline, an auto parts giant prepared to break out, and Trump-linked stocks had no $PHUN.

😰 On Friday, stocks closed on the lows as gold and bonds attempted to break out. The labor market numbers showed companies are not hiring at the pace they were, but they’re not firing either. A filing revealed big problems at Big Lots, GameStop got its game on ahead of earnings, two under-the-radar stocks broke out, and the S&P 500 announced its quarterly shakeup.

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

Here are the closing prices: 

Bullets From The Weekend 📰

🤖 Brands concoct AI influencers to help drive engagement. For companies looking to connect better with their target audiences, artificial intelligence (AI) represents an opportunity to do just that…but not in the traditional sense. With influencers dominating fashion, entertainment, politics, and other verticals, some of the latest on the scene may not even be real people. Miguel Sousa is one of the first virtual influencers who’s garnered 2.5 million followers on Instagram and has modeled for brands like Chanel, Prada, and Supreme. Axios has more.

🧑‍⚖️ Google and the DOJ return to court for round 2. Google and the Justice Department return to the ring on Monday when they return to court to argue about how ads are bought and sold online. A federal judge in DC agreed Google had illegally monopolized the online search market; now, a judge in Virginia will determine whether it has also illegally monopolized the market for advertising technology. More from The Verge.

🤑 OnlyFans owner becomes a billionaire after a massive $472 million dividend payment. The adult-content-friendly creator platform reported record revenue and profits during fiscal 2023, with the number of creators rising 29% YoY to 4.12 million. Gross payments through the platform rose 19% YoY to $6.63 billion, with creators earning $5.32 billion for the most recent fiscal year. Total registered users rose 28% YoY to 305 million, making it one of the fastest-growing brands since its launch in 2016. Variety has more.

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Not an offer or recommendation by Stocktwits nor is this investment advice. See disclosure.