OVERVIEW
The Weekend Rip: September 15, 2024

The broader market’s rebound continued as investors and traders looked ahead with hope to this week’s *likely* Fed rate cut. 📈

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

What Happened?

😌 On Monday, investors experienced their first solace of September as tech stocks jumped. Oracle made new all-time highs on earnings, Google investors faced a bear market conundrum, and Apple’s iPhone event failed to convince bulls.

👀 On Tuesday, the market’s eyes turned to CPI, with the tech-heavy indexes ending the day in the green. Bank stocks gave back some of their gains after offering cautious outlooks, Ryan Cohen keeps playing games with GameStop holders, and consumer discretionary could begin to outperform.

✂️ On Wednesday, stocks flew higher on a tepid CPI reading. Traders took the possibility of a 50 bp rate cut off the table, ‘meme stock’ traders found a better home in Children’s Place, and Palladium confirmed a trend reversal.

😮 On Thursday, stocks continued higher, but Adobe needed Photoshop after its earnings report. Crypto miner Core Scientific perked up, luxury retailer RH surprised investors, and Moderna again missed expectations.

👍 On Friday, stocks closed out a strong week with the Russell 2000 catching up to the larger-cap indexes. Boeing continued to accumulate bruises, SelectQuote was slammed after Q4 earnings, and Medicals Properties Trust soared on settlement news.

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

Here are the closing prices: 

Bullets From The Weekend 📰

🏘️ Mortgage rates reach YTD lows ahead of Fed cut. U.S. mortgage rates are at their lowest since early 2023, helping mortgage applications make a 19-month high. However, Realtor.com chief economist Danielle Hale told Axios she doesn’t expect mortgage rates to fall below 6% this year. Record home prices and low inventory remain as existing homeowners, 86% of which have rates under 6%, are reluctant to give up their low rates. Axios has more.

⚠️ China’s new home prices fell at the fastest rate in 9 years. This recent data shows that the country’s supportive measures failed to spur a meaningful recovery in the property sector. New home prices were down 5.30% YoY, its fastest pace since May 2015, after falling 4.90% in July. This is the fourteenth month of MoM price declines, as the property market deals with debt-ridden developers, incomplete constructions, and declining buyer confidence. More from Reuters.

🧑‍✈️ Air Canada reaches tentative agreement with pilots to avoid strike. The airline and the union representing its pilots have come to terms on a labor agreement that will likely prevent the shutdown threatening to occur at the end of the day on September 17th. The tentative agreement for more than 5,400 Air Canada pilots will generate roughly $1.90 billion in additional compensation for pilots over the four-year term. AP News has more.

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