OVERVIEW
The Weekend Rip: September 22, 2024

Stocks closed out a volatile week in the green, with global rate cuts helping buoy the appetite for risk assets. 😋

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

What Happened?

🤷 On Monday, it was a mixed day as Apple and Nvidia dragged down the Nasdaq 100 index. Intel popped as a potential turnaround play, Indian markets topped global stock performance, and projects were announced in the alternative energy space.

⏱️ On Tuesday, stocks were buoyed by rate cut hopes as investors patiently awaited the Fed decision. Canada reached its 2% inflation target ahead of other developed countries, rate cuts $PAVE-d the way for infrastructure stocks, and several partnership announcements were made.

✂️ On Wednesday, the Fed finally delivered, but stocks reversed initial gains to close red. The market read into the Fed’s forecast, Amazon added perks for its workers as the stock attempts to break out, and 23andMe’s independent board all resigned.

📈 On Thursday, investors digested the rate cuts and decided to ramp stocks globally. FedEx’s latest earnings delivery cratered the stock, several more central banks cut rates, and PayPal partnered with Amazon while Darden Restaurants signed a delivery agreement with Uber.

🔻 On Friday, stocks closed down except for the Dow. Beaten-down brands like Nike and Intel caught a bid, Micron showed signs of bottoming before earnings, and the amount of AI investment went nuclear.

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

Here are the closing prices: 

Bullets From The Weekend 📰

🏘️ Bonobos founder is betting on friendship. Andy Dunn sold the men’s clothing company to Walmart for more than $300 million, but now, he wants to help adults make friends. The COVID-19 pandemic and widespread use of social media and other technology have helped drive increasing levels of loneliness and mental health struggles. His new app, Pie, is essentially LinkedIn for social life and looks to create a technological solution to help reverse the trend that the sector partially caused. Axios has more.

⚠️ OpenAI closes in on the largest VC round ever. The company is anticipated to raise $6.50 billion at a $150 billion pre-money valuation, with billions in oversubscribed dollars being turned down. To put that in context, $150 billion is what the entire U.S. venture capital market had under management in 1999. It shows just how different a universe that generative AI startups are from the rest of the space, where valuations are still rebounding. More from Axios.

🧑‍✈️ This Indian firm just acquired Motel 6 for $525 million. One of the country’s largest startups, budget hotel company Oyo, will acquire G6 Hospitality in an all-cash deal. The acquisition includes the Studio 6 extended stay brand, with Oyo dramatically increasing its North American footprint. From its first U.S. location in 2019, it grew to 320 hotels across 35 states, with this deal adding 1,500 locations in the U.S. and Canada. TechCrunch has more.

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