02/17/2024
📉 S&P was down slightly this week.
BUT some big things happened.
And are about to happen (read until the end)
Let’s recap:
- NVIDIA now more valuable than the entire S&P 500 Energy Sector
- NVIDIA the 3rd most valuable company in America by marketcap. Surpassed Google and Amazon for the first time in history
- Goldman Sachs CEO gets a 24% pay boost to $31 million for 2023 while profits dropped 24% (biggest pay jump of all big US bank CEO’s)
- Jeff Bezos has sold another $2 billion of Amazon stock, bringing his total sales to $6 billion in the past week
- 82% of companies reported, S&P 500 Q4 GAAP earnings per share are up +14% YoY, the 4th straight quarter of positive YoY growth and highest growth rate since Q4 2021
- S&P’s top stocks haven’t been this concentrated in 50 years. Combined value of the top 10 companies in S&P 500 makes up 33% of the index's total value
- Inflation: Both U.S CPI and U.S PPI inflation come in above expectations in January
- Inflation adjusted US gov spending since 2020 is more than combined spending of: World War I + World War II + 1970 to 1990
- Only 8.5% chance the FED cuts rates in March, down from +70% a month ago
- U.S retail sales dropped by the most in nearly ONE YEAR in January (prior month also revised down)
IMF now "very confident" the world economy will see a soft landing
- Japan and U.K officially enter a recession
- Bitcoin up +7.7% this week. Hits $1 trillion market cap for the first time since 2021
- BlackRock & Fidelity now hold 191,657 of Bitcoin worth over $10 billion in their spot Bitcoin ETFs
- Lyft CFO makes typo in earning release, stock soars +60%. Stock still up +37% this week.
- Coinbase stock surges +14% after posting first quarterly profit in 2 years
- ARM stock up another +7% this week after being up +62% last week. (IPO lockup expires March 12th, watch out drop could be big!)
- Michael Burry closes his short positions on semiconductor stocks like NVIDIA and AMD
- Natural gas prices down 56% in just 3 months
- YouTube TV and GOOGL now has +8 million paid subscribers, making it one of the largest TV providers in the U.S
- OpenAI launched 'Sora', a text-to-video model that allows users to create videos using prompts
- Cathie Wood's Ark Invest has destroyed $14 billion in wealth over the past decade, Morningstar has said
- Corporate America has announced plans to cut 82,307 jobs in January, up +136% from December and the 2nd-most of any in January since the aftermath of the financial crisis in 2009
- Home Depot and Walmart kick off quarterly earnings reports for a host of retailers next week, offering investors a crucial glimpse into the financial health of US households
- NVIDIA reports earnings on Wednesday! Brace yourself, if they miss, the market will likely come down hard!
Source: Genevieve Roch-Dector, CFA.
Have an amazing weekend everyone.