WEEK OF AUGUST 19, 2024
Welcome to the Traderverse Weekly Newsletter!
Important Prices
What’s Moving The Markets?
Google is expanding its AI-generated search summaries to six new countries, following a challenging U.S. rollout that led to product updates, aiming to enhance the feature’s accuracy and drive more traffic to websites amid legal and competitive pressures.
In July 2024, U.S. inflation fell to 2.9%, but economic uncertainty persists as global markets react to a recent crash, while the Federal Reserve faces pressure to balance inflation control and market stability, with potential interest rate cuts looming.
Texas Instruments (TXN) has secured up to $1.6 billion from the U.S. Commerce Department to build two factories in Texas and one in Utah as part of the CHIPS Act, supporting the company’s $18 billion investment and creating 2,000 jobs while enhancing domestic semiconductor production.
Starbucks has appointed Brian Niccol, the CEO who turned around Chipotle, as its new CEO, sparking a 24% stock surge, as the company seeks to address declining performance and rising competition, with Niccol expected to steer the brand towards a mobile-focused strategy.
Federal Reserve Chair Jerome Powell’s upcoming speech at Jackson Hole on Friday is highly anticipated, as it may reveal potential shifts in monetary policy amidst concerns over restrictive rates and economic indicators, shaping market expectations and future policy decisions.
MetaMask, in partnership with Mastercard, is launching the MetaMask Card—a pioneering blockchain debit card allowing instant spending directly from self-custody wallets—bridging cryptocurrency with everyday transactions and marking a significant advance in crypto market integration.
S&P Outlook
Bear Case: Bears are focused on breaking below and sustain the price under 5433 to initiate a stronger bearish movement. To solidify this momentum, the ultimate goal is to push further down and maintain below the 5356 pivot. Achieving this would significantly enhance the bearish drive and possibly open the door to deeper market corrections.
Bull Case: Bulls have established a new potential demand zone beginning at 5460.75, which could serve as a crucial support level. In the event the price drops, maintaining it above the pivotal 5356 mark is essential for continuing the upward trajectory. This level is key for bulls to hold to prevent a reversal of the recent gains and to sustain bullish momentum.
EARNINGS RELEASE CALENDAR
FOR WEEK OF AUGUST 19TH
Economic Data Calendar
