WEEK OF SEPTEMBER 2, 2024
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Important Prices
What’s Moving The Markets?
Nvidia’s (NVDA) stock dropped 6% after its earnings report failed to surpass investor expectations despite strong growth and a $50 billion buyback, sparking concerns over generative AI’s payoff, affecting other chipmakers, and drawing regulatory scrutiny.
The U.S. Commerce Department plans to award HP (HPQ) $50 million to expand its semiconductor facility in Oregon, enhancing microfluidics and life sciences tech while supporting broader semiconductor innovation, as part of a national effort to revitalize domestic chip production and bolster critical industries.
Apple Inc. (AAPL) has partnered with India’s Bharti Airtel, offering premium customers free access to Apple TV+ and Apple Music, marking a strategic move to expand Apple’s digital services in the highly competitive Indian market while Airtel enhances its offerings to top-tier subscribers amid intense local competition.
Walt Disney Co (DIS) and Reliance Industries (RELI) secured approval for their $8.5 billion merger, creating India’s largest entertainment entity with a 40% market share in TV and streaming ads, while addressing concerns over cricket broadcasting dominance and committing to key regulatory concessions.
A federal appeals court has ruled that General Motors (GM) must face a class action lawsuit over alleged transmission defects in hundreds of thousands of 2015-2019 Cadillac, Chevrolet, and GMC vehicles, rejecting GM’s objections and sending the case back to Detroit for further proceedings.
U.S. tech giants like Amazon (AMZN) and Microsoft (MSFT) are competing fiercely for energy assets from bitcoin miners amid a surge in power demand driven by AI and cloud computing, causing miners to pivot toward leasing their infrastructure or face obsolescence.
S&P Outlook
Bear Case: Bears are tasked with breaking and maintaining the price below 5534 to initiate bearish momentum. Additionally, there is a potential supply zone beginning at 5688, which could provide a strategic advantage for bears to capitalize on, should the price reach this higher level. This zone is critical for bears looking to regain control and push the market downward.
Bull Case: Bulls continue to exhibit control, as the price remains within the established demand zones highlighted last week. They have successfully maintained dominance by creating and actively testing new demand zones, with a significant one recently established at 5580. This week, the price continues to trade within both this zone and others from the previous week. If the price were to break below 5534, bulls are prepared to defend the substantial demand zone at 5460, which stands as a critical support area for maintaining and extending their bullish momentum.
EARNINGS RELEASE CALENDAR
FOR WEEK OF SEPTEMBER 2ND
Economic Data Calendar
