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WEEK OF SEPTEMBER 23, 2024

Welcome to the Traderverse Weekly Newsletter!

Happy Labor Day! We hope you’re enjoying a well-deserved break. Please note that the stock markets are closed today, so take this time to relax and recharge. We’ll be back next week with more exciting Traderverse updates.

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Important Prices

What’s Moving The Markets?

The Federal Reserve has cut interest rates by 50 basis points after a two-year tightening campaign to combat inflation, marking the first rate cut in four years, with economists expecting further cuts into 2025 as inflation retreats and the U.S. economy seeks a “soft landing.”

BlackRock (BLK) and Microsoft (MSFT) have announced a $30 billion fund, one of Wall Street’s largest, to build energy infrastructure and data centers supporting AI development, reflecting growing demand for AI technologies and the capital investments required to meet its substantial energy needs.

Intel (INTC) has secured Amazon’s (AMZN) AWS as a major customer for its contract manufacturing business, marking a key milestone in CEO Pat Gelsinger’s turnaround strategy as Intel will design custom AI chips for AWS using its advanced 18A process, boosting Intel’s stock price.

Boeing (BA) faces significant operational and financial strain as a machinist strike halts production of its 737 MAX jets, forcing temporary furloughs for tens of thousands of employees and leaving unresolved disputes over wage increases, pensions, and health benefits, potentially costing the company billions.

Elliott Hill, a former Nike executive, will return as President and CEO, succeeding John Donahoe, as the company faces declining sales and rising competition, with Hill tasked to restore Nike’s brand appeal; the announcement boosted Nike’s stock by 8% in after-hours trading on Friday.

The SEC’s approval of options for BlackRock’s iShares Spot Bitcoin ETF marks a pivotal step in institutional adoption, providing investors with enhanced flexibility and risk management tools, potentially increasing capital inflows and solidifying Bitcoin’s status as a mainstream asset class.

S&P Outlook

Bear Case:Bears are focused on driving the price below the critical level of 5673 and maintaining it there to confirm their control. Successfully achieving this would enable them to target the next pivotal level at 5566. This strategic move is crucial for bears aiming to establish a stronger bearish momentum in the market.

 

Bull Case: Bulls have recently managed to create a demand zone starting at 5706, bolstered by the latest upward movement. Maintaining the price within this zone is key for bulls to potentially drive the market higher and challenge new all-time highs. This support is critical for sustaining the bullish momentum and achieving further upward progress.

EARNINGS RELEASE CALENDAR

FOR WEEK OF SEPTEMBER 23rd

Economic Data Calendar

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