WEEK OF SEPTEMBER 30, 2024
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Important Prices
What’s Moving The Markets?
Visa Faces Antitrust Lawsuit
Visa (V) shares fell after the U.S. Department of Justice filed a lawsuit alleging antitrust violations, claiming the company has suppressed competition through high fees and agreements with potential rivals, while Visa plans to contest the lawsuit, emphasizing the competitiveness of the debit market.
ECB’s Rate Cut Debate
European Central Bank policymakers are debating a potential interest rate cut in October due to weak economic data, with dovish members advocating for action amid disappointing business surveys and wage slowdowns, while hawkish members prefer to wait for more concrete data before making a decision.
$1B Auto Supplier Fund Amid EV Shift
Monroe Capital LLC has announced the launch of the $1 billion Drive Forward Fund LP to provide loans to smaller auto suppliers, addressing their financial challenges in adapting to the electric vehicle supply chain, with strong government backing aimed at supporting economic growth and innovation in the U.S. automotive industry.
Boeing’s Offer Rejected: Union Strike Continues
Boeing (BA) offered an improved pay package to striking workers, including a reinstated performance bonus and enhanced retirement benefits, but the International Association of Machinists and Aerospace Workers rejected the proposal, citing insufficient negotiation on key issues, leading to continued financial strain and potential prolonged disputes for the company.
Investors Push Tech Giants for Energy Transparency
Investors managing hundreds of billions are urging tech giants like Microsoft and Alphabet for transparency on AI-related power consumption, amid concerns that rising energy demands could undermine their sustainability goals and impact the environmental viability of tech-heavy portfolios in ESG funds.
Binance’s CZ Released from Prison
Changpeng Zhao, the founder of Binance, has been released from a California detention center after serving four months for federal charges related to anti-money laundering violations, marking a pivotal moment for the cryptocurrency industry as Binance adjusts to his departure and increased regulatory scrutiny.
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 successfully maintained control by keeping the price above the critical demand zone beginning at 5706, as highlighted in last week’s update. This continued positioning above the specified level underscores the bulls’ strength and commitment to driving the market upwards. Maintaining this zone is essential for the bulls to potentially extend their gains and target new highs in the upcoming sessions.
EARNINGS RELEASE CALENDAR
FOR WEEK OF SEPTEMBER 30th
Economic Data Calendar
