WEEK OF SEPTEMBER 9, 2024
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Important Prices
What’s Moving The Markets?
Qualcomm Eyes Acquisition of Intel Design
Qualcomm (QCOM) is evaluating potential acquisitions of Intel’s (INTC) design assets, including its client PC business, as Intel faces financial struggles, workforce reductions, and market pressures, though no formal acquisition proposals have been made, leaving the tech industry in anticipation of further developments.
Dell and Palantir Join the S&P 500
Dell and Palantir saw their stocks rise around 7% in extended trading after being announced as new additions to the S&P 500, replacing American Airlines and Etsy respectively, marking Dell’s return to the index and highlighting Palantir’s profitability and commitment to data initiatives.
Verizon’s $20B Acquisition Deal
Verizon (VZ) announced a $20 billion all-cash acquisition of Frontier Communications (FYBR) to boost its fiber-optic network and compete with rivals like AT&T (T) and T-Mobile (TMUS), enhancing its market position but achieving only modest growth in fiber coverage.
BYD Makes Push into Japan’s EV Market
BYD, backed by Warren Buffett, is tackling Japan’s challenging auto market by deploying EV charging stations, offering incentives, and boosting marketing efforts, despite reduced subsidies, cultural skepticism, and competitive pressure from domestic brands like Toyota (TM) and Tesla (TSLA).
Trump Addresses BRICS De-Dollarization Push
Former President Trump acknowledged that U.S. sanctions are weakening the dollar, pledged to lift sanctions on Russia and Iran if re-elected, while BRICS countries continue their de-dollarization efforts, contributing to the greenback’s diminishing global dominance as its share of reserves falls to 58%.
Mastercard’s New Euro Crypto Debit Card
Mastercard, in partnership with Mercuryo, has launched a Mastercard crypto Euro debit card that allows users to spend cryptocurrencies directly from self-custodial wallets at over 100 million merchants in Europe, simplifying everyday transactions and advancing mainstream crypto adoption while maintaining a focus on security and user control.
S&P Outlook
Bear Case: Bears have gained momentum over the past week. To continue this trend, they need to ensure the price remains below 5565. Below this level, a new supply zone beginning at 5483 could play a pivotal role. Should the price approach this area, trapped longs may seek exits, providing bears an opportunity to capitalize on the situation and drive the price further down.
Bull Case: For bulls, 5356 emerges as a crucial pivot to defend in order to spark a bullish reversal. If the price falls below this point, the next substantial support isn’t found until 5241, highlighting the importance of maintaining levels above 5356. On the upside, breaking and holding above 5535 is necessary, but securing the 5565 level is essential for sustaining bullish control and advancing higher.
EARNINGS RELEASE CALENDAR
FOR WEEK OF SEPTEMBER 9th
Economic Data Calendar
