WEEK OF SEPTEMBER 23, 2024
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Important Prices
What’s Moving The Markets?
Fed Cuts Interest Rates
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 and Microsoft Launch AI Fund
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 Signs Major Deal with Amazon
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 To Start Large-Scale Furloughs
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.
Nike Names New CEO
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.
Bitcoin ETF Gains Options Approval
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
