🕯 Most Volatile Stocks / 04.09.2024

🔽Shares of United States Steel Corporation fell more than 20% on Wednesday as the Washington Post reported President Joe Biden is preparing to announce he will formally block Nippon Steel proposed $14.9 billion acquisition of the company. The post cited three people with "knowledge of the matter" but noted a White House official declined to comment.

🔽Dollar Tree stock is getting crushed in Wednesday's trading. The discount retailer's share price was down 24%. On Wednesday morning, Dollar Tree published results for its fiscal second quarter, which ended Aug. 3. Sales and earnings fell short of analysts' consensus expectations, and management cut its full-year guidance targets. The company continued to face some macroeconomic headwinds, and expenses from store openings and legal liability costs also weighed on the bottom line.

🔽Zscaler stock collapsed in morning trading Wednesday, down by 17.8%, even though the company crushed analysts' forecasts for its fiscal fourth quarter when it reported after the closing bell Tuesday. Turns out, though, investors were less interested in Zscaler's recent past and more worried about what might happen next year. CEO Jay Chaudhry hailed the results as "exceeding the high end of our guidance across all metrics." And Zscaler made good progress toward achieving true GAAP profitability.

🔼Shares of GitLab were soaring today after the DevOps cloud software specialist posted strong results in its fiscal 2025 second-quarter earnings report, beating estimates on the top and bottom lines. In a difficult environment for cloud software companies, GitLab keeps delivering solid growth. CEO Sid Sijbrandij said, "Our results show the combination of our end-to-end platform and AI solutions are driving results for our customers by aligning to business goals, providing measurable results, and improving security."

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🔴 Market Pulse / 03.09.2024

↘️ Investors began September trading with a crash as stocks tumbled on Tuesday to start a historically tough month for markets, with AI darling Nvidia and chip names leading tech stocks down. The turn into the red comes amid a crucial week of data on the economy and labor market highlighted by an influential monthly jobs report.

📊The market initially took a leg down on Tuesday after two readings of manufacturing production showed signs of weakness. S&P Global’s showed a decline from July to August, while the Institute for Supply Management’s came in under the level anticipated by economists polled by Dow Jones. This data reignited concerns around slowing growth within the U.S. economy, which helped drive a closely watched sell-off early last month.

📈U.S. and global benchmark crude-oil prices fell sharply on Tuesday to turn lower year to date, as downbeat economic data from China and a weak reading on the U.S. manufacturing sector fed worries about a slowdown in energy demand. November Brent crude, the global benchmark, fell 4.9%, to settle at $73.75 - the lowest front-month finish since Dec. 12, 2023, with prices turning down by 4.3% this year. WTI crude for October delivery fell 4.4% to settle at $70.34 - the lowest front-month finish since Dec. 13, 2023. Year to date, prices have now lost 1.8%.

🔽Nvidia fell 9% on Tuesday, continuing a slide that accelerated after the company's earnings report last week that failed to impress Wall Street. The stock is down more than 12% over the last five days, highlighting a challenging moment for AI and chip companies that have stalled as questions about returns on investments from their customers grow louder.

🔽Coinbase sank nearly 7% as fears of an economic slowdown outweighed the prospects of the Fed's expected rate cut later this month, pulling a host of crypto-related firms, along with much of the rest of the market, into the red. The price of bitcoin, the main cryptocurrency, sank further on Tuesday, around the $57,000 level, dragging the prospects of the digital currency ecosystem along with it.

🔽Boeing sank 6% Tuesday following a price target cut from Wells Fargo, which highlighted pressure on the company's cash flow as it works to develop new aircraft. The company also faces a major potential strike, as its workers in Washington state are set to go on strike if a deal isn't reached later this month.

S&P Movers:

📈Molson Coors Beverage +5%
📈Dexcom +4%
📈Cboe Global Markets +4%
📉Vistra -11%
📉Monolithic Power System -10%
📉Constellation Energy -10%

Market Data

📉S&P 500 -2.1%
📉NASDAQ -3.3%
📉STOXX 600 -1.0%
📉DAX -1.0%
📉SHANGHAI -0.3%
📉NIKKEI -0.0%

🥇 GOLD -0.1%
💛 BTC -1.8%
😱  VIX +38.1%

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⚡️Goldman Sachs Estimates US Economic Growth Higher If Democrats Win Elections

🌧In the event of a Republican victory or a divided Congress under Donald Trump, economic growth will suffer next year, mainly due to increased import tariffs and tougher immigration policies. Job growth under Democrats will also be higher than under Republicans.

📍The race between Harris and Trump is close, with the Democratic candidate holding a slight lead in national polls and some key states. The prospect of Trump winning, especially in tandem with harsh China critic J.D. Vance, rattled markets in July.

✨Under Harris, job growth would be 10,000 per month higher than under divided-government Trump and 30,000 higher than with a complete Republican victory, Goldman estimates. A Trump victory would likely lead to higher tariffs on auto imports from China, Mexico and the EU, raising core inflation.

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🌧 September Is Traditionally A Terrible Month For Traders

⚠️ 2024 could be even more challenging due to uncertainty regarding the Federal Reserve's monetary policy. Stocks, bonds and gold typically lose value in September as traders review their portfolios after the summer break. This month marks the largest percentage drops in the S&P 500 and Dow Jones indices since 1950. Bonds have fallen in eight of the last ten Septembers, and gold has fallen every time since 2017.

⚠️ Investors should be prepared for increased volatility as they face uncertainty, including a key US jobs report that will be important to the Fed's decision on the frequency and size of future rate cuts. Stocks trading near record levels and Treasuries on their longest monthly winning streak in three years could be vulnerable to shocks or surprises amid the tight US presidential race.

❗️With markets expecting four quarter-point rate cuts by the end of this year, there is increased risk of volatility if the Fed appears less willing to ease policy at its meeting ending Sept. 18.

‼️Another source of volatility will be the first televised debate between Vice President Kamala Harris and former President Donald Trump next week, an event seen as important for their re-election campaigns.

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⚡️Wall Street's Oil Market Forecasts for 2025 Are Getting Gloomier

📈Last week, experts at Goldman Sachs Group and Morgan Stanley already lowered their forecasts for Brent oil prices for next year to below $80 per barrel. Citigroup Inc. and JPMorgan Chase & Co. warned that futures for “black gold” could even fall to $60.

💸The main reason lies in China, the world's largest oil importer, where key growth engines such as manufacturing activity and home sales have begun to falter.

📊Global oil markets were oversupplied by more than 1 million barrels a day in the first quarter as rising demand was more than met by an influx of new production from the United States, Guyana and Brazil, according to the International Energy Agency.

➕However, this figure could increase if the OPEC+ cartel, led by Saudi Arabia, continues to implement plans to restore production by about 2 million barrels per day between October and the end of 2025.

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⚡️Hedge Funds Bet Against Banks, Insurance And Real Estate

⏺Hedge funds continue to bet against bank and financial stocks amid reports of job cuts and lower trading volumes. Financial stocks were the most traded sector in the group's prime brokerage desk serving global hedge funds, according to a note from Goldman Sachs.

⏺Banks, insurance companies, publicly traded real estate trusts and capital markets companies were sold on a net basis for the fourth week in a row. The STOXX 600 bank index in Europe is up 1.7% since Aug. 26, and the Dow Jones bank index closed Friday up more than 2% in the week ahead of the U.S. holiday.

⏺Financial stocks have been short in six of the last seven weeks. Sales were global, with the largest volumes in North America, emerging markets in Asia and Europe. While overall global deal value rose about 20%, the number of mergers and acquisitions fell 25% through June 25, according to LSEG.

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⚠️ Buffett Is Selling Bank of America Shares Again

⏺Berkshire Hathaway's Warren Buffett continues to sell shares of Bank of America Corp., and if it continues to reduce investments, it will soon eliminate the need to quickly disclose these transactions.

⏺The new round of sales, disclosed on Friday evening, reduced the conglomerate's stake in the bank to 11.4%. As long as Berkshire owns more than 10%, US rules require it to disclose transactions within days. But if a company owns a smaller stake, it may wait a few weeks before releasing updates—usually providing results after each quarter.

⏺That would help cool the situation that has been weighing on BofA's share price since mid-July, when Buffett - a longtime supporter of the bank's CEO Brian Moynihan - began selling off shares without explanation. Since then, Berkshire has received a total of $6.2 billion.

⏺Buffett began ramping up his investment in Bank of America with a $5 billion deal in 2011 for preferred stock and warrants. His Berkshire Hathaway eventually became — and remains — the bank's largest shareholder, with a stake of about $36 billion based on Friday's closing price.

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💰 Court Approves BTC Loan for Bankrupt Bitcoin Mining Firm

Rhodium Encore LLC, a bankrupt bitcoin mining company, has received court approval for a unique debtor-in-possession financing plan that allows borrowing in either U.S. dollars or bitcoin. Galaxy Digital Holdings Ltd., a blockchain firm led by Mike Novogratz, has offered to provide Rhodium with a loan of either $30 million in dollars or 500 bitcoin.

Source

@Bitcoin_Ethereum_Altcoins

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💰 Bitcoin leads $305 million outflows as strong US economic data hits crypto

Crypto investment products faced significant outflows last week, totaling $305 million, as negative sentiment spread across various providers and regions, according to CoinShares‘ latest weekly report. James Butterfill, CoinShares’ head of research, attributed these outflows to stronger-than-expected US economic data. He noted that this data “diminished the likelihood of a 50-basis point interest rate cut.”

Source

@Bitcoin_Ethereum_Altcoins

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