📊 Weekly Update – WEEK 37 (September 11th to September 17th) 📈
Hello, followers and copiers! It’s time for our weekly market recap:
📉 Market Recap:
Stocks took a hit on Friday due to various factors. The UAW auto strike, impacting all major automakers, raised concerns. Chip equipment makers like Applied Materials, Lam Research, and KLA Corp. fell over 4% as Taiwan Semiconductor delayed deliveries, hinting at possible weak consumer demand. Rising oil prices, surpassing $90 per barrel, added to the bearish sentiment. Rising Treasury yields also weighed on stocks, with the 10-year yield reaching 4.32%. The Dow Jones had a modest gain of 0.1%, but the S&P 500 and Nasdaq Composite both closed their second consecutive week with losses.
💼 Antitrust Trial:
The largest antitrust trial of the modern digital era kicked off, pitting the U.S. Department of Justice against Google over online search dominance. The trial is expected to last two months and could have significant implications for Big Tech.
📈 CPI Recap:
Retail inflation picked up in August, driven by higher gasoline and housing prices. Despite this, stock markets generally reacted positively. The Federal Reserve’s rate-hike cycle is seen as having ended in July, but some expect one more hike by the end of 2023.
🚗 Auto Workers Strike:
The United Auto Workers (UAW) went on strike against General Motors, Ford, and Stellantis, marking the first simultaneous strike in their history. This could impact popular vehicle models and, in turn, affect the share prices of these automakers.
💰 IPO Exuberance:
Arm Holdings had a remarkable trading debut, reaching a valuation of nearly $68 billion. However, some caution against high expectations following the IPO, drawing comparisons to other recent IPOs.
🛢️ Oil Prices:
Oil prices crossed $90 per barrel, driven by production cuts by Saudi Arabia and Russia. This could pose challenges for the Federal Reserve, particularly regarding inflation.
📊 Weekly Movement:
- Dow: +0.1%
- S&P 500: -0.2%
- Nasdaq: -0.4%
- Russell 2000: -0.2%
📈 Top Portfolio Performers:
- $TSLA: +10.42%
- $VALE: +7.59%
- $EWZ: +5.49%
- $GGB: +3.97%
- $PBR: +3.54%
- $JPM: +3.46%
- Santiago1000: -0.50%
💡 What to Watch Next Week:
Keep an eye on the Federal Reserve, Bank of England, and Bank of Japan as concerns over inflation continue to rise. The UAW strike may also affect several stocks. Additionally, watch out for earnings reports, IPO news, and key events from tech giants like Oracle, Microsoft, and Amazon.
Stay tuned for more updates and happy investing! 🚀📊
