6/14/24

US stocks go quietly into the weekend; Nasdaq closes at record

The S&P 500 Index finished down less than 0.1% to close out a strong week in which the benchmark index gained 1.6%.

The equal weight version of the index did much worse, down 0.6% on the day and 0.5% on the week. This combination of the equal weight index down at least 0.5% and the market cap index up 1.5% or more has never happened in their more than 20-year histories.

At least there was one new record high thanks to the Nasdaq 100’s 0.4% gain.

Concerns about Europe were front-and-center across global markets thanks to political turmoil in France. The SPDR Euro Stoxx 50 ETF fell nearly 5% on the week – another record divergence relative to benchmark US stock index ETF.

Among US sector ETFs, tech and communications services paced gains, while industrials fell more than 1%. Adobe was a standout, up 14.5% after its quarterly report suggested that generative AI is far from cannibalizing its business opportunities.

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Nvidia slumps on report of wide-ranging ban on chip sales by Chinese regulators

It’s the latest in a series of signals that China is actively pursuing an Nvidia-less AI boom that puts its domestic capabilities to the test.

Nvidia conference with Jensen Huang

Nia Warfield, Luke Kawa

US stocks in holding pattern ahead of Wednesday’s Fed decision

Major indexes closed down 0.1%.

Horse Ranch In Zhangye

markets

18h

GameStop can’t stop winning, on track for longest streak of gains since 2022

Unless we jinx it, GameStop is poised for its longest winning streak since 2022, with shares up 3% as of 2:04 p.m. ET.

The video game and collectibles retailer hasn’t posted a down day since September 4 and is poised for its eighth consecutive day of gains. Shares are up nearly 18% over this period, versus a 1.6% advance for the S&P 500.

The bulk of these gains came in the wake of the company’s stellar second-quarter earnings report, which exceeded expectations on the top and bottom lines as well as marking the fifth consecutive quarter of positive operating cash flow generation for the first time in its history.

Including this one, the company has posted eight or more consecutive days of gains on 25 occasions during its history as a publicly traded company.

Its last seven-session winning streak came in mid-July of last year, about a month after Keith Gill (aka Roaring Kitty) disappeared from the scene after his brief reappearance, as part of a relatively violent market rotation into small-cap stocks.

markets

19h

Nio surges to an 11-month high following an upgrade from UBS ahead of its new SUV launch

Chinese EV maker Nio is climbing for the fourth straight trading day, following an upgrade from UBS to “buy” from “neutral.” Nio’s nearly 7% jump propelled the stock to its highest level since last October.

UBS also bumped its price target for Nio up to $8.50, a 37% hike.

Nio will begin deliveries of its new ES8 SUV this weekend, priced to compete with Tesla’s Model Y. Last week, the EV maker said it planned to raise up to $1 billion on a share offering.

According to UBS analyst Paul Gong, Nio’s latest products “could further attract consumers after the US $1 billion equity offerings strengthened visibility on its healthy operations.”

markets

J. Edward Moreno

19h

Moderna is up on the release of positive results for reformulated Covid vaccine

Moderna rose on Tuesday after it announced encouraging trial results for its next COVID-19 vaccine.

The data from its phase 4 clinical trial showed the 2025-26 formula of its COVID-19 vaccine, which targets a new variant and was recently approved by the FDA with some limitations, produced a strong immune response among people ages 12 through 64. Covid vaccine sales account for virtually all of Moderna’s revenue.

The company has had a tumultuous year as the Trump administration makes moves to limit who is able to access the vaccine. Last month, the FDA limited approval for the coronavirus vaccine to higher-risk populations; previously, anyone older than 6 months was eligible for it.

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