Weekly Market Outlook (7/1/24) — Empowering Investors Through Social Collaboration
Welcome to the Traderverse Weekly Newsletter!
Traderverse Updates
As we celebrate Independence Day this week, we wanted to take a moment to wish everyone a Happy Fourth of July!
Whether you’re traveling, spending time with family and friends, or simply relaxing at home, we hope you have a joyful and safe holiday.
Please remember that the markets are closed in observance of Independence Day, so take this opportunity to enjoy your time off and recharge.
Stay safe, enjoy the festivities, and we’ll be back with more exciting updates soon.
Happy Fourth of July!
Thank you for your continued support.
Important Prices
What’s Moving The Markets?
Volkswagen Group has announced a $5 billion investment in Rivian, forming a joint venture to share EV architecture and software, leading to a 50% surge in Rivian’s shares, aiming to bolster Rivian’s new vehicle development and Volkswagen’s software capabilities.
Microsoft (MSFT) faces another significant antitrust fine from the European Commission for allegedly bundling its Teams app with its Office product, giving it an unfair advantage over competitors like Slack, following a 2020 complaint by Slack and ongoing scrutiny on fair competition in the tech industry.
Nvidia’s recent $430 billion market cap decline highlights the substantial influence of megacap stocks on global markets, affecting indices like the Nasdaq and Dow Jones, while coinciding with drops in Bitcoin and Chinese stocks, amid broader geopolitical and economic challenges.
BP’s new CEO has shifted the company’s focus back to oil and gas by enacting a hiring freeze and pausing new offshore wind projects, while still investing in biofuels and maintaining long-term renewable energy goals to address investor concerns about the previous energy transition strategy.
FTX has gained court approval to solicit creditor votes on a liquidation plan to repay customers in cash, despite some customers’ objections over the plan’s reflection of recent cryptocurrency value increases, with significant recovery efforts having brought in up to $16 billion to cover claims.
Coinbase has filed lawsuits against the SEC and FDIC, accusing them of trying to exclude the crypto industry from the banking sector and not complying with the Freedom of Information Act (FOIA), seeking judicial intervention for transparency and better regulatory practices.
S&P Outlook
Bear Case: Bears are tasked with breaking and holding the price below 5462 to foster significant bearish momentum. Achieving this would be pivotal in establishing a stronger bearish trend and exerting downward pressure on the market.
Bull Case: Bulls should continue to monitor the 5500 level closely, as this was identified as a potential new daily demand zone that may offer necessary support. Keeping the price supported at this level is essential for the bulls’ strategy to drive the market toward new all-time highs. This support is key to maintaining bullish momentum and achieving further upward movements.
EARNINGS RELEASE CALENDAR
Economic Data Calendar
