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- Weekly Wrap-Up - September 14th, 2024
Weekly Wrap-Up - September 14th, 2024
Tech Bounces Back with Best Week since 2023
Mark Roussin
September 14, 2024
Good morning investors!
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Every weekend we publish “The Weekly Wrap-Up” — your ticket to being well informed and staying ahead in the investment game!
This report is designed to help investors of all skill levels break down important stories/topics within the stock market. And best of all, we cut through all of the BS and give you exactly what you need to know in easy to digest, bite sized pieces of content.
Grab your coffee and let’s dive in.
Market Talk
After one of the roughest weeks for the stock market, and particularly the Technology sector the week prior, all eyes were on the Technology sector and how they would react this week. Well, I would say they reacted quite well with a strong week of earnings.
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3 Stories Moving the Market
These are some of the biggest stories from the week that had an influence on market action.
Markets Bounce Back, Best week of 2024 for the Nasdaq
After sustaining the WORST week of 2024, the markets, particularly the Nasdaq, had its best week of the year. Volatility has remained high during the month, as September has certainly lived up to its calling as a shaky month.
Why did the markets bounce back on the week you might ask. Much of it has to do with investors looking for not only a rate cut next week, but potentially a 50 basis point cut. Treasury rates continue to fall and it is important as investors to pay close attention to the bond market because it can tell you a lot, plus it is MUCH larger than the equity market.
The S&P 500 climbed more than 4% on the week with the Nasdaq climbing nearly 6%, both ending the week with 5 consecutive positive days. The leaders in this bounce back were the regular leaders, mega cap technology and semi-conductor companies in particular.
👉 EDGE TAKEAWAY: Stocks bounce back as investors turn their attention to…upgrade to Edge+ to read the Full Edge Takeaway.
Boeing Union Workers go on Strike
Just after midnight on Friday, Boeing union workers went on strike as they look for higher pay, as much as a 40% wage increase over the next four years and improved benefits. Their was a tentative agreement last weekend for 25% wage hikes, but that has not been fully approved by the union workers yet.
Boeing shares fell nearly 4% on Friday in what was a rough week for the aerospace giant, adding on to what has been a nightmare past few years. Shares of Boeing over the past five years are down 60%. This is a company that has had problem after problem, but investors are looking for a turnaround under the new leadership of CEO Kelly Ortberg. Supply chain issues, quality control issues, and much more have plagued the once proud company, and now they have a labor issue to deal with on top of that, making the uphill climb even steeper.
BA shares are certainly cheap, but one of those stocks that are cheap for a reason.
Apple unveils their new iPhone 16
Apple kicked off the work week by unveiling their all-new iPhone 16. As is always the case, the phone saw an upgrade to the chip, size of the screen, and the camera. In addition, the software changes include the likes of Apple Intelligence, the company’s version of AI. In addition, the camera will be able to film video recordings in 4K at 120 frames per second, the highest resolution and frame rate to date.
The iPhone 16 Pro starts at $999, and the Pro Max starts at $1,199, Apple said. Both models will be available for preorder on Friday, with in-store sales starting on Sept. 20.
After the release, shares of Apple did not really move all that much post event and really during the week, which is also more shocking considering how well the Nasdaq did on the week. Shares of Apple climbed a little more than 1% on the week. Part of this was due to no real surprises with the release and also, valuations are already higher with AAPL shares trading more than 30x next year’s earnings at the moment.
In Other News
In this section, we'll be curating a selection of news headlines we think you'll find interesting. If a topic catches your eye, click the provided links to read more about it.
Economic News
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IE+ Posts of the Week
We continue to push out more and more content every week to give investors that edge. Here are the posts Investor’s Edge+ subscribers received this week.
Edge Report
Mondays are for the more serious investors. Every Monday morning we share exactly what we’re watching in the week ahead, how we’re positioning, and even share a sneak peek into our systems and models. Here is the latest Edge Report:
Earnings Recap
Every week during earnings season we share a recap of the quarterly reports from stocks that we cover. You can see this week’s earnings recaps here:
The Week Ahead
The week ahead is going to be a doozy given that this is the much anticapated week in which the Fed is expected to begin its easing cycle. Will it be 25 basis points in cuts or 50 basis points in cuts? We get our answers this coming week, which should bring plenty of fireworks and repositioning from investors.
Earnings Reports
Earnings season has officially slowed down with many of the big names having already reported their latest earnings reports. Here is the list of names we will be covering next week:
Monday 9/16: --
Tuesday 9/17: --
Wednesday 9/18: --
Thursday 9/19: FedEx, Lennar
Friday 9/20: --
Here is the full calendar of scheduled earnings releases:
Economic Reports
Next week we will get an update on retail sales, and housing, but much of the focus will be centered squarely on the Fed decision mid-week.
Monday 9/16: --
Tuesday 9/17: Retail Sales, Homebuilder Confidence
Wednesday 9/18: INTEREST RATE DECISION, Housing Starts, Building Permits
Thursday 9/19: Initial Jobless Claims, Existing Home Sales
Friday 9/20: --
Want more? Check out our other resources
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Mark (Dividend Seeker)
Chris (CMG Venture)
Thank you for reading this edition of the Weekly Wrap-Up. Have a great weekend!
Until next time investors!
Mark & Chris
The Investor’s Edge
Disclosure
This is not investing advice. It is very important that you do your own research and make investments based on your own personal circumstances, preferences, goals and risk tolerance.
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