Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories.
The three major indexes ended their five-week winning streak on Friday, influenced by unexpectedly high inflation data and raising concerns that the Federal Reserve may postpone cutting interest rates. The S&P 500 closed the week down by 0.42%, the Dow fell by 0.11%, and the Nasdaq dropped by 1.34%.
Inflation figures released earlier showed a 3.1% year-over-year increase, higher than the forecasted 2.9%, with core inflation also exceeding expectations at 3.9%. The release of a 0.3% monthly increase in the Producer Price Index by the Bureau of Labor Statistics, a jump from the previous month’s decline, added to the anxiety about achieving the Fed’s 2% inflation goal.
As a result, market participants scaled back their expectations for Federal Reserve rate cuts in 2024, reducing the anticipated total from 120 basis points to 95.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week’s most bullish and bearish posts that are worth another look.
Bullish Trends
“Tesla Stock Pops On Filing Showing Elon Musk Owns 20.5%: Here’s What Happened,” by Chris Katje, reports on a 13G filing that indicated Elon Musk owns 20.5% of Tesla Inc. TSLA, sparking a slight stock increase, despite Musk’s unchanged ownership stake.
“These 4 AI-Related Stocks Outside Magnificent 7 Are Already Outperforming In 2024,” by Neil Dennis, spotlights four AI-related companies, including Palo Alto Networks PANW and Arista Networks ANET, outperforming the S&P 500 with significant gains in 2024, driven by their innovative AI and cybersecurity solutions.
“Crypto Analyst Predicts Dogecoin To Kickstart Memeseason With A Pump To $0.10,” by Mehab Qureshi, highlights a prediction that Dogecoin DOGE/USD will lead a memecoin surge, reaching $0.10 by May, amid an increase in major transactions and a notable transfer of 100 million DOGE to Robinhood.
For additional bullish calls of the past week, check out the following:
With A $1M Target For Bitcoin, Michael Saylor Reminds Everyone That ‘BTC Is Still Less Than $0.05M’ Today
Emerging Markets Guru Says ‘Time To Go Shopping For Hidden Gems At A Steal’ As He Sees Opportunities In Bruised Chinese, Hong Kong Stocks
2008 ‘Big Short’ Oracle Burry Bets Big On Chinese Giants, Backs Google, Amazon’s AI Wave
Bearish Trends
“Josh Brown Says Market May Have ‘Topped’ For The Year As Nvidia Stock Has Become An Algorithm Casino ‘Freak Show’,” by Adam Eckert, features Josh Brown suggesting that the market, particularly Nvidia Corp NVDA, may have reached its peak for the year due to frenzied trading and extreme valuation increases.
“Disney Epic: Activist Shareholders Prepare For Boardroom Blitz,” by Neil Dennis, details the intense showdown set for April 3, as Walt Disney Company DIS faces a critical vote, pitting CEO Bob Iger against hedge fund activists Nelson Peltz of Trian Fund Management and Jason Aintabi of Blackwells Capital over board seats amid dissatisfaction with the company’s recent performance.
“‘It’s Not That Decentralized’: SEC Chair Gary Gensler Hesitant On Bitcoin, Calls It ‘Just An Accounting Ledger’,” by Murtuza Merchant, reports on SEC Chair Gary Gensler’s skepticism of Bitcoin’s decentralization and concerns over its association with illicit activities during a CNBC interview.
For more bearish takes, be sure to see these posts:
Economists Sound Alarm On Inflation’s Stubborn Grip: ‘No Chance Inflation Will Return To 2%’ Without New Rate Hikes
Market Correction Due: Stocks Are Running Out Of Reasons To Move Higher, Analyst Says
EV Winter’ Is Starting To Take A Toll On Rivian: Analyst Says 2024 Targets Are In Jeopardy