Last week, the S&P 500 surged past 5,000 points and marked its 14th positive week in the last 15, driven by renewed faith in AI technology. The combined market value of the Magnificent Seven tech giants has surged to $13 trillion, nearly half the size of the U.S. economy. This figure equates to the GDPs of economic powerhouses such as Germany, Japan, and India.
During a testimony before the House Financial Services Committee, Treasury Secretary Janet Yellen voiced concerns about the commercial real estate sector and digital assets’ risks, while maintaining an optimistic outlook on the U.S. economy’s growth and labor market strength. She emphasized the need for regulatory action on digital assets and addressed the importance of fiscal sustainability to curb rising national debt, advocating for deficit reduction alongside economic investment.
Benzinga’s latest reports highlight the stocks trending among investors. Let’s take a closer look at the standout picks from last week.
The Bulls
Chris Katje’s assessment of Tesla Inc. TSLA delves into the challenges faced by the company due to a voided compensation plan for CEO Elon Musk. He suggests a resolution involving a new compensation package and relocating Tesla’s incorporation from Delaware to Texas.
Mehab Qureshi’s piece covers a crypto analyst’s prediction about Floki FLOKI/USD potentially being the standout meme coin of the current bull run, akin to Dogecoin’s DOGE/USD massive rally in 2021.
Shanthi Rexaline discusses Jim Cramer’s growing appreciation for Palantir Technologies Inc. PLTR CEO Alex Karp following the company’s Q4 earnings, which matched profit expectations and surpassed revenue forecasts.
For further bullish insights, consider:
Are there grander things awaiting Tesla? Perhaps. It’s titillating to ponder if Tesla still retains its aura as a Magnificent 7 stock.
AMD introduces a groundbreaking method to hasten product launches.
Has Apple carved out a new legacy akin to the groundbreaking iPhone? John Sculley thinks so.
The Bears
Piero Cingari highlights the combined market cap of tech giants like Apple Inc. AAPL and Microsoft Corp. MSFT nearing $13 trillion, raising concerns over market concentration and its potential implications for equity indices.
Rounak Jain details Elon Musk’s criticism of Walt Disney Co. DIS over its diversity policies, attributing them to the perceived decline in the quality of Disney’s content.
Priya Nigam’s piece discusses the significant drop in PayPal Holdings Inc PYPL shares following Q4 earnings, with analysts attributing the decline to management’s conservative outlook for 2024.
For more bearish viewpoints, explore:
Why is the price of Nvidia stock being dubbed as insane? Is there solace to be found in other Magnificent 7 stocks?
Is the S&P 500 hurtling towards a market correction? Fundstrat’s Tom Lee provides insight.
Yellen’s cautionary words about non-bank lenders and stretched household finances.