What Moved The Markets This Week

Oct 13, 2024

Sunday Morning Markets

Trading Week 41, covering Monday, Oct 7 through Friday, Oct 11. Your weekly financial markets update, in less than 5 minutes.

Inflation was hotter than expected in September with headline CPI hitting 2.4%. While this is the lowest reading since 2021, inflation remains a challenge as Core CPI jumped to 3.3%.
Goldman cuts U.S. recession odds to 15%, citing strong job growth and a lower unemployment rate. The shift comes as markets expect smaller Fed rate cuts ahead, with a soft-landing scenario now more likely.
Fed officials were split on cutting rates by half a point, minutes from the September meeting show. The split decision, followed by a hot jobs report and inflation reading likely means the next cut will only be 25 bps.
Boeing to cut 17,000 jobs amid mounting losses and escalating tension with striking machinists. The company is also delaying its 777X aircraft launch until 2026, citing development issues.
DOJ considers Google breakup after monopoly ruling, proposing limits on its search dominance and exclusive deals. Final decisions are years away, as Google plans to appeal.
Hindenburg Research alleges Roblox inflated user metrics, causing RBLX shares to sell off 9%. The report claims DAUs include bots and alternate accounts, inflating numbers by 25-42%. Roblox rejects the claims.

German recession fears deepen as manufacturing slumps, with a 2.4% output drop in July. Weak demand, rising energy costs, and Chinese competition continue to hinder its recovery.
U.K. economic growth rebounded in August, with a 0.2% increase driven by strong retail and industrial output. This raises hopes for a soft landing amid cooling inflation and interest rates.
The Bank of Korea cuts rates for the first time in four years, lowering its benchmark to 3.25% amid cooling inflation and slowing economic growth. The move aligns with global policy easing trends.
Tesla's China-made EV sales rose 19.2% last month, marking a 12% growth for Q3, its first quarterly rise this year. Despite stiff competition from BYD and others, Tesla extended incentives to boost sales.
China signals potential deficit increase as Finance Minister hints at more fiscal support. Analyst estimates for the required fiscal stimulus range from 2 trillion yuan ($283 billion) to over 10 trillion yuan.

AMD launches its new AI chip, Instinct MI325X, to challenge Nvidia's data center GPU market dominance. AMD claims it delivers up to 40% better inference performance than Nvidia's H200 chip.
Tesla shares tanked 9% after its robotaxi event, with investors disappointed by the lack of near-term developments. At the event, Tesla unveiled a $30K ‘Cybercab’ and a 12-seater ‘Robovan’.
Fidelity data breach exposed info of over 77,000 customers including Social Security numbers and driver’s licenses. The breach, detected in August, did not impact customer accounts or funds.
Google ordered to allow rival Android app stores, following Epic Games’ antitrust suit. A U.S. judge's ruling restricts Google’s app store dominance, potentially giving developers more revenue and market share.
Super Micro shares soar 15% after the company announced it’s shipping over 100,000 AI GPUs per quarter. This positions it as a major player in the AI boom, despite delays in its annual report and a DOJ investigation.
Uber adds EV-only ride option and AI chatbot for drivers, allowing users to prioritize electric vehicles. The new features aim to boost sustainability and expand eco-friendly initiatives on Uber Eats.

See other breakdowns on our Twitter page.

US - Empire State Manf. Index 🇺🇸
CA - CPI Inflation 🇨🇦
UK - Unemployment Report 🇬🇧
Earnings: Bank of America, Citi, UnitedHealth, Louis Vuitton, Goldman Sachs, Charles Schwab, United Airlines💰

US - Jobless Claims 🇺🇸
US - Retail Sales 🇺🇸
US - Philly Fed Manf. Index 🇺🇸
EU - ECB Interest Rate Decision 🇪🇺
EU - CPI Inflation 🇪🇺
CN - GDP Growth 🇨🇳
JP - CPI Inflation 🇯🇵
Earnings: TSMC, Netflix, Intuitive Surgical, Blackstone, American Airlines, Alaska Airlines💰

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