Benzinga examined the prospects for many investors' favorite stocks over the last week — here's a look at some of our top stories.
Wall Street faced a challenging week with major indices in the red. The Dow dipped by roughly 0.8%, while the Nasdaq and S&P experienced declines of 1.9% and 1.3%, respectively.
The week began with WTI crude hitting a 10-month high of over $85 a barrel due to Saudi Arabia and Russia's decision to extend production cuts through 2023, sparking inflation and interest rate concerns. Concurrently, the U.S. dollar and Treasury yields rose as investors anticipated the Federal Reserve's moves. While a September rate pause is likely, there's a 42% probability of a November rate increase.
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.
The Bulls
"Tesla Back At Detroit Auto Show After 8 Years: Will Musk Show Up?," by Chris Katje, highlights that Tesla Inc TSLA is returning to the Detroit Auto Show for the first time since 2015, emphasizing its dominant position in the EV market, although it remains uncertain if CEO Elon Musk will attend the event.
"Why Goldman Sachs Is Increasingly Confident In Dodging A Recession, Contrary To Wall Street's Pessimism," by Piero Cingari, reports that Goldman Sachs has reduced its U.S. recession risk to 15%, contrasting sharply with Bloomberg's consensus of a 60% likelihood, citing strong economic fundamentals and anticipating steady job growth.
"Shiba Inu Layer-2 Network Shibarium Surpasses 1M Wallet Mark As Data Shows 335% Surge In Large Transactions," by Mehab Qureshi, highlights that the recently launched Shiba Inu SHIB/USD layer-2 blockchain network, Shibarium, achieved over one million wallets just two weeks post-launch, with a notable 335% increase in large transactions within the SHIB token ecosystem.
For additional bullish calls of the past week, check out the following:
EXCLUSIVE: Is Cathie Wood Using ChatGPT To Pick Stocks?
The Bears
"Why This Hedge Fund Manager Plans To Short Apple Stock Ahead Of iPhone 15 Launch," by Shanthi Rexaline, explains that Daniel Niles, founder and portfolio manager at Satori Fund, is considering shorting Apple, Inc. AAPL stock due to potential threats from Huawei's new Mate60 Pro and China's expanding ban on foreign phones in government sectors.
"Nikola's Burning Issue Continues With 3rd Truck Fire This Year: Here's What Happened," by Anan Ashraf, highlights that a Nikola Corp NKLA semi truck's lithium-ion battery caught fire at the Arizona Lithium facility, marking the company's third such incident this year.
"Disney Shifts Gears Yet Again In DeSantis Lawsuit: Mouse House Now Wants To Focus Only On First Amendment Claims," by Shanthi Rexaline, reveals that Walt Disney Co. DIS has modified its lawsuit against Florida Governor Ron DeSantis, now centering solely on its "First Amendment" claim, particularly concerning the "Don't Say Gay Law" and its impact on Disney's free speech rights.
For more bearish takes, be sure to see these posts:
UAW's Fain Says GM's 10% Offer 'Insulting' As Contract Negotiations Break Down
The Biggest Short: Trader Bets $30K On 1,100% VIX Spike By February 2024
Apple, Tech Giants 'About To Get Dwarfed By Generative AI,' Analyst Warns
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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