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 primary stock indices marked their eighth straight week of gains, a milestone not seen for the S&P 500 since 2017 and for the Dow since 2019, with increases of 0.8% for the S&P 500, 0.2% for the Dow, and 1.2% for the Nasdaq.
Inflation, as measured by the Personal Consumption Expenditures (PCE) index, decreased to 2.5% in November, reaching its lowest point since March 2021, and heightening the anticipation of multiple interest rate cuts in 2024. Following the significant drop in the Federal Reserve's preferred inflation gauge, economists on Friday started to reevaluate the potential impact on the Fed's plans for the next year.
The disclosure of the PCE inflation figures was accompanied by varied economic data, including an increase in the Michigan Consumer Sentiment Index for December and a substantial drop in November's home sales, which fell below projections.
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
"2024 Predictions For Apple, Tesla, 'Magnificent 7' And Musk From Analyst Dan Ives: It's AI's '1995 Moment'," by Chris Katje, discusses Daniel Ives' predictions for 2024, highlighting major anticipated developments for Apple Inc. AAPL and Tesla Inc. TSLA, and a monumental breakthrough in AI, which was likened to the internet's emergence in 1995.
"Novogratz Explains Why Bitcoin Could Be About To Make A 'Parabolic Move' To All-Time Highs And Beyond," by Adam Eckert, features Mike Novogratz's forecast of a dramatic rise in Bitcoin BTC/USD, which could potentially surpass previous highs as a result of the anticipated ETF approval and market dynamics.
"'Gorgeous Pump On DOGE This Christmas:' Crypto Analyst Predicts Dogecoin Rally If It Breaches This Level," by Mehab Qureshi, reports that a crypto analyst predicts a significant rally for Dogecoin DOGE/USD if it surpasses the $0.106 mark amid recent whale activities and supportive market trends.
For additional bullish calls of the past week, check out the following:
'Magnificent 7' Widens Gap With Rest Of S&P 500, But That May Change In 2024
The Bears
"Oil Prices Fall After Angola Says It Will Quit OPEC," by Neil Dennis, details a more than 1% decline in oil prices on Thursday, including Brent crude and U.S. West Texas Intermediate crude, and a 0.2% drop in the United States Oil Fund USO, following Angola's announcement to leave OPEC.
"Veteran Trader Says Ethereum Will Drop Over 75% To $650; 'Price Charts Are Not Sacred'," by Mehab Qureshi, reports Peter Brandt's prediction of a dramatic over 75% drop in Ethereum ETH/USD to $650, citing the unreliability of classical chart patterns and concerns over Ethereum's functionality and transaction fees.
"Roku Analyst Turns Bearish, Believes This Revenue Growth Driver Is Less Economic," by Priya Nigam, reports on Seaport Research Partners analyst David Joyce downgrading Roku Inc. ROKU from "Neutral" to "Sell," citing concerns over its business model and competition in the streaming market.
For more bearish takes, be sure to see these posts:
We're In For A Santa Claus Rally Alright, But It Might Be Subpar: Here Are 5 Reasons Why
Bankruptcies On The Rise Following End Of COVID Relief Measures And High-Interest Rates
Mark Zuckerberg's Meta Said To Be Worried About Indian Telecom Bill's Impact On WhatsApp
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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