Benzinga took a closer look at investors’ favorite stocks over the last week and explored a variety of stories. The upward trajectory of the major indexes halted on Friday, with concerns about burgeoning inflation levels and the potential delay of Federal Reserve interest rate cuts causing the S&P 500, Dow, and Nasdaq to end their five-week winning streak. The S&P 500 wrapped the week down by 0.42%, the Dow fell by 0.11%, and the Nasdaq dropped by 1.34%.
Released inflation figures revealed a 3.1% year-over-year surge, surpassing the anticipated 2.9%, with core inflation also edging past expectations at 3.9%. The Bureau of Labor Statistics’ report of a 0.3% monthly hike in the Producer Price Index — a stark increase from the prior month’s downturn — further fueled concerns about the Fed’s ability to reach its 2% inflation objective.
In response, market participants revised down their predictions for Federal Reserve rate cuts in 2024, slashing the expected total from 120 to 95 basis points.
For the week, Benzinga has tracked the stocks that have piqued investors’ interest. Let’s explore some of the standout stories from the week.
Long-Term Prospects and Market Activity
Chris Katje’s piece, “Tesla Stock Pops On Filing Showing Elon Musk Owns 20.5%: Here’s What Happened,” delves into the buzz surrounding a 13G filing that revealed Elon Musk’s 20.5% ownership of Tesla Inc. Despite Musk’s unchanged ownership stake, this revelation sparked a modest increase in the company’s stock.
Neil Dennis’ article, “These 4 AI-Related Stocks Outside Magnificent 7 Are Already Outperforming In 2024,” highlights four AI-related companies, including Palo Alto Networks and Arista Networks, which have outperformed the S&P 500 in 2024 due to their groundbreaking AI and cybersecurity solutions.
Mehab Qureshi’s report, “Crypto Analyst Predicts Dogecoin To Kickstart Memeseason With A Pump To $0.10,” sheds light on the forecast that Dogecoin will lead a memecoin surge and reach $0.10 by May, buoyed by an upswing in major transactions and the noteworthy transfer of 100 million DOGE to Robinhood.
Additional bullish takes from the past week include Michael Saylor’s bullish target for Bitcoin, an emerging markets guru’s recommendation to seek out hidden gems, and Michael Burry’s confidence in Chinese giants as well as Google and Amazon’s AI potential.
The Bearish Side of the Street
Adam Eckert’s article, “Josh Brown Says Market May Have ‘Topped’ For The Year As Nvidia Stock Has Become An Algorithm Casino ‘Freak Show’,” reports on Josh Brown’s contention that the market, particularly Nvidia Corp, may have peaked for the year due to frenzied trading and extreme valuation increases.
Neil Dennis’ piece, “Disney Epic: Activist Shareholders Prepare For Boardroom Blitz,” outlines the impending showdown on April 3 as Walt Disney Company faces a critical vote, pitting CEO Bob Iger against hedge fund activists Nelson Peltz and Jason Aintabi over board seats amid dissatisfaction with the company’s recent performance.
Murtuza Merchant’s report, “‘It’s Not That Decentralized’: SEC Chair Gary Gensler Hesitant On Bitcoin, Calls It ‘Just An Accounting Ledger’,” discusses SEC Chair Gary Gensler’s skepticism of Bitcoin’s decentralization and his concerns regarding its association with illicit activities, expressed during a CNBC interview.
More bearish takes from the past week delve into economists’ alarms about inflation, an analyst’s prediction of an imminent market correction, and the toll that the “EV Winter” is starting to take on Rivian.
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