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AI Agents, Travel Stocks and Financial Earnings: Market Trends This Week
David Russell
October 10, 2024

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Sizing Up the S&P 500

  • S&P 500 breaks out of tight consolidation pattern after high basing pattern above July high.
  • 50-day MA starting to rise more quickly
  • Intermarket:
    • VIX potentially peaks below 24
    • Yen weakening against U.S. dollar, euro
    • Has crude oil peaked below $80?
S&P 500, daily chart, with select indicators and patterns.

News & Trends

  • Nvidia (NVDA) modifies Blackwell GPU mask to ramp production.
  • Taiwan Semiconductor preannounces Q3 revenue 16% above estimates
  • OpenAI opening offices in cities New York, London, etc. More visibility coming?
  • Bank of America: Stocks could rise given low earnings estimates
  • Citi raises full-year estimate for chip sales following strong August DRAM
  • Goldman Sachs: Hedge funds sold record amounts of Chinese stocks on Tuesday after rally
  • AI boom widens as Agents become new buzzword:
    • Software: CRM, IBM, ORCL, PLTR, ACN
    • Networking: CSCO, CIEN, ANET, GLW, APLD
  • Travel stocks accelerate
    • CCL RCL NCLH MAR

Upcoming Events

  • Thu 10/10: Tesla Robotaxi event
  • Fri 10/11: PPI, Consumer sentiment
    • Earnings: JPM WFC
  • Tues 10/15
    • Earnings: GS BAC UNH | UAL
  • Wed 10/16: Crude oil inventories
    • Earnings: MS USB
  • Thu 10/17: Retail sales, crude oil inventories (1 day later), NAHB housing index, jobless claims
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About the author

David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.