AI Stock Market Roundup w/c July 8th
w/c July 8th Roundup, Plus What to Watch This Week
Each week I review the biggest movements within the AI stock market from last week and let you know what key market trends to look out for in the coming week, to keep you updated and ahead of the curve.
Main AI Stock Market Movers
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Ticker: AAPL | Price: $230.54 | Market Cap: $3.54T | Weekly Gain: 1.48% ⬆️
Apple had another strong week, closing green for the third week in a row. This winning-streak means that Apple have regained the title as the worlds most valuable company and are now leading the race to become the first business to be valued at $4T. Negative news drivers are being resolved with the European Union accepting Apple's pledge to open up its "tap to pay" iPhone payment system to competitors as a way to resolve the antitrust case.
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Ticker: NVDA | Price: $129.24 | Market Cap: $3.18T | Weekly Gain: 2.64% ⬆️
Nvidia had another mixed week of trading, mainly consolidating. Despite the strong price action and resilience at these levels, company insiders continue to offload their shares at an alarming rate. According to reports, insiders have sold over 3 million shares Nvidia, worth over $1B so far in 2024. This amount of insider selling does not look good for the stock in the short term and may cause a technical correction if buyers cannot maintain momentum at these levels.
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Ticker: MSFT | Price: $453.55 | Market Cap: $3.37T | Weekly Loss: 2.71% ⬇️
Microsoft had a challenging week with large losses on Tuesday and Thursday. Last Friday price printed a new all time high at $468.43, however since then has dropped over 3%. This drop in price can only be categorised as a pullback in a larger uptrend at this moment but investors will be watching for signs of a sustained reversal as earning season approaches.
What To Watch This Week
Look out for FED Chair Powell speaking on Monday at 12pm EST.
Q2 earnings are released towards the end of the month. Look out for investors positioning themselves ahead of earnings in names like Apple and Microsoft.
Watch out for Unemployment Claims released on Thursday at 8:30am EST.
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