Reupload Note: We recently changed the way we host our site. Unfortunately, during the transition, our previously uploaded articles were lost. This article has now been reuploaded and was originally posted on May, 3, 2024. Unfortunately, for this particular article, the images have been lost. So this article will be image-less.
Summary
Great Week For Markets
Many Earnings Reports
NXE?
FED Meeting and April Jobs Report
Bulls and Bears
Bulls | Bears |
NXE | AMD |
DKNG | AMZN |
The Market
The Market performed well this week, with the S&P 500 growing by 0.27% and the Dow Jones growing by 1.03%.
On Tuesday Amazon (AMZN) reported earnings. Amazon reported revenue of $143.3 billion versus the expected $142.5 billion and an earnings per share of 98 cents versus the 83 cents that was expected. Amazon also saw a 17% increase in AWS revenue year over year compared to the predicted 15%. Amazon’s stock grew a net 1.92% this week, rebounding from a dip it experienced in late April. We are currently bearish on Amazon, it is about to hit its ceiling and we predict that it will bounce down.
AMD also reported earnings on Tuesday. AMD’s AI chip segment has experienced a large growth in sales, selling over $1 billion worth of AI chips since it was launched at the end of 2023, and it expects total sales in 2024 to be upward of $4 billion. AMD’s stock dropped significantly after the AMD earnings report, dropping a net 5.45% this week. We are bearish on AMD due to its continued downward wedge and believe that it will break $150 soon.
DraftKings (DKNG) reported earnings on Thursday, DraftKings revenue grew 53% year over year. Even with such a strong earnings report, the stock dropped by 2.88% the following day. We are bullish on DraftKings, the stock is continuing its long-term upward trend and is reaching the bottom Bollinger band, a strong support.
A chart that we have been keeping our eye on is Nexgen Energy LTD (NXE). It has a strong support at around $7.80 and resistance at $9.10. It has plenty of room to grow before hitting its resistance, sitting at $8.29 currently. NXE has hit the upper Bollinger band, so there is room for error, but currently, we are bullish on NXE.
FED Meeting and April Jobs Report
On the FED meeting on May 1, the FED eased concerns about interest hikes saying that rate cuts were more likely than rate hikes. However, they kept rates the same citing consistent inflation as the reason.
On May 3, the US Bureau of Labor Statistics released its April Jobs Report. The report showed that the total employment in the US increased by 175,000 jobs in the last month, a slowdown from previous months. Chicago Federal Reserve President Austan Goolsbee said that the report is a sign of the economy returning to pre-covid times. This could be a sign that the economy is stabilizing and that interest rate
Comments