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 June 16, 2024. Unfortunately, for this particular article, the images have been lost. So this article will be chart-less.
Summary
GM Stock Split
Apple Announcement
CPI + FED report
The Market
It was a solid week for the markets, with the back half of the week’s success being fueled by the FED announcement. The S&P grew by 1.69% and the Dow fell by 0.50%
On the 10th Apple (AAPL) announced that they would be integrating ChatGPT into all of their products. This massive announcement attracted investors and added to the ongoing AI craze in the markets. This announcement led Apple stock to shoot up by 7.74%, however, this growth might be short-lived. Apple had red days on Thursday and Friday, an indicator that Apple stock’s growth might be at an end. However, with this AI trend, it’s ignorant to fully count APPL stock out.
On the 11th General Motors (GM) announced a $6 million stock buyback program. The buyback is expected to be completed by the end of the month. A significant buyback program like the one GM is doing will increase share price due to basic supply and demand. A lesser supply of shares increases the price of shares. We see the start of this increase in share price by GM growing 2.50% in the past week, but this growth will continue as the buyback ensues.
Adobe (ADBE) reported earnings on Thursday. Adobe beat expectations for EPS and Revenue, $4.48 vs $4.39 and $5.31 billion vs $5.39 billion respectively. In response to this great earnings report, Adobe stock shot up a cumulative 15.65% in the past trading week, and more may be yet to come.
CPI and FED Report
On the 12th the US Bureau of Labor Statistics reported their monthly CPI report. The CPI was unchanged for May, showing a stagnation in inflation for now. Later that day the FED meeting occurred, the FED kept interest rates consistent, continued their prediction of a rate cute later this year. In the statement, FED officials said “In recent months, there has been modest further progress toward the Committee’s 2 percent inflation objective”, basically saying that rate cuts are possible in the near future.
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