Benzinga examined the prospects for many investors' favorite stocks over the last week — here's a look at some of our top stories.
All three major indexes were in the red this week amid the escalation in the Israel-Hamas conflict and concerns about rising interest rates. The S&P 500 fell 2.4%, while the Dow fell by 1.6%. The Nasdaq was down by 3.2%, marking its second consecutive weekly drop.
In a gathering hosted by the Economic Club of New York on Thursday, the Fed's Jerome Powell highlighted the importance of a measured approach by the Federal Reserve based on economic indicators. He also indicated that continued economic growth and a persistent rise in inflation might lead to additional rate increases in the future.
In September, U.S. retail sales saw their sixth consecutive month of growth. Compared to the previous year, sales rose 3.8%, an increase from the revised 2.9% in August. This is the largest annual increase since February 2023.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
The Bulls
"Why Cathie Wood Picks Tesla Over Nvidia As Top AI Play For Next 5 Years," by Chris Katje, reports that Ark Invest CEO Cathie Wood believes Tesla Inc. TSLA has substantially more upside in the AI sector over the next five years compared to Nvidia Corporation NVDA, emphasizing Tesla's potential in autonomous and robotaxi endeavors.
"Amazon Can Outperform With AWS And Ad Revenue Surge: Analyst," by Anusuya Lahiri, conveys Wedbush analyst Scott Devitt's positive outlook on Amazon.com Inc AMZN, emphasizing potential catalysts like increasing retail margins and accelerated AWS growth.
"Will A Spot Bitcoin ETF Approval Be The Catalyst For 'Crypto Summer'? Experts Weigh In," by Murtuza Merchant, delves into the heightened anticipation within the crypto community for the approval of a spot Bitcoin ETF, as experts emphasize the potential for increased Bitcoin BTC/USD adoption and a significant market rally upon ETF approval.
For additional bullish calls of the past week, check out the following:
Cathie Wood Says Hopes Are Rising For Bitcoin ETF Approval By SEC
The Bears
"Tesla CEO Elon Musk Details 'Enormous Challenges' In Reaching Volume Production For Cybertruck: 'We Dug Our Own Grave,'" by Anan Ashraf, highlights that Tesla CEO Elon Musk anticipates significant hurdles in scaling up Cybertruck production, emphasizing the vehicle's uniqueness and advanced technology.
"Tilray CEO Says US Cannabis Consumers Are Confused About Regulation: 'Something's Got To Happen,'" by Nina Zdinjak, highlights Tilray Brands TLRY CEO Irwin Simon's perspective on the U.S. cannabis industry's regulatory confusion and the need for clarity in the U.S. market, while reflecting on Canada's mixed results five years after legalizing recreational cannabis.
"Bank Of America CEO Brian Moynihan Says Consumer Spending Continues To Slow Due To Higher Rates," by Adam Eckert, details Bank of America Corp BAC CEO Brian Moynihan's observations on the deceleration of consumer spending, attributing the slowdown largely to rising interest rates. Despite a 10% profit jump in the third quarter, Moynihan highlighted that the current spending growth rate mirrors pre-pandemic levels, indicating a more cautious economic environment.
For more bearish takes, be sure to see these posts:
30-Year Mortgage Rates Skyrocket To 8%, Highest In Over 2 Decades Amid Treasury Turmoil
Apple's China App Store Unit Under Scrutiny: Multiple Staff Members Dismissed For Misconduct
Debt-Saddled Country Garden Casts Shadow Over Beijing's Recovery Efforts
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