Stocks To Watch – 11/18/2024

Brief Overview

Welcome back to this week’s Stocks to Watch! It seems the post election euphoria has died down a bit as bulls likely took profits last week and by the looks of it moved them all into crypto 👀. 

Crypto names (DOGE, MSTR, COIN, MARA, RIOT, WULF, HUT & more) remain on close watch with BTC hitting new all time highs over $93.5k last week.

We will also be keeping a close eye on TSLA for a possible bounce or breakdown at the $300 level. 

Lets take a look at the events of last week! 

With Veterans Day on Monday, it was a mellow start to the week. Markets were open, but trading felt lighter than usual, with no big economic updates. It was a good day to take a breather before the action ramped up.

The NFIB Small Business Optimism Index gave us some good news, small businesses are hanging tough despite all the noise out there. Meanwhile, a few Fed officials hit the mic to share their thoughts on inflation and the economy. No major shocks, but they’re definitely keeping an eye on things. 

Big day for data! The Consumer Price Index showed inflation is still running a little hot, up 2.4% year over year. Later, the U.S. Treasury dropped its Budget Statement, highlighting the growing deficit. Not the best news, but nothing markets haven’t seen before.

The Producer Price Index ticked up, signaling that businesses are feeling the heat on costs. Fed Chair Jerome Powell had his say too, reminding everyone that rate cuts aren’t on the menu just yet. It’s all about keeping inflation in check, folks.

Retail sales for October came in solid, shoppers are still opening their wallets, which is great news for the economy. On the flip side, industrial production dipped a bit, raising questions about how the manufacturing sector is holding up. Markets danced around this mixed bag, ending the week on a cautious note.

It was a week of ups and downs, inflation is still a thing, spending looks solid, but manufacturing is lagging. The Fed is playing it cool, keeping rates steady for now. Let’s see how it all shakes out in the weeks ahead!