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Market Moves Yesterday

S&P 500 @ 5,554.13 ( ⬆️ 1.07%)

Nasdaq Composite @ 17,395.53 ( ⬆️ 2.17%)

Bitcoin @ $58,057.62 ( ⬆️ 2.11%)

Hey Scoopers,

Happy Thursday! Here’s what we’re covering today:

👉 Oracle’s impressive comeback

👉 Uranium stocks rally

👉 Etsy and Boeing disappoint in 2024

So, let’s go 🚀

Market Wrap

Equities rose on Wednesday in a bout of volatile trading as investors weighed what the latest U.S. inflation data means for the Fed’s policy.

Tech stocks led a rebound from steep session lows as Nvidia rallied 8% and Advanced Micro Devices added almost 5%. Moroever, the VanEck Semiconductor ETF climbed nearly 5%.

Stocks initially tumbled after the core reading on the consumer price index, which excludes volatile food and energy prices, was marginally higher than estimates.

The reading dampened investor hopes for a 50 basis point rate cut from the Federal Reserve. Traders have priced in an 85% chance that the central bank will approve a 25 basis point interest rate cut in its upcoming meeting next week.

Notably, the CPI hit its lowest annualized level since February 2021. Today, Wall Street will digest the release of the August producer price index, which is forecast to rise 0.2% compared to the previous month. Initial jobless claims for last week will also be released and is forecast at 225,000.

Trending Stocks 🔥

GameStop - The meme stock tanked 12% after the video game retailer reported a steep decline in Q2 sales compared to the year-ago period.

Viking Therapeutics - Shares advanced 11% after JPMorgan initiated coverage of the biotech company with an “overweight” rating”.

Trump Media & Technology - The stock tanked over 10% following Tuesday’s debate between Donald Trump and Kamala Harris.

The Rising Demand for Whiskey: A Smart Investor’s Choice

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In a word - consumption.

Global alcohol consumption is on the rise, with projections hitting new peaks by 2028. Whiskey, in particular, is experiencing significant growth, with the number of US craft distilleries quadrupling in the past decade. Younger generations are moving from beer to cocktails, boosting whiskey's popularity.

That’s not all.

Whiskey's tangible nature, market resilience, and Vinovest’s strategic approach make whiskey a smart addition to any diversified portfolio.

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Oracle Stock Continues to Soar

While legacy tech companies such as Intel and Cisco struggle to find their footing in a world driven increasingly by the promise of artificial intelligence, Oracle has emerged as a Wall Street darling.

Oracle recently beat analyst estimates, surging 11% on Tuesday to close at a record high. The stock has now seen double-digit gains following each of its last three quarterly reports, primarily due to its cloud business.

ORCL stock is up close to 49%, only trailing market bellwether Nvidia among large-cap tech stocks. The next best performer in the group is Meta, which has gained 45%.

Meanwhile, Intel is down 60%, while Cisco has lost 3% in market value this year as both companies announced major layoffs in recent earnings reports.

Larry Ellison, the founder and chairman of Oracle, owns 40% of the company and now has a net worth of $192 billion, which is below Elon Musk ($250 billion) and Jeff Bezos ($202 billion).

Oracle sales rose by 8% year over year to $13.3 billion in the last quarter, and top-line growth is expected between 8% and 10% in the current quarter.

After 13 years of single-digit organic revenue growth, Oracle is accelerating into double digits. While Oracle is way behind Amazon, Microsoft, and Google in terms of cloud infrastructure market share, the business saw a 45% increase in sales to $2.2 billion.

Uranium Mining Stocks Rally

Uranium mining and processing stocks rallied sharply yesterday after Reuters reported that Russian President Vladimir Putin would consider limiting exports of uranium, titanium, and nickel to combat Western sanctions.

While Cameco Corp rose 6%, NexGen Energy climbed 4.3%, and Denison Mines added 5.4%. Valued at $16 billion by market cap, Cameco is the largest uranium mining stock, followed by NexGen at $3.1 billion and Denison at $1.3 billion.

The performance of mining stocks is tied to prices of the commodity they mine. In recent years, several countries have invested heavily in clean energy and building nuclear reactors, increasing the demand for uranium.

Cameco stock has returned more than 300% in the last five years, comfortably outpacing the broader markets.

Chevron and Boeing Drag S&P 500 Lower

While the equity markets are trading near all-time highs, 14 stocks in the S&P 500 index hit new 52-week lows.

Some of these stocks include:

• Bath & Body Works

• Etsy

• Chevron

• Occidental Petroleum

• Boeing

• Mosaic

However, just five stocks traded at new 52-week highs.

• eBay

• Boston Scientific

• GE Vernova

• International Business Machines

• NextEra Energy

Headlines You Can't Miss!

Asian chip stocks rally on AI optimism

China aims to lead the AI race

Japan’s Nikkei rallies over 3%

U.S. crude oil prices rebound over 2%

Bitcoin whale transactions see a noticeable drop since March

Chart of The Day

Meme of the Day

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DISCLAIMER: None of this is financial advice. The newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.