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📉 All Time Highs... Until It Wasn't
Market hits new highs before changing its mind, Taiwan Semi gets some bullish news and more
Brooks Dyroff
March 08, 2024
Happy Friday, Zingers! The U.S. economy added more jobs than expected in February, but unemployment rose from 3.7% to 3.9%. Sound confusing? You’re not the only one.
The market didn’t know what to make of the numbers either, trading higher earlier in the day, and making new all-time highs (again). But then, a severe sell-off in tech stocks like NVIDIA brought the major indices lower. Maybe next week Mr. Market will be a little more decisive (probably not).
Today’s Price Action:
$SPY: -.60%
$QQQ: -1.44%
$DIA: -.12%
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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: Thought our top story of the day was going to be about anything other than chips? Taiwan Semiconductor Manufacturing Corp is expected to win up to $5 billion in grants from the U.S. government to build a chip fabrication facility in Arizona.
Basically: Bloomberg reported on Friday, citing sources familiar with the matter, that the world’s largest contract chipmaker would soon be announcing the deal. It wasn’t clear whether the award would come from the $52 billion CHIPS Act fund for boosting U.S. semiconductor manufacturing.
Context: In May 2020, TSMC announced plans to invest $12 billion in a semiconductor manufacturing facility in Phoenix, Arizona, aiming to bolster its production capacity in the United States. Then in December of the same year, plans for a second fab — again, in Phoenix — were announced, taking the total investment to $40 billion.
Quoted: The company said at the time: “As one of TSMC's advanced fabs, TSMC Arizona will play a vital role in the U.S. government's goal to onshore semiconductor manufacturing and strengthen national economic competitiveness.”
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ONE TRADE IDEA FOR NEXT WEEK
Basically: Gold prices extended their winning streak for the eighth consecutive session, surging past the $2,170 per troy ounce threshold and reaching a new pinnacle. This current rally in gold represents its longest winning streak in almost four years, harking back to July 2000 when it logged nine straight sessions of gains.
Great Expectations: The surge in gold prices has been underpinned by traders’ solidifying expectations of imminent interest rate cuts, following benign economic data and reassuring remarks from Fed Chair Jerome Powell.
Weekly Gains: In response to this move, gold miners, as monitored through the VanEck Gold Miners ETF, notched a 9% increase this week, their best weekly performance in a year.
Quoted: Federal Reserve Chair Jerome Powell‘s testimony before a Senate committee this week hinted at a likely initiation of interest rate reductions “at some point this year,” emphasizing the central bank’s cautious approach towards inflation reaching the 2% target.
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