TLDR

MARKET RECAP → This week’s stock market action is reminiscent of the euphoric, pandemic-induced, stimulus-fueled insanity that drove a momentous rally in shares of the once left-for-dead “Blockbuster of video games” stock, GameStop (GME). As @TheRoaringKitty returns from a nearly 3-year hiatus, his return proves that the “apes” are alive and well … and that they are back with a vengeance.

MEME STOCK MANIA RELOADED → 🎢 Fueled by "Roaring Kitty" and 15 million Redditors, the meme stock circus swings back into town, pulling an eclectic cast of stocks from crypto to AI into the spotlight, and proving once more that Wall Street is just as susceptible to social media sways.

AWS CHIEF SELIPSKY RESIGNS → 🔄 Amazon’s (AMZN) AWS CEO Adam Selipsky steps down to prioritize family, passing the reins to Matt Garman as he leaves the cloud giant in a strong position for continued innovation and growth.

BIDEN HIKES CHINA TARIFFS → 📈 President Biden sharply raises tariffs on Chinese imports like EVs and solar panels to 100% and 50% respectively, aiming to protect U.S. industries and assert a tough stance on China during Infrastructure Week.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Meme Stock Mania Reloaded

Reddit Rises Again 🚀 The resurgence of meme stock enthusiasm has seen "r/wallstreetbets" Reddit forum membership skyrocket to over 15 million, spurred by a viral post from "Roaring Kitty"—the catalyst behind 2021's meme stock frenzy. This revival has widened its scope, drawing in stocks beyond the usual suspects like GameStop and AMC (AMC).

Analyzing the Hype 📊 Quiver Quantitative, leveraging alternative data analytics, developed a "WallStreetBets score" to gauge meme stock popularity on Reddit based on mentions over the past week. Additionally, they track the "fails-to-deliver" (FTD) score, indicating potential for short squeezes, which intensify when stocks experience sudden surges forcing short sellers to cover their positions.

Diverse Meme Stock Spread 📈 The meme stock phenomenon has expanded to sectors like crypto and AI, with companies like Marathon Digital (MARA) and SoundHound AI gaining traction (SOUN). Super Micro Computer (SMCI), notable for its role in AI infrastructure, joined the S&P 500 (VOO) after a significant rally, demonstrating the broadening impact and appeal of meme stocks in the market.

TODAY’S TOP NEWS

AWS Chief Selipsky Resigns

👋 Leadership Change Announced: Adam Selipsky, CEO of Amazon (AMZN) Web Services, will resign from his position next month after almost two decades with the company. He plans to focus more on his family and personal well-being after years of steering AWS’s expansive growth.

🔄 Succession Plan in Place: Matt Garman, currently senior vice president of sales and marketing at AWS, has been named as Selipsky's successor. This transition marks a significant shift in leadership but is expected to be smooth given Garman's deep involvement in AWS operations.

📈 Bright Outlook for AWS: In his farewell memo, Selipsky expressed confidence in the future of AWS, citing the strong state of the business and its leadership team. His departure is timed to allow for personal rejuvenation while leaving the company in capable hands during a period of continued growth and innovation.

TODAY’S TOP NEWS

Biden Hikes China Tariffs

🚗 Steep Tariff Increases: President Joe Biden announced significant tariff increases on $18 billion worth of Chinese imports, including a jump from 25% to 100% on electric vehicles, and from 25% to 50% on solar cells. The move is part of a broader effort to counteract China’s competitive pricing and protect American industries from unfair competition.

🔋 Targeted Economic Defense: The tariffs, which also affect semiconductors and various medical and industrial goods, are designed to shield burgeoning U.S. industries, especially in clean energy and technology sectors. The administration asserts that these tariffs are specifically aimed and will not cause broad inflationary impacts, contrasting sharply with broader tariff measures seen in the past.

⚖️ Strategic Political Timing: This tariff escalation coincides with Biden's "Infrastructure Week," highlighting his administration's substantial investments in infrastructure and clean energy. It also aligns with Biden's reelection campaign, emphasizing his tough stance on China, a key issue also highlighted by his likely election opponent, Donald Trump.

BULL VS. BEAR

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