"Semantic satiation" describes how repetition can make a word lose its meaning—yet the phrase "all-time high" remains fresh in markets. On Thursday, the S&P 500 hit a new high of 5,745, rising 0.4%. The Dow and Nasdaq also saw gains, and Oppenheimer noted the S&P has reached new highs over 20% of trading days in 2024. Strong economic data, including lower jobless claims and steady GDP growth, is reinforcing optimism. Investors are eyeing upcoming economic reports to see if this "all-time high" trend continues.
MICROSOFT
At an all-hands meeting, OpenAI CEO Sam Altman denied rumours of plans for him to receive a "giant equity stake" in the company. The meeting followed talks about restructuring OpenAI into a for-profit business, though no final plans have been decided. Meanwhile, three top executives, including CTO Mira Murati, announced their departures. Despite this turnover, Altman dismissed speculation that these exits were tied to the potential restructuring. OpenAI, backed by Microsoft, is seeking a $150 billion valuation in a new funding round.
MSFT (Daily). After breaking the major resistance on June 12th and reaching an all-time high, the stock returned to its range on July 24th. It has broken the 431.00 level again, but this movement may be a fade or a temporary reaction. Further confirmation is needed.
META
Derek Bowens, Durham County's elections director in North Carolina, faced a misinformation crisis when a false Facebook post about voting procedures began spreading. Despite similar misinformation in 2020 being flagged by Facebook, this time there was no such action. Bowens and other election officials across the US are struggling with Facebook's reduced focus on political content and misinformation. While Meta claims to be working on safety and security, many officials, including Bowens, report limited assistance. The problem is exacerbated by Meta's layoffs, reduced trust and safety teams, and algorithm changes.
META (H4). Last week, Meta successfully broke through the resistance level. However, we expect the price to pull back to 540.00 for a retest, before resuming its bullish momentum.
AMAZON
Amazon is transitioning to a five-day in-office workweek starting in 2025, which has sparked dissatisfaction among employees. A survey on Blind revealed that 73% of 2,585 employees are considering leaving due to the change and 80% know of colleagues who are contemplating job searches. Workers express that the new policy impacts morale, particularly for parents and caregivers. Some suspect the policy may be a tactic to encourage resignations without layoffs. Despite employee pushback, Amazon leadership believes the in-office arrangement fosters better collaboration and strengthens company culture.
AMZN (Daily). After breaking the major resistance on June 26th and reaching an all-time high, the stock returned to its range on July 17th. It has now surpassed the 190.00 level, but this move may be a fade unless the 190.00 level supports the bullish momentum.
Fullerton Markets Research Team
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