Wall Street witnessed significant positive movement last week, marking it as the best week of 2024. The S&P 500 surged almost 3.9%, while the Nasdaq Composite saw a notable 5.2% gain. Similarly, the Dow Jones Industrial Average advanced by 2.9%. These positive numbers brought the S&P 500 closer to its July record high, indicating a recovery from the earlier month’s rout. Additionally, the yield on the 10-year Treasury declined, easing concerns about an imminent recession.
The U.S. oil prices experienced a decline of 2% due to reports suggesting that Qatar warned Iran against attacking Israel amid the Israel-Hamas cease-fire talks. Qatar’s prime minister highlighted the potential consequences of such attacks while negotiations were in progress. Talks were paused on Friday and are expected to resume in the upcoming week. Concerns regarding the 10-month-old war between Israel and Hamas intensified with the arrival of U.S. Secretary of State Antony Blinken in Israel.
A U.S. judge temporarily halted the launch of Venu, a sports streaming service jointly created by Disney, Warner Bros. Discovery, and Fox. Fubo TV, a competitor, filed an antitrust lawsuit claiming that Venu would adversely affect competition in the market. Fubo CEO David Gandler expressed satisfaction with the ruling, stating that it ensures a more competitive marketplace with multiple sports streaming options. Following the injunction, Fubo’s stock surged by 16%.
Shares of Bavarian Nordic saw a significant surge of 14.8% after the Danish biotech company submitted data to the European Union’s drug regulator to extend approval for its mpox vaccine for 12 to 17-year-olds. CEO Paul Chaplin emphasized the importance of combating the new clade 1b strain that predominantly affects younger individuals. The World Health Organization declared the current mpox outbreak in Africa a public health emergency, underscoring the urgency for broader vaccination efforts across age groups.
Disney’s “Deadpool & Wolverine,” featuring Ryan Reynolds and Hugh Jackman, emerged as the highest-grossing R-rated movie globally, surpassing the record of Warner Bros. Discovery’s “Joker.” The film generated over $1.085 billion worldwide, illustrating the enduring appeal and box office strength of the Marvel Cinematic Universe. This success indicates that exploring darker themes in movies can resonate with audiences and contribute to significant financial gains.
Despite market volatility and tech sector pullbacks, Bernstein highlighted seven technology, media, and telecom stocks with a median 26% upside potential. These stocks offer opportunities amid concerns about artificial intelligence and economic instability. Investors can explore investment prospects in these sectors, leveraging potential future growth opportunities as technology continues to evolve and redefine market trends.
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