break down some of the biggest stories dominating the trading week, from Monday's global market sell-off to concerns of a recession.) were on a roller coaster ride this week, with a large sell-off on Monday and a bit of a recovery on Thursday. Janney Montgomery Scott chief investment strategistexplains,"Collectively, I think we're ending kind of where we're beginning, which is to say, the economy continues to look like it's in pretty good shape.
And so we still see a lot of investment coming from those hypersal into chips and into the A I trend. And and suddenly I think at least right now investors seem to be thinking, you know what maybe that soft landing is, is base case after all.I was just pulling up the five days so that we could take a look at the beginning of our week.
Well, imagine as we sit here on a Friday afternoon after three o'clock and had you not known what had transpired over the course of the week?Uh, you were down a couple of 10th of 1% on a week, over week basis. And the, uh, an official from the bank of Japan came out and seemed to have called a calm fears with regard to any further activity on the part of the bank and that would jar markets any further.
Uh Even if it was an effort to calm the markets because I think the markets might have interpreted it that it was something that had gotten, gotten their attention. We're in a seasonally weak period for stocks, August and September and we haven't seen the kind of volatility nor a drawdown that was around 10% on a year to day basis, which is highly unusual.
So at the end of the day though, while we're not abandoning uh those sectors that have been leaders on a year to day basis, namely some of those great iconic brands and technology, communication services and consumer discretionary. Uh They, they applaud the catch up investment in their growth segment city also maintaining a buy but mentioning that the lower 2024 revenue and adjusted EBITA is a more cautious approach than they had anticipated.By the way, we should mention the CFO Luis V Soo has chosen to exit the company, senior accounting officer filling his role.
Um I wanna start Michael with just the the moves we saw this week, you know, we're ring here now briefly top uh 62,000.I I'm just curious um what you think explained that what was going on there was that just, you know, investors see Bitcoin as a, you know, a very speculative asset.I mean, well, I mean, Bitcoin is the only truly global capital market in the world.
There's a revolution in the global capital markets and traditional finance operates, you know, 19% of the time for 10% of the world that makes it a 2% solution.Have you spoken with either Vice President Kamala Harris or former President Trump specifically, I speak with both Democrats and Republicans.Let's say that you were on a hypothetical phone call with either of them.
I think, I think physical capital, real estate capital, financial capital, people are gonna sell those things and they're going to move their money into digital capital and it's gonna be a trend for a long, long time to come. Interesting that uh Morgan Stanley, in particular, highlighting the company's ability to execute and quote consistently.
But I think just in terms of the story behind the stock, it's just interesting given the pressure that's been on this broader sector, see the performance that they've been able to pull out. Um This is of course not the only big tech name we've heard making these kind of cuts until Mattie saying it is going to be slashed about 15,000 jobs.
Now, we got a statement, our pros to Romanian who covers autos for us here at Yahoo Finance got a statement from ST anti in response.They talked about the Ram 1500 being a great entry point pick up for the Ram and tradesmen models as well that they introduced it and have seen a change in sort of the demand picture moving forward.
So other than the rise in the unemployment rate, we don't have any strong evidence that tells us we're in a recession right now or at least in June or July for the month of August clear, we have no data. The reason that matters is that if we're not in a recession now, keeping us out of recession is really up to the Federal Reserve, moving quickly to lower the cost of borrowing.You, you mentioned in your piece as well that there have been some examples in this earnings cycle of weakness like mcdonald's Intel and Delta, but that the broader picture is looking good and it is on track to be another record breaking quarter for earnings just broadly.
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