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Hey listeners, it's Saturday, April 18th, Ami Manimoiz for the Wall Street Journal.
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And this is what's news in markets, our look at the biggest stock moves of the week
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and the news that drove them.
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Investors began to look past the war in Iran this week and major US indexes marched
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higher despite a barrage of geopolitical shocks.
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The NASDAQ and S&P 500 hit record highs on Wednesday despite an ongoing blockade in
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Stocks pushed even higher on Thursday and Friday as a standoff between the US and Iran continued.
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The rally suggests investors were more focused on what the conflict didn't do, which is
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derailed global economy.
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Tech stocks helped drive the broader market higher.
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Taiwan's semiconductor manufacturing company raised its revenue outlook and said it would
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ramp up investment to meet still surging demand for artificial intelligence chips.
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This week, the nation's biggest banks painted a reassuring picture of the US economy,
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saying consumers are still spending despite surging gas prices since the Iran War began.
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JPMorgan Chase and Bank of America both reported stronger profits.
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The NASDAQ logged its longest winning streak in three decades, rising 13-day straight
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to end the week's 6.8% higher.
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The S&P 500 increased 4.5% to cross 7100 for the first time, and the Dow Jones industrial
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average gained 3.2%.
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Oil markets were a different story.
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Crude prices swung sharply with each headline before plunging late in the week as ceasefire
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Brent Crude tumbled 5% over the week to $90.38 a barrel.
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And energy was the worst performing sector in the S&P 500, falling 3.5%.
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Businesses and digital brokerages were among the biggest gainers of the week.
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After the SEC approved a proposal to end the pattern-day trading rule, the rule was designed
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to tamp down risky bets after individual investors got burned in the dot-com bubble of the
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It requires investors who had a pattern of buying and selling a stock on the same day to
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keep a cash buffer of at least $25,000 in their margin accounts.
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Analysts expect the change to encourage small investors to get even more active in the
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The revised rule still needs to be published in the Federal Register to officially take
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Robin Hood shares rally 31% over the week, while shares in rival Weeble ended 36% higher.
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Gucci, Louis, and Berkins are falling out of vogue.
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At least in the stock market.
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Luxury stocks, Louis Vuitton owner, LVMH, Gucci owner, Karing, and Berkin Bagmaker
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Hermes all worn this week about the Iran War's effect on big spending consumers in the Middle
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The conflict has shuttered some stores in the region and disrupted international travel, keeping
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shoppers from visiting European boutiques.
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Shares in Gucci parent Karing tumbled 8% over the week and Hermes shares slipped 0.9%.
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But LVMH shares rose 3%.
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The downbeat reports from top brands rippled across the sector, Prada, which reports later
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this month, traded at a record low relative to earnings.
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Tech Bro Footwear brand Allbirds is pivoting to the only thing Silicon Valley loves more
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than slip on sneakers right now, AI.
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Shares in the company searched more than 300% this week after the company said it will
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rename itself Newbird AI and will shift its business model to renting AI chips to companies.
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After struggling for years, the company sold off most of its sneaker-related assets last
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month for about $39 million.
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Allbirds joined the long list of companies, including a karaoke provider and an iced tea
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distributor that have tried to pivot to tech to improve their market performance.
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History is proved that the move usually doesn't work out.
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And now you know what's news in markets this week.
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You could read about more stocks that move on the week's news in our live markets coverage
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Today's show was produced by Anthony Bansy with supervising producer Melanie Roy.
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I'm Emani Molyse, have a great weekend and catch you next Saturday.