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The stock indexes were mixed this week, as investors and traders assessed a string of economic data, with U.S. GDP growth revised up slightly to 1.4% in the U.S. Department of Commerce’s final Q1 estimate.
Meanwhile, both headline and core PCE inflation eased in May and matched estimates. Core PCE Price Index edged up 0.1% m/m – lowest since November 2023 – bolstering the case for the Federal Reserve to reduce rates this year.
The S&P 500 (SP500) advanced 14.16% for the first half of 2024, led by a rally in technology stocks amid the AI boom. Wall Street’s benchmark gauge has been on a record-breaking run, hitting 32 all-time intraday highs in H1.
This week also saw President Joe Biden and former President Donald Trump participating in their first debate of the 2024 election season. However, many of the takeaways focused on the demeanor and coherence (or lack thereof) that both candidates displayed on stage. The view that Trump won the night also gave a small lift to the dollar.
Here is a look at some of the trending stocks this week:
Shares of Trump Media & Technology Group (NASDAQ:DJT) popped 11% this week after a CNN flash poll showed the Republican candidate outperforming President Biden in the first presidential debate. The poll surveyed registered voters who watched the debate, revealing that 67% believed Trump performed better, compared to 33% for Biden.
Nike (NYSE:NKE) shares plunged 23% this week after the sportswear company’s outlook fell short of expectations, raising investor concerns about waning demand for its brands. The company expects revenue to fall in its current financial year amid challenging macro conditions and persistent weakness in China.
Micron Technology (NASDAQ:MU) was also in the spotlight as the chipmaker reported stronger-than-expected third-quarter results. However, its shares tumbled around 8% this week as investors assessed the firm’s underwhelming guidance.
Amazon’s (NASDAQ:AMZN) stock hit $2T in market capitalization on Wednesday for the first time ever, largely driven by its Rivian (NASDAQ:RIVN) stake and enthusiasm surrounding artificial intelligence. The tech and retail behemoth joined Google-parent Alphabet (GOOG)(GOOGL), iPhone-maker Apple (AAPL), OpenAI-backer Microsoft (MSFT) and chip giant Nvidia (NVDA) as the only U.S. companies to enter the $2T club. The e-commerce giant closed the trading week at $1.97T market cap.
Rivian Automotive (RIVN) share surged 30% this week after the electric vehicle maker disclosed a joint venture with Volkswagen (OTCPK:VLKAF) to develop next-gen electrical architecture and best-in-class software technology. (OTCPK:VLKAF) will make a $5B investment in Rivian as part of the deal.
Whirlpool (NYSE:WHR) shares advanced 12.6% after a report that German engineering group Robert Bosch was weighing a bid for the U.S. home appliance manufacturer. The report followed speculation earlier this month that the company had attracted takeover interest.
Vista Outdoor (NYSE:VSTO) climbed 8% this week after MNC Capital raised its all-cash offer to acquire the sporting good company to $42 a share from $39.50 a share. The revised proposal came after Vista Outdoor confirmed on Monday it has amended its agreement with Czechoslovak Group to sell Kinetic Group for a revised offer of $2B, a $40M increase from the previous offer.
Walgreens Boots Alliance (NASDAQ:WBA) shares were hammered 24% this week after the retail pharmacy chain lowered its earnings outlook for the year amid a tough overall backdrop for retail. The firm expects FY2024 EPS between $2.80 and $2.95, down from the prior view of $3.20–$3.50 and below the consensus estimate of $3.20. Separately, The Wall Street Journal reported on Thursday that Walgreens (WBA) plans major store closures this year.
Boeing (NYSE:BA) was also in focus as it hit another obstacle in the ongoing investigation of the Alaska Airlines flight 1282 door plug blow-out, with the NTSB sanctioning the airplane maker for releasing non-public details of the probe at a recent media briefing. The investigative agency warned that Boeing (BA) could lose its status as a party to the probe if it violates rules again.
FedEx (NYSE:FDX) jumped around 18% this week after its stellar Q4 earnings report and upbeat revenue guidance. The Memphis-based shipping giant sees 2025 revenue growth at a low-to-mid single-digit rate and EPS of $20.00 to $22.00 vs. $20.75 consensus.
More on this week’s trending stocks:
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