Big Tech weighed on stocks for the first few days of the week
The past week has been rocky for Wall Street. On Monday, the inflation fears persisted compared to the previous week Consumer price index (CPI) Reading that weighed heavily on big tech and investors continued to ditch growth stocks in favor of Reopening plays. On Tuesday, stocks trimmed previous gains and closed worse than expected Housing starts dataand the Dow finished 270 points. Middle of the week, The dramatic sell-off of Bitcoin terrified traders and offered no help in Big Tech’s break-in. In addition, investors eyed the comments of Federal Reserve Chairman Jerome Powell as the possibility of an adjusted fiscal policy was considered.
Thursday the benchmarks grabbed their collective three days of bad luckthanks to a surge in tech stocks and optimistic job dataThe number of first-time unemployment benefits hit a new low in the pandemic of 444,000 versus an estimate of 452,000. On Friday, all three indices are on track for daily gains, while the Nasdaq is the only benchmark targeting weekly earnings.
Retail profit in focus
The retail sector remained in the spotlight all week as it received numerous quarterly reports. Both analysts and Options trader got involved in the shares of TJX Companies (TJX) ahead of the first quarter results. Target stock (TGT) also saw an increase in pre-earnings options as it fell slightly and fell to a Record high the next day after a 23% increase in quarterly sales, profits and sales that were above analysts’ estimates. Lowe’s hardware store (LOW) announced one optimistic quarterly report even though the stock continued its losing streak. Meanwhile, L Brands (LB) stock extended the bear gap in the previous session despite an optimistic report Spinoff buzz.
Vaccine names that make moves
Covid-19 vaccinations are remembered by investors as economic reopening continues. This week, two stocks were highlighted as part of those talks. First, AstraZeneca (AZN) was highlighted after the Financial Times reported that the company’s Covid-19 vaccine worked well as a third booster shot, according to a study by Oxford University, co-developer of the vaccine. Later in the week was Moderna’s (MRNA) vaccine officially approved from Japanese and South Korean regulators, and there was news that the company is considering manufacturing its vaccines in Japan.
Look into the last week of May
There will be lots of retail sales again next week, however Economic data will also boot up. Some of the most famous reports are AutoZone (AZO), Costco (COST), Dell (DELL), Dollar General (DG), Dollar Tree (DLTR), and NVIDIA (NVDA). Check out in the meantime this speculation by Schaeffers Senior Quantitative Analyst Rocky White, who studies whether or not a surge in the Cboe Volatility Index (VIX) could result in bullish stock movement in the future.