Big Tech’s decline hit the market this week
The second week of May was particularly volatile, especially for the Dow, as big tech stocks were in the spotlight for much of the week. On Monday, investors’ eyes were on the Colonial Pipeline ransomware attack that took place over the weekend. The Dow erased its gains after clearing the significant 35,000 levels to make a three-day winning streak, and the Tech sell-off gave the Nasdaq a three-digit loss. Until Tuesday afternoon, Tech’s slide grabbed Wall Street and took a heavy toll in other sectors as well. A leap from Big Tech, however previous losses reducedHowever, the blue chip index still ended on its worst day since late February.
Until the middle of the week Inflation data weighed on benchmarks after news inflation rose the fastest since 2008 in April and the Dow fell to its lowest level in a month. Thursday, Stocks rebounded Amid hopeful news from the Centers for Disease Control (CDC) that fully vaccinated people will no longer need to wear face masks or social distancing in most indoor spaces, investors raved about battered technology. Although all three main indices a strong finish By the week to this point on Friday, they are still on their way to sizable weekly losses.
Tech in the spotlight
With a lot of tech attention this week, here are some of the names we looked at. After the weekend cyber attack Call the dealer stacked on top of the cybersecurity name FireEye (FEYE). Tesla (TSLA) and NIO (NIO) made an interesting comparison at the beginning of the week. And later in the week, Elon Musk continued to intertwine Cryptocurrency buzz Following mining problems, Tesla announced that Bitcoin was no longer accepted as a form of payment. In the meantime, there is support for software inventory VMWare (VMW).
More reports to browse
There was still a lot to earn this week. The hotel giant Marriott (MAR) moved to a lower Missing income. Roblox (RBLX) announced a mix Earnings debutwhile Virgin Galactic (SPCE) and Palantir (PLTR) had very different reactions based on earnings on the same day. Analysts got involved on Wednesday Intuit (INTU) and Electronic Art (EA) according to their reports, and options traders flocked to them Wendy’s (WEN) and FuboTV (FUBO). Meanwhile, analyst bulls were targeting Lowes (LOW) after the merit while Bumblebee (BMBL) saw a flurry of bear notes. Finally, a big name Disney (DIS) reported poor results for the second quarter of the fiscal year.
The profit lockdown continues, economic data slows down
Looking ahead, earnings season will begin with companies like Applied Materials (AMAT), Carnival (CCL), Cisco Systems (CSCO), Foot Locker (FL), Home Depot (HD), Target (TGT) and TJMaxx (). TJX) and Walmart (WMT) will all report back. In terms of economic data, it will be a relatively quiet week ahead.
Meanwhile, traders can check out last week’s Monday Morning Outlook, in which Schaeffer’s Senior Vice President of Research, Todd Salamone, pondered whether or not Wall Street should adjust to another Volatility pop. Also, Schaeffer’s senior quantitative analyst Rocky White has investigated whether this old product is true or not Commercial theory.