All three major benchmarks aim for weekly returns
Things looked pretty bleak for the market after last week’s sell-off, fueled by an update from the Federal Reserve. However, on Monday the Dow erased all of its losses, adding: almost 600 points at the end of the session, while the S&P 500 also made a comeback. While the Nasdaq started the week rather cautiously, Tuesday was the tech-heavy index snap a record close as investors conducted an investigation into the wildly price action of Alphabet (Googl) and Bitcoin (BTC).
On Wednesday, the Nasdaq hit another record high and the S&P 500 stayed near record highs despite the Dow despite optimistic comments from Fed Chairman Jerome Powell on it Filling pressure. And it seems Powell’s comments helped calm concerns with the Dow near his All time high until Thursday afternoon. At the end of the meeting, US President Joe Biden said Infrastructure deal stole the limelight and helped the S&P 500 and Nasdaq achieve new notch record closings. On Friday afternoon the optimism of the infrastructure prevailed and the S&P 500 became one Intraday high. Even better, all three major benchmarks are well on their way to significant weekly gains.
Biggest earnings report of the week
Profits have not been at the forefront of investor thoughts lately. Even so, there have been a few reports worth mentioning here, among others Nike (NKE), whose stocks are up 14% in the fourth quarter. Technical concerns accent (ACN) hit a record high after the company’s third quarter results were bolstered by increased demand for digital, cloud and security services. The stock of Plug Power (PLUG) also rose despite unexpected losses in the first quarter when investors took part in an impressive. held on Beat sales. After all, the pharmacy name Rite Aid (RAD) did worse than that wider market after dismal sales results.
Virgin Galactic makes history
While the Fed updates focused on key benchmarks, there was a range of corporate updates news. Virgin Galactic (SPCE) wrote after the Space exploration Company received approval to launch paying customers into space. Uber (UBER) stock took a breather after the ridesharing agency agreed to take on the grocery delivery name Corershop. Entera Bio (ENTX) saw its share price skyrocket after positive results from a clinical study Osteoporosis treatment. Elsewhere, Shake shack (SHAK) announced plans to expand its presence in China. Special attention was paid to McAfee (MCFE) as the company saw not only an increase in threats but also its in the first quarter Founder John McAfee was found dead in a Spanish prison.
Can the bullish sentiment stay strong?
While the latest Fed-led news is on the books, there is still a lot of data ahead of us to grab investor attention. Also remarkable Quarterly reports trickle in, including those from Bed Bath & Beyond (BBBY), Constellation Brands (STZ), General Mills (GIS) and Walgreens Boots Alliance (WBA). In the meantime, Rocky White, Schaeffer’s senior quantitative analyst, weighs in on the overwhelming crowd bullish sentiment of late. Traders should also look at what comes next Expiration week.