Stock indexes fluctuated due to economic data, with U.S. GDP growth revised to 1.4% and headline and core PCE inflation eased in May, indicating Federal Reserve rate reduction.
The S&P 500 surged 14.16% in Q1 2024, driven by a surge in technology stocks amid the AI boom. The benchmark gauge reached 32 all-time intraday highs. The first presidential debate between Biden and Trump sparked debates, affecting the dollar.
Trending Stocks of the Week
Trump Media & Technology Group
Shares of Trump Media & Technology Group surged 11% this week following a CNN flash poll that showed the Republican candidate outperforming President Biden in the first presidential debate. The poll, which surveyed registered voters who watched the debate, revealed that 67% believed Trump performed better compared to 33% for Biden. This boost in confidence translated into significant gains for the company.
Nike
In stark contrast, Nike’s shares plunged 23% this week as the sportswear giant’s outlook fell short of expectations, causing investor concerns about waning demand for its brands. The company anticipates a revenue decline in the current financial year, citing challenging macroeconomic conditions and persistent weakness in China.
Micron Technology
Micron Technology grabbed attention with stronger-than-expected third-quarter results. However, its shares tumbled around 8% as investors digested the company’s underwhelming guidance, leading to a mixed week for the chipmaker.
Amazon
Amazon made headlines by reaching a $2 trillion market capitalization for the first time on Wednesday, driven largely by its stake in Rivian and growing enthusiasm around artificial intelligence. This milestone places Amazon among the elite group of U.S. companies in the $2 trillion club, including Alphabet, Apple, Microsoft, and Nvidia. The e-commerce giant ended the trading week with a market cap of $1.97 trillion.
Rivian Automotive
Rivian Automotive saw its shares surge 30% after announcing a joint venture with Volkswagen to develop next-gen electrical architecture and advanced software technology. As part of the deal, Volkswagen will invest $5 billion in Rivian, sparking significant investor interest.
Whirlpool
Whirlpool shares advanced 12.6% following reports that German engineering group Robert Bosch is considering a bid for the U.S. home appliance manufacturer. This news comes on the heels of earlier speculation about potential takeover interest in the company.
Vista Outdoor
Vista Outdoor climbed 8% this week after MNC Capital raised its all-cash acquisition offer to $42 a share, up from $39.50. The revised proposal follows Vista Outdoor’s amended agreement with Czechoslovak Group to sell Kinetic Group for a revised offer of $2 billion, marking a $40 million increase from the previous offer.
Walgreens Boots Alliance
Walgreens Boots Alliance shares plummeted 24% after the retail pharmacy chain lowered its earnings outlook for the year amid a challenging retail environment. The firm now expects FY2024 EPS between $2.80 and $2.95, down from the previous range of $3.20 to $3.50. Additionally, The Wall Street Journal reported that Walgreens plans significant store closures this year.
Boeing
Boeing faced another obstacle in the ongoing investigation of the Alaska Airlines flight 1282 door plug blow-out. The NTSB sanctioned Boeing for releasing non-public details of the probe during a recent media briefing, warning that the company could lose its status as a party to the investigation if it violates rules again.
FedEx
FedEx shares jumped around 18% this week after delivering a stellar Q4 earnings report and providing upbeat revenue guidance. The shipping giant projects 2025 revenue growth at a low-to-mid single-digit rate and anticipates EPS between $20.00 and $22.00, compared to the consensus estimate of $20.75.
These trending stocks reflect a week of significant moves and market-shaping news, showcasing the dynamic nature of the financial markets.