Tesla and Amazon both hit record highs, while jobs data was mixed
With the stock market closed on Monday for Memorial Day, the trading week opened on Tuesday, with
stocks falling out of the gate. Investors were digesting weakness in oil prices early on, and the
energy sector would remain in focus throughout the week, after President Donald Trump announced his intention to withdraw the U.S. from the Paris climate agreement. It was also a huge week for economic data, including an impressive
ADP payrolls report, though a disappointing
nonfarm payrolls report put a June rate hike in question.
Major Indexes Rise Despite Bank Stock Slide
The uncertainty surrounding monetary policy -- and a warning of a
current-quarter slowdown -- put pressure on
bank stocks, especially Dow components
JPMorgan and Goldman Sachs. Considering historical data for June, the
financial sector could continue to struggle in the near term, but this
European bank stock could be the outlier. Despite the weakness from this group, the Dow, S&P 500 Index (SPX), and
Nasdaq Composite (COMP) closed out May in positive territory, and are also eyeing another weekly win, touching
record highs in the process. As for the CBOE Volatility Index (
VIX), it just finished its weakest May on record.
The Amazon Stock Story No One's Talking About
Outside of the financial and energy sectors, retail stocks remained in focus.
Michael Kors stock and
Express stock both sold off after earnings, though an under-the-radar sector peer enjoyed its
best day ever. Elsewhere,
Lululemon shares pleased
options traders with another huge post-earnings move, and
Canada Goose had a good showing in its earnings debut. Amazon stayed hot as well,
topping $1,000 for the first time, but there's a different
Amazon stock story no one's talking about.
Tech, Healthcare Stocks Make Headlines
Speaking of hot stocks,
Tesla shares continued their ascent, reaching record highs in the process. Plenty of tech stocks made notable moves, led by a big earnings win for
BOX stock, while
Workday and
Hewlett Packard both sank after their quarterly results. And while analysts are "moving to the sidelines" on Roomba maker
iRobot,
these two underloved
electronics stocks could be set to run higher.
Several healthcare stocks also made headlines, with few making bigger moves than
Protagonist Therapeutics Inc (NASDAQ:PTGX) and
Minerva Neurosciences Inc (NASDAQ:NERV). Upbeat patent news lifted
Celyad stock, and
EXACT Sciences got a boost from a promising insurance development. Going forward, this hot
drug stock could get iced this month, and rallying
Medtronic stock could go even higher.
June Presents Trading Opportunities for Bulls and Bears Alike
Apple's
Worldwide Developers Conference (WWDC) will be in focus early next week, and traders should keep an eye on these three
Apple suppliers as the event unfolds. For bulls, our list of the
best stocks to buy in June could be a good jumping off point, and options traders should read how to profit off the month's
low volatility. On the flip side, these two
airline stocks could crush your portfolio in June. Of course, going by a very rare
volatility signal, the broader stock market could experience weakness soon.