The Dow, S&P, and Nasdaq are headed toward weekly wins
Stocks kicked off April, and spring for that matter, with solid gains this week. Fresh off a strong first quarter, the Dow, S&P 500, and Nasdaq are all about to snag weekly wins of 1.5% or more, thanks in part to renewed U.S.-China trade talk optimism and a strong March jobs report. This week also marked the first time all three benchmarks have made golden crosses within a 30-day span since May 2016. And barring any unexpected pivot lower, the S&P 500 is on track for its seventh straight gain, its best streak since October 2017.
A Blue Chip to Avoid; FAANG Bull Notes
Several Dow stocks made noise this week. Microsoft (MSFT) flashed a "buy" signal as options traders piled on, while Chevron (CVX) picked up another bull note. Verizon (VZ) rolled out its long-awaited 5G service, causing weekly call volume to skyrocket. But if there's one blue-chip name to avoid, it's JPMorgan Chase (JPM), sounding a bearish alarm ahead of earnings. As far as FAANG stocks, there were bull notes galore. Plus, Amazon.com (AMZN) trimmed its Whole Foods prices, which negatively impacted grocery competitors.
Tech Sector Movers and Shakers
As alluded to above, the tech sector was particularly strong this week. More specifically, this one Apple supplier is screaming "buy," as is this e-commerce stock. The same can't be said for Cirrus Logic (CRUS) though, with options bears circling. The threat of Apple weighed on streaming name Roku (ROKU), and Nomura initiated coverage on these two chip stocks with "buy" ratings. And although software name Twilio (TWLO) has lost some steam, there's reason to believe it can continue its impressive long-term uptrend.
Other Noteworthy Happenings
The real estate sector continues to be under-loved, and we outlined 3 trading ideas for bulls. One of the hottest stocks of the week was Urban Outfitters (URBN), as it surges toward its 10th straight win. And speaking of retail names, GameStop (GME) is circling the drain, but Bed Bath & Beyond (BBBY) continues to get love from the brokerage community. In other news, ride-sharing startup Lyft (LYFT) was slapped with its first "sell" rating, while Tesla (TSLA) CEO Elon Musk sparred with the Securities and Exchanges Commission (SEC).
Brexit Deadline, Bank Stocks in Focus
Next week will feature bank stock earnings, as well as a critical Brexit deadline -- though U.K. Prime Minister Theresa May is seeking another extension from the European Union (EU). Plus, traders should be keeping an eye on this VIX level, and the growing number of bull notes for big-cap stocks.