Stocks Notch New Highs to Start 2020

Tesla was a huge winner once again

by Josh Selway

Published on Jan 3, 2020 at 2:15 PM

It was an up-and-down holiday-shortened first week of 2020 for U.S. stocks. While the major indexes managed to hit fresh record highs in the first day of trading in the new year, selling ramped up on Friday after the U.S. launched airstrikes in Iran. All the same, the Dow Jones Industrial Average (DJI), the S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all set for weekly wins at the time of this writing.

Tesla Stock Carries Momentum into 2020

Tesla (TSLA) shares came into 2020 on a hot streak, and the electric automaker again was one of the best performers down the stretch this week. At last check, the security was set for its best close ever, with the most recent gains fueled by upbeat delivery numbers. Overall, the equity is pacing for a 3.6% gain on the week, setting it up for a fifth straight weekly win.

Chip stocks were also in focus again. While AMD stock rose to new highs, Nvidia (NVDA) was enjoying another price-target hike. Elsewhere in the tech space, Apple (AAPL) shares joined in the broad-market rally, toppling the $300 mark along the way.

Analysts Make Predictions for the Year

A number of bold analyst notes have come out given the turn of the calendar. One note out of BTIG, in fact, suggested pizza stocks like Domino's (DPZ) and Papa John's (PZZA) could enjoy nice years since people could be inclined to stay inside to watch the presidential debates and the Olympics.

The 2020 Olympics were also mentioned in a note for Fastly (FSLY), while an analyst named their top marijuana stock. On the bearish side, Hanesbrands (HB) was exposed by a double downgrade.

Oil Stocks in Focus as Prices Surge

We were already tracking a few stocks out of the energy sector to start the week, names like Core Laboratories (CLB) and Warren Buffett's Phillips 66 (PSX). But even as February crude futures rise 2.4% to $62.65 per barrel, most oil stocks haven't been able to take advantage of the end-of-week surge so far.

Stocks to Watch to Start 2020

Like many traders across Wall Street, we spent much of this week looking ahead to what the new year might bring. Be sure to check out our lists of best and worst stocks for the first quarter, based on historical data, while one big-name pharma stock popped up as a name to be careful with in January.

From a broader view, our founder and CEO Bernie Schaeffer discussed the importance of understanding options in what could be a volatile year on the charts. Things could heat up in a hurry on Wall Street, too, given earnings and nonfarm payrolls are due out next week.


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