The Nasdaq logged a four-day win streak this week
The spike in coronavirus cases throughout the U.S. and globally has ever-increasingly plagued the Dow Jones Industrial Average (DJI) this week. However, the blue-chip index rose for the first couple days, as the major indexes received a boost from
the
Federal Reserve’s individual bond announcement and
a record surge in
retail sales. These gains came in spite of the reopened wave of pandemic fear permeating throughout the country, followed by cautious rhetoric from Fed Chair Jerome Powell.
Additionally, the Trump administration’s $1 trillion infrastructure proposal helped curb pessimism. Towards the middle of the week, however, the SPX 500 Index (SPX) and Dow snapped their three-day win streaks, while the Nasdaq Composite (IXIC) continued on to five straight wins by Thursday, despite disappointing jobs data for the 13th week straight. Amidst all of this volatility and attention-grabbing headlines, the three benchmarks are looking at sizable weekly wins.
Tech Bubble Boosting the Nasdaq
Tech stocks stole the show this week as the Nasdaq inked a four-day winning streak. At the start of this week, Intel (INTC) was upgraded on tech potential,
and Finland-based tech company Nokia Oyj (NOK) made a deal with Broadcom (AVGO) to expand its 5G portfolio. FAANG stock Apple (AAPL) hit new highs despite legal trouble with the European Union (EU), while one Apple supplier wasn't as lucky. Also, Coupa Software's record highs came alongside a bull signal, and
music streaming service Spotify (SPOT) found all-time highs after a podcast deal.
And speaking of podcasts, check out our rebooted Schaeffer's Market Mashup podcast!
Reopening Buzz Targets Retailers
More and more retail companies are rallying out of their pandemic-induced slumps -- as the record high in retail sales this week shows -- while others continue to fall behind under the lasting affects of the coronavirus. Auto retailer CarMax (KMX) has
carved out a channel of highs recently, with calls increasingly popular in the options pits. Tanger Factory Outlets Centers Inc (SKT) soared on the announcement that nearly three quarters of its occupied stores were open. On the other end of the spectrum though, home furnishing retailers La-Z-Boy (LZB) and Williams-Sonoma (WSM) both
took a breather, the latter
after hitting fresh highs.
More Economic Data on Tap Next Week
The earnings calendar has plenty of economic data for investors to sift through next week. Most notably there will be the first-quarter gross domestic product (GDP) reading, while traders will also keep an eye on another round of jobs data. Wall Street's "fear gauge,"
the Cboe Volatility Index (VIX) slumped this week, but is still situated below a key trendline that will be one to watch in the future. And in the meantime, check out this study examining what the S&P 500's torrid pace means for these 20 stocks. Lastly and perhaps most importantly, in recognition that everyone is responsible to further educate themselves and elevate the black community, here are two black-owned companies on Wall Street to recognize and highlight.