Stocks Eye Incredible Week As Biden Inches Toward Victory

The Dow is finishing the week with a slight daily pullback

Deputy Editor
Nov 6, 2020 at 2:05 PM
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This week marked a few notable events, to say the least. First, the U.S. Presidential Election kicked off, and, as of this writing, it has yet to be officially called. Second, a comeback for the Dow, S&P 500, and Nasdaq took place early in the week. To start, Monday marked the first of four-consecutive days of triple digit wins for the Dow, as investors awaited the beginning of one of the most anticipated U.S. elections in recent memory. Tuesday, Election Day, marked another win for the major indexes, despite fears of a delayed, or contested, election.

Wednesday confirmed those fears might have some substance, though it seemingly had little effect on investor sentiment, as the Dow went on for its third-straight triple digit win. By Thursday, it became clear that the election would last the majority of the week, though the Dow and S&P 500 still notched triple-digit wins, and marked the first time in nearly four decades that the latter rose over 1% four days in a row. By the end of the week, stocks were trading relatively flat, but well on their way to their best week since April.

Reports Pour in With Earnings Season in Full-Swing

With earnings season still in swing, a plethora of notable reports have showered in over the course of the week. Advertising and marketing concern Nielsen (NLSN) surprised Wall Street with a third-quarter beat. Then, Ferrari (RACE) chimed in with a win of its own, and chalked the victory up to its record beating order book. Next, a chemical company gained some momentum, not only from its positive earnings report, but also thanks to a  slew of bull notes. The reports poured in toward the end of the week, too, with Michael Kors' parent company notching a fiscal second-quarter win thanks to strong demand in China.

Cannabis Stocks Walk Away With Major Wins

While the election focuses on who will win the presidential race above all else, it was truly the cannabis industry that walked away with an enormous victory, as many companies remained hopeful about decriminalization at the federal level soon. Canopy Growth (CGC) announced its move to the U.S. listed Nasdaq Composite to save money. Elsewhere, Aphria (APHA) stock climbed after announcing plans to buy SweetWater Brewing Company. If that isn't enough, we covered nine cannabis stocks that made big moves during the week.

Post-Election Week Highlights

Though election week is in the rearview mirror, it looks as though concrete results are still a few exits away. While investors stay tuned waiting for a victory from either candidate, they'll also have plenty of economic data to look over. Employment data, as well as the National Federation of Independent Business (NFIB) small-business index, are on deck. As far as earnings go, there's a few blue-chip stocks still slated to report. Meanwhile, take a look at several stocks with great short covering potential

 

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