Wall Street Gears Up for Christmas Break, Benchmarks Eye Wins

The benchmarks are eyeing weekly wins

Assistant Editor
Dec 23, 2021 at 1:56 PM
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There was no shortage of market happenings during the Holiday-shortened week. Monday saw a midday selloff, and though it pulled back slightly, the major indexes nabbed their third-straight loss. That streak was snapped the next session, however, as the Dow added more than 550 points, while U.S. President Joe Biden addressed the nation's climbing Covid-19 infections. The Dow, along with the S&P 500 and Nasdaq, nabbed its second-straight win on Wednesday, following an update from Pfizer (PFE) regarding its Covid-19 antiviral pill. As of Thursday, the benchmarks are eyeing their third-straight gain and a weekly win, ahead of Wall Street's Christmas break

Analysts Look Ahead to 2022

Analysts dished out some end-of-the-year judgements, as multiple big names were hit with upgrades or downgrades. Nvidia (NVDA) was named a "top pick" by UBS, with the firm citing the company's "wide moats." This blue-chip construction name was upgraded to "outperform," with the company set to be one of the biggest beneficiaries of easing monetary policy in China. On the other side of things, China-based Alibaba (BABA) was downgraded amid mounting regulatory pressures in the country. Lastly, Sunrun (RUN) was downgraded to "sector weight," following proposed solar incentives in California.

End-of-Year Earnings Trickle In

As 2021 comes to a close, there's always a few stragglers left to hit the earnings confessional. Blue-chip sneaker giant Nike (NKE) was one such name, reporting top-line results that trounced Wall Street's estimates and led to a round of bull notes to boot. Micron Technology (MU) surged after an impressive quarterly report, notching a round of bull notes of its own. Finally, this "meme" stock brushed off a strong quarter, falling despite revenue and earnings beat, as well as increased demands for the company's Internet of Things products.

Holiday-Shortened Week Packed with Data, Earnings

Next week is set to be a quiet one on Wall Street, as it falls between Christmas and New Years. Not only is economic data sparse, with initial and continuing jobless claims likely to be the most noteworthy event. On the earnings front, there's not much to report, with very few significant quarterly results set to be released.

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