Wall Street Loses Momentum Towards End of Week

GameStop wowed investors with a surprise quarterly profit

Deputy Editor
Mar 24, 2023 at 1:09 PM
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Wall Street kicked off the week on a high note, with the Nasdaq Composite Index (IXIC) scoring its fifth win in six session. The Dow Jones Industrial Average (DJI) went on to score its third triple-digit gain in four days, though things turned around midweek following a quarter-point interest rate hike from the Federal Reserve. The Dow, Nasdaq and, S&P 500 Index (SPX) scored wins toward the end of the week as regional bank stocks continued to lag, and though they're lower today, all three benchmarks are pacing for weekly wins.

GameStop Posts Surprise Quarterly Profit

Multiple big-name companies chimed in with earnings this week. Meme stock darling GameStop (GME) surprised investors after reporting its first quarterly profit in two years, which helped GME log its best session since March 2022. Options traders were thrilled with Foot Locker's (FL) top- and bottom-line beats, while Olive Garden parent Darden Restaurants (DRI) fell despite a beat-and-raise. Stronger solar module shipments helped Canadian Solar (CSIQ) topple expectations, and Accenture (ACN) trimmed its annual revenue guidance and announced a big round of layoffs.

Amazon.com Announces More Job Cuts

Accenture wasn't the only tech name that announced layoffs, as Amazon.com (AMZN) announced it will cut 9,000 jobs in two of its highly-successful division. Ford Motor (F) revealed financial details in its electric vehicle (EV) unit, including a $2.1 billion loss.  Nvidia (NVDA) was praised by analysts after revealing its artificial intelligence (AI) tool. The embattled bank sector saw some positive updates, with New York Community Bancorp (NYBC) agreed to buy deposits and loans from Signature Bank (SBNY), and PacWest Bancorp (PACW) announced its deposits movements stabilized

How to read Wall Street's "Fear Gauge"

The last week of March is jam-packed with pertinent economic data, while the earnings docket features a report from blue-chip Walgreens Boots Alliance (WBA). In the meantime, Schaeffer's Senior V.P. of Research Todd Salamone advises investors to stay cautious as the "fear gauge" approaches a crossroads. Plus, a bank exchange traded fund (ETF) flashing a short-term bullish signal, per Schaeffer's Senior Quantitative Analyst Rocky White. 

 

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