Stocks Log Choppy Week Despite Cooling VIX

The VIX hit its lowest level since November 2021 this week

Deputy Editor
Apr 21, 2023 at 2:12 PM
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Earnings season is here, but someone forgot to tell the Cboe Volatility Index (VIX). As investors pored over a slew of corporate reports, Wall Street’s “fear gauge” slumped. Despite the low volatility environment, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) were unable to take advantage. The blue-chip index is in the midst of a four-day losing streak and a fifth-straight weekly win looks untenable. Both the S&P 500 and Nasdaq are also headed for a week in the red. Choppy oil prices and rising bond yields were in focus throughout the week as well, all while the VIX traded at its lowest level since November 2021.

Tech News This Week

Facebook parent Meta Platforms Inc (META) is set to report earnings next week, and both analysts and options traders are chiming in ahead of the event as the stock continues to rally on the charts. Tesla Inc's (TSLA) post-earnings slide weighed on tech stocks on Thursday, and analysts hit the electric vehicle (EV) maker with bear notes ahead of the event. Netflix Inc (NFLX) gathered plenty of attention as well, following its mixed first-quarter report and disappointing forecast. 

We checked in with several semiconductor stocks this week as well, including Taiwan Semiconductor Mfg. Co. Ltd. (TSM) ahead of its quarterly report. Nvidia Corporation (NVDA) received a rare double-upgrade from HSBC, while Advanced Micro Devices Inc (AMD) is flashing a bull signal on the charts. 

Holiday Stocks This Week

This week was green in several ways as well, as we highlighted four cannabis stocks amid the 4/20 "weed holiday," and celebrated earth day with three environmentally friendly stocks. Plus, here is what cannabis industry leaders have to say about the famed holiday. 

Busy End of April Ahead

Earnings season is still in full swing next week, with plenty of economic data on tap as well. 3M (MMM), Amazon (AMZN), Boeing (BA), Caterpillar (CAT), Cleveland-Cliffs (CLF), Coca-Cola (KO), Dow (DOW), eBay (EBAY), General Electric (GE), General Motors (GM), McDonald's (MCD), PepsiCo (PEP), Pinterest (PINS), U.S. Steel (X), UPS (UPS), and Visa (V) are just some of the many corporate reports scheduled for next week. In the meantime, check out how recent SPX and VIX moves could impact options, with Schaeffer's Senior Quantitative Analyst Rocky White, as well as a key SPX level with Schaeffer's Senior Vice President of Research Todd Salamone. 

 

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