Nasdaq Shines Bright Amid Gloomy Week on Wall Street

Investors pored over earnings from Meta Platforms and Walt Disney this week

Deputy Editor
May 12, 2023 at 11:38 AM
facebook X logo linkedin


The beginning of the week was relatively quiet, as investors awaited inflation data and observed U.S. debt ceiling talks. Even after April's consumer price index (CPI) rose to its lowest level in two years, Wall Street remained stalled until the Nasdaq Composite Index (IXI) managed a mid-week rally as Treasury yields retreated. The Dow Jones Industrial Average (DJI), however, logged its fourth-straight loss on Thursday, while the S&P 500 Index (SPX) continued to see little movement as fears surrounding regional bank stocks resurfaced. The Nasdaq ultimately outshined the SPX and Dow, the only index set to walk away with a weekly win -- its third straight.

Meta Platforms, Walt Disney Hog Earnings Spotlight

Investors spent the week unpacking what's left of this season's earnings reports. Call traders were all over Facebook-parent Meta Platforms (META) after the company's better-than-expected quarterly results. Media giant Walt Disney (DIS) also took to the earnings confessional amid its battle with Florida Governor Ron DeSantis.

Bleak forecasts were also issued, with Twilio (TWLO) issuing a weaker-than-expected outlook, and Airbnb (ABNB) saying it sees fewer bookings and lower average daily rates for the second quarter.

Elsewhere, Celsius (CELH) hit a new all-time high in a post-earnings surge, while options traders placed bullish bets on Upstart (UPST) after a narrower-than-expected first-quarter loss. Zscaler (ZS) and the tech mover's sunny forecast was also a notable storyline.

Headlines You Might Have Missed

Outside of earnings, Occidental Petroleum (OXY) took a step back after Warren Buffett dispelled rumors that Berkshire Hathaway (BRK.A) planned to buy the company. Meanwhile, billionaire activist investor Nelson Peltz is exploring a "possible shakeup" at Estee Lauder (EL), which could include a move in the c-suite. Alphabet (GOOGL) introduced some new artificial intelligence (AI) features across its products, and Elon Musk moved to refocus his attention on Tesla (TSLA). Finally, First Solar (FSLR) acquired Sweden-based solar cell tech firm Evolar AB for $38 million.

Retail Data, Earnings Highlight Next Week's Action

Looking beyond the week's inflation-laden headlines, next week features even more pertinent economic data, including retail sales that will accompany several big name retail earnings reports. In the meantime, Schaeffer's Senior Quantitative Analyst Rocky White breaks down the Choppiness Index, and Schaeffer's Senior V.P. of Research Todd Salamone says the SPX could bounce.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI