Wall Street Looks to Rally for 2nd Week of 2024

Plus, a look at some of our 2024 top stock picks

Deputy Editor
Jan 12, 2024 at 2:34 PM
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Wall Street is looking to bounce back from last week's slump with healthy wins. Things began relatively strong, with the Nasdaq Composite (IXIC) and S&P 500 index (SPX) surging as investors bought the dip in tech, amid retreating Treasury yields. Stocks mostly managed to overcome Tuesday's midday slump, though the Dow Jones Industrial Average (DJI) shed triple digits as investors await highly-anticipated inflation reports. A rally quickly followed, however, after data showed wholesale inventories fell in November.

Heading into the latter part of the week, U.S. market finished just near breakeven as traders digested a slightly-higher-than-expected consumer price index (CPI) and higher Treasury notes. By Friday afternoon, all Wall Street was trading substantially lower, but still heading for its first weekly win of the year.

Don't Miss These 2024 Top Stock Picks

Schaeffer's top 2024 stock picks are out now. Food delivery concern DoorDash (DASH) sports a an intriguing entry point for investors looking to target a growing company leading in its market. Pharma giant Gilead Sciences (GILD) could soar on the charts thanks to an unwinding of analysts' pessimism. Those looking for a potential "turnaround play" should consider software robotics stock UiPath (PATH). Finally, internet of things stock Samsara (IOT) just completed a bullish cup-and-handle pattern on the monthly chart.

New Year, New Corporate Moves

Analysts have been busy in the first month of the year. Citigroup downgraded streaming giant Netflix (NFLX) due to what it perceives as lofty expectations on Wall Street. CrowdStrike (CRWD), meanwhile, jumped to two-year highs after an upgrade to "overweight." Elsewhere, Goldman Sachs (GS) pointed towards a weak backdrop that could weigh on e-commerce concern Etsy (ETSY) in its bear note. Rounding things out, Pizza Hut's parent Yum! Brands (YUM) was downgraded to "equal weight," Bloom Energy (BE) was upgraded to "outperform," and Chewy (CHWY) was upgraded to "overweight."

More Bank Earnings, Economic Indicator On Tap

Another holiday-shortened week is ahead, but a deluge of economic indicators will be released. In addition, earnings from financial intuitions will be released for investors to parse. Plus, 15 stocks that are overdue for upgrades, and why now is the perfect time to hedge against a short-term pullback.

 

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