Record closes and jobs data also defined Wall Street this week
The first week of December didn't bring the across-the-board, outsized gains from November, but Wall Street still saw gains in familiar places. The Dow, S&P 500, and Nasdaq all nabbed new records throughout the week, though Bitcoin (BTC) stole the show on Thursday.
Jobs data throughout the week kept investors on edge, as did
geopolitical tensions in
South Korea and France. Despite the day-to-day choppiness, the tech sector is powering the Nasdaq to a 3% weekly win. The S&P 500 is also headed for a
gain on the week, while the blue-chip index is headed for a first weekly loss.
Tech Stays in the Spotlight
Sector heavyweights Broadcom (AVGO) and Meta Platforms (META) both flashed bullish signals to end the year. Super Micro Computer (SMCI) finally got some good news on the accounting front. Cloud stocks received some noteworthy analyst attention, while cryptocurrency-adjacent stocks melted up, to nobody's surprise. And that's to say nothing about the recent tech earnings.
Zscaler (ZS) dipped after a dismal forecast, while Marvell Technology (MRVL) broke out to new heights. To close out the week, Samsara's (IOT) lackluster guidance prompted a flurry of options activity.
Retail Earnings Still Trickling In
Retail earnings continued to trickle in. Cincinnati-based grocer Kroger (KR) suffered a post-earnings setback, while American Eagle (AEO) whiffed on all major metrics. Discount retail stocks were buzzing after their respective reports, and Ulta Beauty's (ULTA) blowout numbers had analysts cheering.
Can Stocks Stick the Landing in 2024?
Senior Quantitative Analyst Rocky White unearthed an encouraging sign for S&P 500 bulls, while Senior V.P. of Research nailed the Cboe Volatility Index (VIX) pullback. Gold mining stock Newmont (NEM) could finish the year strong, regardless of how the safe-haven asset performs.