Stock market sentiment continues to see-saw
Trade policy and inflation concerns -- in keeping with the theme for the month -- were in focus over the last five volatile days. The market saw a notable bounce on Wednesday, after the central bank kept interest rates unchanged but still forecast two rate cuts this year. Uncertainty quickly crept back in, however, and the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are currently on track for their fifth-straight losses -- the latter by a hair. The Dow Jones Industrial Average (DJI), on the other hand, is eyeing its first weekly win in three.
Analyst Notes This Week
It was a busy week for the brokerage bunch. Norwegian Cruise Line Holdings (NCLH), Netflix (NFLX), Duolingo (DUOL), and Ralph Lauren (RL) were all upgraded within the first few days of the week. Goldman Sachs (GS) and Rivian Automotive (RIVN) both moved lower on downgrades, while Nike's (NKE) disappointing forecast attracted several price-target cuts.
Other Stock Movers
Pharma stock Incyte (INCY) plummeted after the company's phase three trial data for its skin disease treatment showed it was only effective for half of participants, while its sector peer Gilead Sciences (GILD) also fell after news that the Government could significantly cut funding for HIV prevention. Elsewhere, Peabody Energy (BTU) jumped after Trump backed "clean coal," while Cleveland-Cliffs (CLF) dropped after announcing it would temporarily idle two facilities.
On the earnings front, FedEx (FDX) fell to 52-week lows after cutting its profit outlook for the third time in a row. Signet Jewelers (SIG) and Temu Parent PDD Holdings (PDD) both rose after their reports, the latter brushing off an earnings miss amid weak China demand.
Coming Up Next Week
Earnings season is winding down, but there is a flood of economic data for investors to unpack during the last full week of March. In the meantime, check out this contrarian "buy" signal from Schaeffer's Senior Quantitative Analyst Rocky White, and key S&P 500 levels to watch from Schaeffer's V.P. of Research Todd Salamone.