Stocks rebounded after last week’s dismal performance, with the major market indexes snapping their longest consecutive stretch of daily losses since before the 2016 U.S. presidential election. While the tech-heavy Nasdaq outperformed its peers on a strong showing from Apple (AAPL), the Dow managed to brush off stiff Boeing (BA) headlines and more Brexit uncertainty thanks to big gains for the FAANG stock and upbeat U.S.-China trade news.
Boeing’s Worst Week in Years
News of another fatal 787 MAX 8 crash sent BA reeling this week, while global groundings of the aircraft — and a rare “sell” rating — only exacerbated selling pressure on the Dow stock, and sparked bearish options trading on this airline. At last check, Boeing stock is headed toward a nearly 10% weekly loss — its biggest since February 2016.
On the other hand, Apple is pacing toward its best week since last August, up 8% so far. The iPhone maker earned several bull notes from an upbeat brokerage bunch, and unveiled both a special March event and the dates for its 2019 Worldwide Developers Conference (WWDC). Fellow FAANG stock Amazon (AMZN) also saw bullish analyst attention this week.
Nvidia, F5 Networks Move on M&A Chatter
Apple wasn’t the only big-cap tech firm to receive upbeat analyst attention, with Microsoft (MSFT) earning “top pick” status at Mizuho. Elsewhere in the tech sphere, Nvidia (NVDA) made waves on a well-received acquisition, this Chinese social media stock had its best day in months after earnings, and Intuit (INTU) flashed a bullish options signal. Not all of the action was so encouraging, though, with F5 Networks (FFIV) sinking on buyout buzz and Roku (ROKU) slammed with a round of bear notes.
Poppin’ Penny Stocks
While these three penny stocks roared higher, this drug stock was destroyed on a pair of negative headlines. Other big movers included Turtle Beach (HEAR) and Adobe (ADBE), which got walloped on weak forecasts. Elsewhere, history suggests this red-hot GoPro (GPRO) supplier and this bouncing biotech could be ready to cool off.
Fed Meeting, Nike Earnings on Tap
It’s set to be another busy week on Wall Street, with all eyes on the Fed meeting, though no rate hike is expected. Retail earnings will continue to roll in, with blue chip Nike (NKE) among the notable names set to report. Traders will keep focus on the S&P’s dance around the key 2,800 mark following the index’s fast start to 2019, while this technical indicator could be suggesting a near-term VIX breakout.