Bear despair: Weekly Stock Market Update

The past week included significant gains for Canadian Solar Inc. (CSIQ), SolarEdge Technologies Inc. (SEDG), Sunrun Inc. (RUN), Plug Power Inc. (PLUG) and SunPower Corp. (SPWR).

 

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Canadian Solar Inc. (CSIQ) 5.05 (+20.75%) 29.39 Industrial Goods
SolarEdge Technologies Inc. (SEDG) 24.56 (+10.57%) 256.81 Industrial Goods
Sunrun Inc. (RUN) 2.00 (+9.49%) 23.07 Industrial Goods
Plug Power Inc. (PLUG) 1.42 (+9.45%) 16.45 Consumer Goods
SunPower Corp. (SPWR) 1.39 (+9.14%) 16.60 Consumer Goods

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Nio, Inc. (NIO), Vale SA (VALE), Asensus Surgical, Inc. (ASXC), Unity Software Inc. (U) and Sea Ltd. (SE).

  • Nio, Inc. (NIO) shares surged after the electric vehicle (EV) manufacturer debuted its Singapore listing, and received analyst upgrades ahead of upcoming earnings.
  • Shares of Brazil-based metal and mining company Vale SA (VALE) got a boost as investors turned to safe-haven assets.
  • Shares of surgical robot manufacturer Asensus Surgical, Inc. (ASXC) rallied for the second week in a row.
  • Recovering from last week’s earnings losses, shares of Unity Software Inc. (U) jumped after Ark Invest CEO Cathie Wood defended the video game stock.
  • Sea Ltd. (SE) shares jumped after the Southeast Asian tech giant delivered better-than-expected first-quarter results.

 

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Nio, Inc. (NIO) 2.13 (+14.88%) 16.44 Consumer Goods
Vale SA (VALE) 1.30 (+8.43%) 16.72 Basic Materials
Asensus Surgical, Inc. (ASXC) 0.0257 (+6.51%) 0.4202 Consumer Goods
Unity Software Inc. (U) 2.22 (+5.68%) 41.32 Consumer Goods
Sea Ltd. (SE) 4.26 (+5.65%) 79.66 Technology 

 

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Beyond Meat Inc. (BYND), Etsy Inc. (ETSY), Tesla Motors Inc. (TSLA), Cisco Systems Inc. (CSCO) and Douyu (DOYU).

  • Beyond Meat Inc. (BYND) shares continued to drop following last week’s first-quarter earnings released by the vegan meat alternative maker, which were far lower than expected.
  • Top retailers Target and Kohl’s badly missed their first-quarter results, sparking a broad retail sector sell-off which included online marketplace Etsy Inc. (ETSY).
  • Tesla Motors Inc. (TSLA) shares plummeted after two Wall Street analysts cut their price targets for the electric vehicle maker.
  • Cisco Systems Inc. (CSCO) shares tumbled after the computer networking leader’s Q3 earnings were weaker than analysts had expected.
  • Douyu (DOYU) shares slid after the Chinese streaming giant reported a first-quarter FY22 revenue decline of almost 17%.

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Beyond Meat Inc. (BYND) -6.87 (-21.99%) 24.37 Services
Etsy Inc. (ETSY) -13.74 (-14.92%) 78.34 Services
Tesla Motors Inc. (TSLA) -105.69 (-13.73%) 663.90 Consumer Goods
Cisco Systems Inc. (CSCO) -6.62 (-13.36%) 42.94 Technology
Douyu (DOYU) -0.11 (-7.48%) 1.36 Technology

  

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Walmart Inc. (WMT), Cloudflare, Inc. (NET), Shopify Inc. (SHOP), Builders FirstSource, Inc. (BLDR) and Procter & Gamble Co. (PG) all experienced negative movement over the past week.

  • Walmart Inc. (WMT) shares suffered their steepest single-day decline ever as investors reacted to missed earnings by the superstore chain as well as by other leading retail stocks.
  • Cloudflare, Inc. (NET) shares tumbled after analysts slashed the cloud services specialist’s price target following its analyst day.
  • Shopify Inc. (SHOP) shares plunged just one day after the e-commerce platform’s price soared by double digits as investors’ panic led to steep retail sector sell-offs.
  • Builders FirstSource, Inc. (BLDR) shares sank after analysts lowered the construction supplies company’s price target. 
  • Procter & Gamble Co. (PG) shares slipped after the household products leader’s management warned of price hikes at its investor conference.

NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Walmart Inc. (WMT) -28.85 (-19.49%) 119.20 Services
Cloudflare, Inc. (NET) -10.69 (-16.10%) 55.69 Technology
Shopify Inc. (SHOP) -38.63 (-9.60%) 363.85 Technology
Builders FirstSource, Inc. (BLDR) -6.07 (-9.07%) 60.82 Industrial Goods
Procter & Gamble Co. (PG) -11.83 (-7.70%) 141.79 Consumer Goods

 

Highlights and Lowlights

Missed earnings by several retail giants, including Target, Kohl’s, and Walmart, sent investors into a panicked sector-wide sell-off. Stocks had dipped into bear market territory by the week’s closing session. The DJ30 dropped -2.1% for its eighth weekly loss and longest losing streak since 1923. The SPX500 and the NSDQ100 fell for the seventh week in a row, at -3% and -3.8% respectively.

What’s in Store for the Week?

Earnings season continues, with investors on edge as more retailers are due to report, including Costco, Best Buy, and Nordstrom. Check out eToro’s Earnings Reports Calendar for all of the details and to stay up to date.

A number of updates used to gauge consumer and business sentiment will be released this week, including the Personal Consumption Expenditures (PCE) Price Index for April (the Fed’s go-to measure of inflation) as well as the composite Purchasing Managers’ Index (PMI) surveys for May. The Fed will release FOMC minutes from its last meeting on Wednesday. 

 

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