Stocks rally, but still lose: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Etsy Inc. (ETSY), Fortinet Inc. (FTNT), NetEase, Inc. (NTES), Bionano Genomics Inc. (BNGO) and Netflix, Inc. (NFLX).

  • Tech stocks, including those of e-commerce marketplace Etsy Inc. (ETSY) and biotech company Bionano Genomics Inc. (BNGO), rallied after the Fed eased investors’ fears of more aggressive interest rate hikes.
  • Fortinet Inc. (FTNT) shares soared after the cybersecurity company outlined plans at its 2022 Analyst Day to target $10 billion in billings and $8 billion in revenue by 2025.
  • Chinese stocks, including shares of Chinese Internet technology company NetEase, Inc. (NTES), surged after officials in Shanghai said they plan to end pandemic lockdowns by May 20.
  • Netflix, Inc. (NFLX) shares jumped following news that the video streaming giant could introduce an ad-supported, lower-priced tier sooner than expected.

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Etsy Inc. (ETSY) 5.66 (+6.55%) 92.08 Services
Fortinet Inc. (FTNT) 15.21 (+5.71%) 281.55 Technology
NetEase, Inc. (NTES) 4.13 (+4.68%) 92.46 Technology
Bionano Genomics Inc. (BNGO) 0.07 (+4.61%) 1.62 Consumer Goods
Netflix, Inc. (NFLX) 0.11 (+2.87%) 3.82 Services

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Roblox Corp. (RBLX), Shopify Inc. (SHOP), Sony Group Corp. (SONY), Asensus Surgical, Inc. (ASXC) and Builders FirstSource, Inc. (BLDR).

  • Roblox Corp. (RBLX) shares popped after the metaverse pioneer reported positive first-quarter earnings.
  • Shopify Inc. (SHOP) shares surged after the online retail platform announced that it will be extending its partnership with “buy now, pay later” (BNPL) services provider Affirm.
  • Sony Group Corp. (SONY) shares gained after the gaming giant announced its operating profit had more than doubled thanks to PlayStation 5 sales, and predicted it would sell 18 million more PS5 consoles this year.
  • Recovering from last week’s earnings losses, shares of surgical robot manufacturer Asensus Surgical, Inc. (ASXC) were up just over 4%.
  • Shares of Builders FirstSource, Inc. (BLDR) jumped after the building materials supplier reported better-than-expected Q1 results. 

 

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Roblox Corp. (RBLX) 5.20 (+18.70%) 32.97 Technology
Shopify Inc. (SHOP) 25.65 (+6.81%) 402.48 Technology
Sony Group Corp. (SONY) 3.47 (+4.15%) 87.01 Consumer Goods
Asensus Surgical, Inc. (ASXC) 0.0155 (+4.09%) 0.3945 Consumer Goods
Builders FirstSource, Inc. (BLDR) 1.90 (+2.92%) 66.89 Industrial Goods

 

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Coinbase Global, Inc. (COIN), Plug Power Inc. (PLUG), MercadoLibre, Inc. (MELI), Canadian Solar Inc. (CSIQ) and Beyond Meat Inc. (BYND).

  • Coinbase Global, Inc. (COIN) shares plummeted after the crypto exchange reported disappointing first-quarter earnings.
  • Plug Power Inc. (PLUG) shares dropped following an earnings miss and analyst downgrades for the hydrogen fuel cell solutions provider.
  • MercadoLibre, Inc. (MELI) shares tumbled after the Latin American e-commerce leader’s consensus growth projection was cut in half.
  • Solar energy stocks, including those of Canadian Solar Inc. (CSIQ), took a hit as investors reacted to a drop in crude oil prices.
  • Beyond Meat Inc. (BYND) shares fell following a disappointing first-quarter earnings report, which was followed by a slew of analysts lowering their price targets for the vegan meat alternative maker.

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Coinbase Global, Inc. (COIN) -35.94 (-34.62%) 67.87 Financial
Plug Power Inc. (PLUG) -4.36 (-22.50%) 15.03 Consumer Goods
MercadoLibre, Inc. (MELI) -130.29 (-14.08%) 794.96 Services
Canadian Solar Inc. (CSIQ) -3.75 (-13.36%) 24.34 Industrial Goods
Beyond Meat Inc. (BYND) -4.55 (-12.71%) 31.24 Services

  

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Unity Software Inc. (U), Twitter, Inc. (TWTR), Boeing (BA), AMC Entertainment Holdings Inc. (AMC), and GameStop Corp. (GME) all experienced negative movement over the past week.

  • Shares of 3D gaming company Unity Software Inc. (U) tanked as investors reacted to disappointing Q1 earnings and guidance.
  • Twitter, Inc. (TWTR) shares tumbled after Tesla CEO Elon Musk, who is attempting to purchase the social media platform, tweeted that the deal was temporarily on hold. 
  • Boeing (BA) shares plunged following news of delays of US Federal Aviation Administration (FAA) approval for the aerospace giant to resume 787 deliveries.
  • AMC Entertainment Holdings Inc. (AMC) shares sank after the movie theatre chain reported first-quarter earnings.
  • GameStop Corp. (GME)’s volatility triggered the New York Stock Exchange to temporarily halt trading shares of the video game retailer.

NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Unity Software Inc. (U) -18.20 (-31.76%) 39.10 Consumer Goods
Twitter, Inc. (TWTR) -9.02 (-18.13%) 40.72 Technology
Boeing (BA) -21.48 (-14.44%) 127.20 Industrial Goods
AMC Entertainment Holdings Inc. (AMC) -1.93 (-14.03%) 11.81 Consumer Goods
GameStop Corp. (GME) -15.98 (-13.97%) 98.39 Services

 

Highlights and Lowlights

Despite a rally towards the weekend as the Fed reassured investors that aggressive interest hikes were off the table, Wall Street continued on its losing streak. The SPX500 and the NSDQ100 fell for the sixth week in a row: -2.4% and -2.8% respectively. The DJ30 dropped -2.1% for its seventh weekly loss.

What’s in Store for the Week?

Earnings season continues, with major retailers including Walmart, Macy’s, Target, TJ Maxx and Kohl’s reporting. Check out eToro’s Earnings Reports Calendar for all of the details and to stay up to date.

Updates on the US housing market will be released this week, with April’s housing starts and existing home sales reports, as well as the US Census Bureau’s report on retail sales for April. 

 

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