Weekly Stock Market Update: Black Friday Boosts Retail, Dow Reaches Record High

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

Strong results were recorded on the Nasdaq Stock Market by Novavax Inc. (NVAX), 9F Inc. (JFU), Moderna Inc. (MRNA), Sumo Logic Inc. (SUMO) and Intellia Therapeutics Inc. (NTLA).

  • Novavax Inc. (NVAX) stocks were boosted +45.22% off the back of news that AstraZeneca’s COVID-19 vaccine candidate would likely require a further late-stage trial.
  • 9F Inc. (JFU) stocks were up +30.16%, although the reason behind this positive growth is currently unclear.
  • AstraZeneca’s approval setback also saw the value of Moderna Inc. (MRNA) stocks jump +30.14%.
  • Sumo Logic Inc. (SUMO) stocks grew +21.40% over the past week, although the reason behind this positive growth is currently unclear.
  • Despite news that the company’s CEO and president had sold off 35,000 Intellia Therapeutics Inc. (NTLA) shares, the company experienced a weekly stock value growth of +21.35%.
NASDAQ TOP-PERFORMING STOCKS
STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Novavax Inc. (NVAX)39.1400 (+45.22%)$125.9132 USDConsumer Goods
9F Inc. (JFU)0.3800 (+30.16%)$1.6215 USDFinancial
Moderna Inc. (MRNA)29.42 (+30.14%)$127.13 USDConsumer Goods
Sumo Logic Inc. (SUMO)4.52 (+21.40%)$25.78 USDConsumer Goods
Intellia Therapeutics Inc. (NTLA)6.90 (+21.35%)$39.38 USDIndustrial Goods

New York Stock Exchange (NYSE)

Palantir (PLTR), Renren Inc. (RENN), Transocean Ltd. (RIG), Jumia Technologies AG (JMIA) and Aurora Cannabis Inc. (ACB) all experienced a strong week on the New York Stock Exchange.

  • Palantir (PLTR) continued to make gains over the past week, with stocks up +52.40%. While the reason behind this growth remains unconfirmed, it has been speculated that Biden’s election win may be behind thispositive sentiment.
  • Renren Inc. (RENN) stocks were up +51.85%, although the reason behind the positive growth is currently unclear.
  • Transocean Ltd. (RIG) stocks were up +50.72% in line with rising oil prices.
  • A strong year of growth continued for Jumia Technologies AG (JMIA), with stocks up +49.11%.
  • Aurora Cannabis Inc. (ACB) stocks continued to gain value (+48.04%), following the results of the 2020 US election, with five states passing marijuana-related ballot initiatives.
NYSE TOP-PERFORMING STOCKS
STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Palantir (PLTR)9.51 (+52.40%)$27.82 USDTechnology
Renren Inc. (RENN)2.2400 (+51.85%)$6.5659 USDTechnology
Transocean Ltd. (RIG)0.7000 (+50.72%)$2.0901 USDBasic Materials
Jumia Technologies AG (JMIA)12.15 (+49.11%)$37.03 USDServices
Aurora Cannabis Inc. (ACB)3.4269 (+48.04%)$10.5895 USDHealthcare

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

Niu Technologies (NIU), Arrowhead Pharmaceuticals Inc. (ARWR), Baozun Inc. (BZUN), Insulet Corporation (PODD) and Icahn Entrpres Depositary Units Repr Units of LP Interests (IEP) had less than ideal results on the Nasdaq Stock Market.

NASDAQ WORST-PERFORMING STOCKS
STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Niu Technologies (NIU)-4.1500 (-11.61%)$31.5984 USDConsumer Goods
Arrowhead Pharmaceuticals Inc. (ARWR)-5.81 (-8.44%)$63.05 USDConsumer Goods
Baozun Inc. (BZUN)-2.95 (-7.04%)$39.01 USDServices
Insulet Corporation (PODD)-13.76 (-5.19%)$251.78 USDConsumer Goods
Icahn Entrpres Depositary Units Repr Units of LP Interests(IEP)-2.47 (-4.73%)$49.98 USDConglomerates

New York Stock Exchange (NYSE)

Oasis Petroleum Inc. (OAS), Huami Corp. (HMI), Penumbra Inc. (PEN), Gap Inc. (GPS) and Genworth Financial Inc. (GNW) all experienced losses on the New York Stock Exchange.

  • Oasis Petroleum Inc. (OAS) stocks continued their downward trend, falling -99.54% over the past week.
  • Huami Corp. (HMI) saw a drop in stock value (-16.36%), despite recording strong third quarter results. 
  • The value of Penumbra Inc. (PEN) stocks also fell, although the reason for this negative movement is currently unclear.
  • Despite solid growth since April, the value of Gap Inc. (GPS) stocks fell -10.75% following news of disappointing third quarter sales.
  • Genworth Financial Inc. (GNW) experienced a drop in stock value (-10.37%), although the reason for this negative movement is currently unclear.
NYSE WORST-PERFORMING STOCKS
STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Oasis Petroleum Inc. (OAS)-33.9747 (-99.54%)$0.1556 USDConsumer Goods
Huami Corp. (HMI)-2.41 (-16.36%)$12.41 USDConsumer Goods
Penumbra Inc. (PEN)-32.56 (-12.56%)$227.06 USDConsumer Goods
Gap Inc. (GPS)-2.62 (-10.75%)$21.77 USDServices
Genworth Financial Inc. (GNW)-0.48 (-10.37%)$4.14 USDFinancial

Highlights and Lowlights

Dow Closes Above 30,000 for the First Time

For the first time in its 124-year history, the Dow Jones Industrial Average closed above 30,000 points. Peaking on Tuesday, the Dow has surged ahead by more than 60% since March, with news of the start of Joe Biden’s presidential transition and continued positive results from COVID-19 vaccine testing helping to fuel positive sentiment. A general sense of optimism appeared to spreadacross the globe, with markets across Europe and Asia also experiencing positive movement.

Black Friday Remains Major Retail Event Despite COVID-19

Despite significantly less foot traffic in American malls, Black Friday once again proved to be a significant sales event for retailers in the US, with Adobe Analytics estimating that $9 billion was spent online by consumers. Up 22% on the record previously set in 2019, this figure is predicted to be eclipsed by upcoming Cyber Monday sales, with retailers across the country enjoying higher sales than have been recorded in many months. Although markets were closed over the weekend, we may very well see some strong movement as sales figures are released.

US Congress Stimulus Talks Continue To Stall 

Although close to 12 million Americans are set to lose their unemployment benefits at the end of December, US Congress remains in a stalemate over stimulus package discussions. With job growth continuing to slow down and the threat of ‘benefits cliff’ on the horizon, a lack of indecision could spell disaster for millions of Americans without an income, as well as the wider economy. Some are speculating that some relief measures will be incorporated into a spending bill that must be passed by Congress by December 11.

What’s in Store for the Week?  

The last few weeks have seen markets across the globe rally, with promising COVID-19 vaccine trials helping to boost optimism. Not only has the Dow reached a record high, but other international markets have also noted strong growth recently. The results of the upcoming weeks, however, will reveal whether this positive trend will continue into the new year or falter before we enter 2021. Some, including Capital Wealth Planning’s Jeff Saut are predicting another market breakout, with the Wall Street bull speculating that the S&P 500 will reach 4,000 before the year’s end.

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