Weekly Stock Market Update: Tech stocks make a comeback

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week showed significant gains for Canaan Inc. (CAN), Organigram Holdings Inc. (OGI), Riot Blockchain Inc. (RIOT), Sunworks Inc. (SUNW), and EHang Holdings Ltd. (EH).

  • Bitcoin spiked to record highs, boosting crypto miner Riot Blockchain Inc. (RIOT) and mining equipment manufacturer Canaan Inc. (CAN) along with it.
  • Organigram Holdings Inc. (OGI) shares skyrocketed after British American Tobacco acquired almost 20% of the Canadian company, causing analysts to predict that this cannabis producer’s market share could double by 2026.
  • Sunworks Inc. (SUNW) shares jumped as investors regained interest in solar energy stocks and Senate Democrats reintroduced the Clean Energy for America Act.  
  • Shares of aerospace innovator EHang Holdings Ltd. (EH) soared as investors’ interest rate fears subsided together with reports of the Chinese economy rebounding.


Canaan Inc. (CAN)14.66 (+73.41%)34.63Technology
Organigram Holdings Inc. (OGI)1.76 (+65.67%)4.44Consumer goods
Riot Blockchain Inc. (RIOT)22.51 (+55.86%)62.81Consumer goods
Sunworks Inc. (SUNW)5.24 (+49.34%)15.86Consumer goods
EHang Holdings Ltd. (EH)17.02 (49.09%)31.10Industrial goods

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Roblox Corp. (RBLX), Coupang LLC (CPNG), GameStop Corp. (GME), NeoPhotonics Corp. (NPTN), and Renren Inc. (RENN).

  • Roblox Corp. (RBLX) shares had a blockbuster first week, with its shares rising 55% on the day of its IPO and continued climbing throughout the week.
  • Coupang LLC (CPNG) hit the market with a bang. Its shares were expected to price between $27–30, but the stock soared as it left the gate on its debut last Thursday.
  • GameStop Corp. (GME) closed out a third week with big gains. The stock was propelled by news from Ryan Cohen who was tapped recently to oversee the company’s shift to e-commerce. 
  • NeoPhotonics Corp. (NPTN) rallied last week after its stock was upgraded from ‘Neutral’ to ‘Buy’ by D.A. Davidson’s analyst Thomas Diffely.
  • Renren Inc. (RENN) shares rose this week after research on the social gaming market listed the Chinese social media platform as a top player.  


Roblox Corp. (RBLX)61.95 (+799.35%)69.70Technology
Coupang LLC (CPNG)39.04 (+414.00%)48.47Technology
GameStop Corp New (GME126.76 (+92.03%)264.50Services
NeoPhotonics Corp. (NPTN)3.25 (+36.15%)12.24Services
Renren Inc. (RENN)2.32 (+35.64%)8.83Technology

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for ACADIA Pharmaceuticals Inc. (ACAD), Stitch Fix Inc. (SFIX), Sumo Logic Inc. (SUMO), Fossil Inc. (FOSL), and Bilibili (BILI).

  • ACADIA Pharmaceuticals Inc. (ACAD) stock crashed in response to a regulatory setback in the drugmaker’s proposed labelling of a treatment for psychosis.
  • Stitch Fix Inc. (SFIX) shares plunged amid investor concerns over the personalised online styling service’s discouraging second-quarter results.
  • Sumo Logic Inc. (SUMO) shares plummeted after the observability specialist reported disappointing fourth-quarter earnings. 
  • Fossil Inc. (FOSL) stock fell thanks to the fashionable watchmaker’s fourth-quarter results and sales expectations falling short.
  • Bilibili (BILI) shares dropped as the Chinese digital entertainment company filed its annual report with the SEC and investors continue to question Chinese economic health.


ACADIA Pharmaceuticals Inc. (ACAD)-21.94 (-44.79%)21.99Consumer Goods
Stitch Fix Inc. (SFIX)-19.13 (-26.21%)53.87Services
Sumo Logic Inc. (SUMO)-5.61 (-20.33%)21.99Consumer Goods
Fossil Inc. (FOSL)-1.44 (-9.03%)14.51Consumer Goods
Bilibili (BILI)-8.85 (-7.45%)109.99Consumer Goods

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, New Oriental Education & Techn ADR (EDU), Cloudera Inc. (CLDR), Autohome (ATHM.CH), Hertz Global Holdings (HTZGQ), and Manchester United (MANU) stocks all experienced negative movement over the past week.

  • New Oriental Education & Techn ADR (EDU) shares dropped after rumours that China may reduce economic stimulus this year based on projections that GDP growth in 2021 will be slower than hoped for.
  • Cloudera Inc. (CLDR) shares dropped after the data management software company offered investors a profit and revenue forecast which fell short of expectations.
  • Autohome (ATHM.CH) shares fell as the leading online destination for automobile consumers in China priced its secondary listing on the Hong Kong Stock Exchange.
  • Hertz Global Holdings (HTZGQ) shares dropped amid the car rental company’s attempts to negotiate a deal with creditors for a potential bankruptcy loan package. 
  • Manchester United (MANU) stock was down after reports that one of the sports team’s investors intends to sell off 5 million shares in a secondary offering. 


New Oriental Education & Techn ADR (EDU)-166.40 (-90.33%)17.64Consumer Goods
Cloudera Inc. (CLDR)-1.90 (-12.96%)12.76Technology
Autohome (ATHM.CH)-14.23 (-12.92%)95.87Technology
Hertz Global Holdings (HTZGQ)-0.0929 (-10.69%)0.7765Services
Manchester United (MANU)-1.87 (-9.29%)18.26Consumer Goods

Highlights and Lowlights

All three major stock indexes recorded solid gains as optimism over economic recovery continued to fuel the rally. US President Biden signed the latest pandemic relief bill into law and bond yields retreated, soothing interest rate fears and providing a lift to investor sentiment.

Thanks to a rebound for tech stocks, the NSDQ100 saw a cumulative gain of 6.3% over the course of Tuesday, Wednesday, and Thursday. Both the NSDQ100 and SPX500 added more than 2% this week, with a new high for SPX500. Meanwhile the DJ30 gained nearly 4%, crossing the 32,000 point level for the first time on Wednesday, then pushing its record even higher on Thursday. 

What’s in Store for the Week?

Earnings season continues in the week ahead, with Coupa Software and Crowdstrike Holdings announcing their earnings after the close on Tuesday, and FedEx and Nike to announce their earnings after the close on Thursday.

The Federal Open Market Committee (FOMC) is slated to meet this Tuesday and Wednesday after which they will make a statement regarding monetary policy, interest rates, asset purchases and other economic projections for the near future.


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