Wall Street rallies to new highs

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for TaskUs Inc. (TASK), Globalstar (GSAT), Smith & Wesson (SWBI), Ocugen Inc. (OCGN) and PubMatic Inc. (PUBM).

  • TaskUs Inc. (TASK) shares soared to a new high following the data outsourcing firm’s recent IPO. 
  • Shares of tech communications company Globalstar (GSAT) jumped following a very bullish buy recommendation by B. Riley Financial analyst Mike Crawford.
  • Smith & Wesson (SWBI) shares popped after the firearms maker reported record-breaking fiscal fourth quarter sales.
  • Ocugen Inc. (OCGN) shares climbed after the biotech company announced that it would be included in the Russell 3000 index.
  • News that Google will delay its phase-out of third-party cookies until 2023, rather than by the end of 2021, sent online advertising stock PubMatic Inc. (PUBM) soaring.

NASDAQ TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
TaskUs Inc. (TASK)11.97 (+52.04%)34.97Services
Globalstar (GSAT)0.59 (+45.74%)1.88Technology
Smith & Wesson (SWBI)7.07 (+30.28%)30.42Industrial goods
Ocugen Inc. (OCGN)1.78 (+27.09%)8.35Consumer goods
PubMatic Inc. (PUBM) 8.75 (+25.96%)42.46Technology

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Virgin Galactic Holdings Inc. (SPCE), 3D Systems Corp. (DDD), Semrush Holdings Inc. (SEMR), SM Energy Co. (SM) and Callon Petroleum Co. (CPE).

  • Virgin Galactic Holdings Inc. (SPCE) shares soared on news that the Federal Aviation Administration (FAA) had approved the space tourism company for passenger space flights.
  • 3D Systems Corp. (DDD) shares surged following the 3D printing company’s announcement of a new collaboration with Israeli CollPlant Biotechnologies to use bioprinting technology for breast reconstruction.
  • Shares of Internet analytics firm Semrush Holdings Inc. (SEMR) jumped following news that Google will delay its phase-out of third-party cookies until 2023.
  • Energy stocks of SM Energy Co. (SM) and Callon Petroleum Co. (CPE) benefitted from a boost to oil prices due to growing demand.

NYSE TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Virgin Galactic Holdings Inc. (SPCE)19.11 (+51.93%)55.91Consumer Goods
3D Systems Corp. (DDD)11.35 (+40.61%)39.30Technology
Semrush Holdings Inc. (SEMR)6.96 (+39.68%)24.50Technology
SM Energy Co. (SM)5.74 (+27.45%)26.65Consumer Goods
Callon Petroleum Co. (CPE)11.29 (+23.51%)59.32Consumer Goods

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Globus Maritime Ltd. (GLBS), SoFi Technologies Inc. (SOFI), Canaan Inc. (CAN), MicroStrategy Inc. (MSTR) and 9F Inc. (JFU).

  • Globus Maritime Ltd. (GLBS) shares were up at the start of the week following positive earnings; however, the rally was short-lived and the stock tanked after the shipping company priced its 10 million share offering at $5 per share.
  • SoFi Technologies Inc. (SOFI) shares were down after a recent SEC filing showed that the lock-up period for the fintech stock was set to expire on Monday, June 28th.
  • Cryptocurrency stocks Canaan Inc. (CAN) and MicroStrategy Inc. (MSTR) dropped after the Chinese government had local power companies cut electricity to crypto mining machines.
  • Shares of Chinese fintech company 9F Inc. (JFU) declined almost 14% this week. 

NASDAQ WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Globus Maritime Ltd. (GLBS)-0.99 (-19.57%) 4.07Industrial Goods
SoFi Technologies Inc. (SOFI)-4.21 (-18.27%)18.83Services
Canaan Inc. (CAN)-1.48 (-16.30%) 7.60Technology
MicroStrategy Inc. (MSTR)-96.41 (-14.91%)550.05Technology
9F Inc. (JFU)-0.37 (-13.96%)2.28Financial

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Rite Aid Corp. (RAD), Douyo (DOYU), AMC Entertainment Holdings Inc. (AMC), Pampa Energia (PAM) and XPeng Inc. (XPEV) stocks all experienced negative movement over the past week.

  • Rite Aid Corp. (RAD) shares tanked after the drugstore chain reported its latest set of earnings.
  • Douyo (DOYU) shares dropped as investors waited for Chinese approval of the gaming site’s deal with Huya.
  • AMC Entertainment Holdings Inc. (AMC) shares fell after CEO Adam Aron tweeted about the theatre operator’s plans for shareholder dilution.
  • Pampa Energia (PAM) shares were down following news of a decrease in interest from the world’s largest hedge funds in the Argentinian electric company.
  • XPeng Inc. (XPEV) shares had a volatile week amid regulatory concerns and ongoing US-China tensions that could affect the Chinese electric vehicle maker.

NYSE WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Rite Aid Corp. (RAD)-3.73 (-18.52%)16.41Services
Douyo (DOYU)-1.18 (-14.27%)7.09Technology
AMC Entertainment Holdings Inc. (AMC)-5.20 (-8.77%)54.06Consumer Goods
Pampa Energia (PAM)-1.15 (-6.93%)15.45Utilities
XPeng Inc. (XPEV)-3.07 (-6.79%)42.16Consumer Goods

Highlights and Lowlights

After a brief dip into negative territory last week, the US stock indexes rallied. The positive momentum lifted both the SPX500 and the NSDQ100 to new record highs, with 2.8% and 2.4% gains respectively. Percentage-wise, the DJ30 outperformed them both, adding an optimistic 3.4% for the week.

Fed Chairman Jerome Powell downplayed inflation concerns raised last week in his testimony before Congress. Powell said he believes that the recent spike in consumer prices will eventually ease, although he also acknowledged lingering economic uncertainty as pandemic restrictions are lifted. 

What’s in Store for the Week?

General Mills and Bed Bath & Beyond will report earnings on Wednesday. Investors will be watching for several key economic reports on the US housing and labour markets. June’s nonfarm payrolls report will be released on Friday, which is highly anticipated after the disappointing job gains for April and May. 

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