Despite tense moments, the bulls triumph again

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Newegg Commerce Inc. (NEGG), Stamps.com Inc. (STMP), Toughbuilt Industries, Inc. (TBLT), Overstock.com Inc. (OSTK) and Weibo Corp. (WB).

  • Newegg Commerce Inc. (NEGG) shares continued to soar along with the computer parts retailer’s investor popularity as a meme stock. 
  • Stamps.com Inc. (STMP) shares skyrocketed following news that the shipping services leader closed a $6.6 billion cash deal to be acquired by private equity firm Thoma Bravo. 
  • Toughbuilt Industries, Inc. (TBLT) shares jumped following an update that the home improvement and construction tools producer had doubled its sales on Amazon for the first half of 2021.
  • Overstock.com Inc. (OSTK) shares popped following news that the number of hedge funds invested in the online retailer had hit an all-time high of 31, up from 24.
  • Weibo Corp. (WB) shares jumped on news that the Chinese social media platform was working on a deal that would take it private, but the company promptly denied the rumour.

NASDAQ TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Newegg Commerce Inc. (NEGG)27.49 (+143.18%)46.69Consumer goods
Stamps.com Inc. (STMP)125.04 (+62.77%)324.23Services
Toughbuilt Industries, Inc. (TBLT)0.293 (+38.71%)1.05Industrial goods
Overstock.com Inc. (OSTK)9.43 (+10.72%)97.37Services
Weibo Corp. (WB)5.72 (+10.53%)60.03Technology

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for BioHaven Pharmaceutical Holding Company Ltd. (BHVN), Similarweb (SMWB), Snowflake Inc. (SNOW), Affiliated Managers Group (AMG) and Virgin Galactic Holdings Inc.

NYSE TOP-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
BioHaven Pharmaceutical Holding Company Ltd. (BHVN)17.75 (+17.79%)117.53Consumer Goods
Similarweb (SMWB)2.91 (+14.82%)22.55Services
Snowflake Inc. (SNOW)32.25 (+13.59%)269.49Services
Affiliated Managers Group (AMG)20.84 (+13.36%)176.78Financial
Virgin Galactic Holdings Inc. 4.26 (+9.48%)49.20Consumer Goods

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for 360 Finance Inc. (QFIN), ACM Research Inc. (ACMR), EHang Holdings Ltd. (EH), Sharecare Inc. (SHCR) and Futu Holdings Ltd. (FUTU).

  • Shares of Chinese fintech companies 360 Finance Inc. (QFIN) and Futu Holdings Ltd. (FUTU) plummeted on news that the Chinese authorities plan to increase their regulation of Chinese stocks listed on US exchanges.
  • Other Chinese tech companies saw sell-offs as well, including chip-cleaning equipment maker ACM Research Inc. (ACMR) and autonomous aerial vehicle (AAV) maker EHang Holdings Ltd. (EH).
  • Sharecare Inc. (SHCR) shares collapsed following the digital wellness company’s initial listing as part of a merger with special purpose acquisition company (SPAC) Falcon Capital Acquisition, but subsequently began to recover from the drop. 

NASDAQ WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
360 Finance Inc. (QFIN)-9.43 (-26.39%) 26.31Financial
ACM Research Inc. (ACMR)-17.86 (-17.75%)82.75Technology
EHang Holdings Ltd. (EH)-7.10 (-17.54%) 33.37Industrial Goods
Sharecare Inc. (SHCR)-1.56 (-16.72%)7.77Services
Futu Holdings Ltd. (FUTU)-22.45 (-13.84%)35.70Financial

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Douyo (DOYU), Zhihu Inc. (ZH), Tencent Music Entertainment Group (TME), Chargepoint Holdings Inc. (CHPT) and New Oriental Education & Technology Group Inc. (EDU) stocks all experienced negative movement over the past week.

NYSE WORST-PERFORMING STOCKS

STOCKWEEKLY CHANGECURRENT TRADING PRICESECTOR
Douyo (DOYU)-1.19 (-17.92%)5.45Technology
Zhihu Inc. (ZH)-1.99 (-15.91%)10.52Services
Tencent Music Entertainment Group (TME)-2.25 (-14.87%)10.88Technology
Chargepoint Holdings Inc. (CHPT)-4.12 (-12.87%)27.90Industrial Goods
New Oriental Education & Technology Group Inc. (EDU)-0.97 (-12.81%)6.60Consumer goods

Highlights and Lowlights

Despite some tense moments, Wall Street closed the holiday-shortened week triumphantly, with all three US indices topping last week’s all-time highs. The SPX500 and the NSDQ100 each gained 0.4% to mark a three-week winning streak, and the DJ30 added 0.3% to beat last week’s record. 

What’s in Store for the Week?

An action-packed week of earnings kicks off with these “Big Banks” reporting this week: Bank of AmericaCitigroupJPMorgan Chase and Goldman Sachs. Corporate second-quarter earnings will be released by PepsiCo, Wells Fargo, and Delta Air Lines. 

Analysts have predicted a 69% jump in second-quarter earnings for SPX500 companies over last year’s, back when the economy was just beginning to face the challenges of a global pandemic. Investors are looking forward to growth in quarterly earnings as well, possibly making it the largest increase of the decade. 

Investors will be looking for clues on inflation with the release of the monthly US Consumer Price Index (CPI) report on Tuesday. The concern is whether June’s reading will show a year-over-year (YOY) price spike as it did a month earlier, when May’s reading had the highest YOY increase since August 2008.

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