Interest hike looms, investors cash in: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Discovery Communications Inc. (DISCA), ViacomCBS Inc. (VIAC), Centennial Resource Development (CDEV), Calumet Specialty Products Partners, LP (CLMT) and Gilat Satellite Networks Ltd. (GILT).

 

NASDAQ TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Discovery Communications Inc. (DISCA) 6.52 (+27.70%) 30.06 Services
ViacomCBS Inc. (VIAC) 5.21 (+17.26%) 35.39 Consumer Goods
Centennial Resource Development (CDEV) 0.98 (+16.39%) 6.96 Consumer Goods
Calumet Specialty Products Partners LP (CLMT) 1.99 (+15.08%) 15.19 Basic Materials
Gilat Satellite Networks Ltd. (GILT) 1.03 (+14.57%) 8.10 Services

 

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for PBF Energy Inc. (PBF), Kosmos Energy Ltd. (KOS), Renren Inc. (RENN), Transocean Ltd. (RIG) and CVR Energy (CVI.N).

  • Many oil stocks, including those of PBF Energy Inc. (PBF), Kosmos Energy Ltd. (KOS) and CVR Energy (CVI.N), made bullish moves after positive comments by global oil cartel OPEC+ caused oil prices to rise.
  • Renren Inc. (RENN), whose shares recently crashed after the Chinese social media company’s $300 million pending settlement deal was rejected, jumped last week as investors turned optimistic that the judge’s decision could be overturned resulting in the largest direct cash payment in a shareholder derivative action ever.
  • Transocean Ltd. (RIG) shares were up after the offshore driller announced that new stock options were available with a February 25th expiry date. 

NYSE TOP-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
PBF Energy Inc. (PBF) 3.33(+25.67%) 16.30 Basic Materials
Kosmos Energy Ltd. (KOS) 0.87 (+25.14%) 4.33 Consumer Goods
Renren Inc. (RENN) 3.61 (+24.59%) 18.29 Technology
Transocean Ltd. (RIG) 0.55 (+19.93%) 3.31 Basic Materials
CVR Energy (CVI.N) 3.17 (+18.89%) 19.93 Basic Materials

 

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Bakkt Holdings (BKKT), Curis Inc. (CRIS), Cenntro Electric Group Limited (NAKD), Udemy Inc. (UDMY), and CryoPort Inc. (CRYX).

NASDAQ WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
Bakkt Holdings (BKKT) -2.60 (-29.38%)  6.24 Services
Curis Inc. (CRIS) -1.27 (-26.68%)  3.49 Consumer Goods
Cenntro Electric Group Limited (NAKD) -1.38 (-25.75%) 3.98 Consumer Goods
Udemy Inc. (UDMY) -4.84 (-24.77%) 14.70 Technology
CryoPort Inc. (CRYX) -13.97 (-23.61%) 45.20 Industrial Goods

  

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, HubSpot Inc. (HUBS), Humana Inc. (HUM), Globant SA (GLOB), Carvana Co. (CVNA) and Stevanato Group (STVN) all experienced negative movement over the past week.

 

NYSE WORST-PERFORMING STOCKS

STOCK WEEKLY CHANGE CURRENT TRADING PRICE SECTOR
HubSpot Inc. (HUBS) -149.46 (-22.67%) 509.69 Technology
Humana Inc. (HUM) -100.69 (-21.71%) 363.17 Healthcare
Globant SA (GLOB) -63.90 (-20.34%) 250.19 Technology
Carvana Co. (CVNA) -47.08 (-20.31%) 184.71 Consumer Goods
Stevanato Group (STVN) -4.48 (-19.96%) 17.97 Consumer Goods

 

Highlights and Lowlights

As 2022 got underway, the Dow and Nasdaq notched fresh records but investors’ hopes for an immediate January effect were dashed as all three US indices closed the week in losses. The Federal Reserve’s December meeting minutes, released on Wednesday, implied that interest rates could be raised sooner than expected, sparking a market-wide sell-off, particularly for tech and growth stocks.

The SPX500 dropped -1.8% and the DJ30 slipped a modest -0.2%. The NSDQ100, however, was hit hardest with a -4.5% free fall, its sharpest weekly decline in months.

What’s in Store for the Week?

This week, a new earnings season kicks off with reports from the “big banks,” including JPMorgan Chase, Wells Fargo, BlackRock and Citigroup

Investors will also be watching for key data on inflation from the Bureau of Labor Statistics’ Consumer Price Index (CPI) and the Producer Price Index (PPI), as well as on business optimism and consumer sentiment data from the NFIB’s Small Business Optimism Index and the IBD/TIPP Economic Optimism Index reports. The University of Michigan’s preliminary Consumer Sentiment Index reading for January is expected to dip lower, remaining near ten-year lows.


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