1 week Ago
zoom-zoom Wall Street had its worst week in the last year and a half as the market reacted to a series of disappointing economic and labor market data. The S&P 500 dropped 3.9% and the accompanying SPDR S&P 500 ETF Trust (NYSEARCA:SPY) fell 3.
6% on the shortened trade week, while Nasdaq Composite slumped 5.6% and Dow Jones Industrial Average was down 2.5%.
Investors showed their concern by switching to bonds, leading to Treasury two-year yields falling as much as 15 basis points. The week was weighed down by the latest jobs data, which showed nonfarm payrolls rose by 142,000, marking the lowest three-month average since mid-2020. The unemployment rate went down for the first time in five months.
Amid the weak manufacturing data and soft labor market statistics, these were the top trending stocks of the four-day trading period: United States Steel ( NYSE: X ) closed the week over 19% down as investors reacted to comments made by Vice President Kamala Harris and a CFIUS report pointing towards opposition against Nippon Steel's planned $14B acquisition. Nvidia’s ( NASDAQ: NVDA ) shares dropped 4.8% by the end of Friday trading, hurt by a report that the company received a subpoena as part of an antitrust investigation over its dominance in the AI accelerator market.
The company said it did not receive a subpoena from the Dept. of Justice. Broadcom ( NASDAQ: AVGO ) plunged 15% in the week over the company’s weaker-than-expected Q4 outlook , despite beating top and bottom line estimates in its Q3 report.
Revenue rose 47% year-over-year to $13.07B. ChargePoint Holdings ( NYSE: CHPT ) plummeted over 31% after disappointing Q2 results, issuing a weak outlook for the next quarter, and announcing plans to slash 15% of its workforce for $10M in severance costs.
Dell Technologies ( NYSE: DELL ) and Palantir Technologies ( NYSE: PLTR ) were down 9.7% and 3.1% respectively during the week, but were in the news for their upcoming inclusion in the S&P 500 Index ( SP500 ) later this month.
UiPath ( NYSE: PATH ) shares fell nearly 7% in this week’s trading period despite posting FQ2 results that exceeded market expectations and an outlook for the next quarter that aligned with the consensus. GameStop ( NYSE: GME ) was in the news in the week ahead of its quarterly report on September 10, triggered by Roaring Kitty's first social media post since June 27 and the opening or restyling of several "retro" locations that sell old consoles and hardware, as well as software discs. GameStop also said it voluntarily terminated its credit facility, using cash from operations for liquidity.
More on this week's trending stocks Stock To Watch Include Apple, Oracle, GameStop, And Rocket Companies Sell GameStop Stock Heading Into Q2 Earnings Weekly Indicators: Interest Rates, Commodities Decline, Partial Yield Curve Normalization Notable analyst calls this week: Intel, Super Micro Computer and Zscaler among top picks 3 out of 5 companies miss revenue estimates this week - Earnings Scorecard.
