The past week has been a bullish one on Wall Street, with all three major indexes finishing higher. The S&P 500 Index, tracked by the SPDR S&P 500 ETF Trust (SPY), reached unprecedented all-time highs in the final session of the week, marking a significant achievement after two years since its last peak.
Leading the stock market’s recovery were major technology stocks, driven by rising investor enthusiasm due to breakthroughs in artificial intelligence and strong consumer demand. The Nasdaq 100, tracked by the Invesco QQQ Trust (QQQ), recorded its 11th week of gains in the past 12, setting new historic highs and surpassing the 17,000-point threshold.
Benzinga, a leading financial news and analysis platform, provides daily reports on the stocks most popular with investors. Let’s take a look at some of the bullish and bearish stories from the past week.
The Bulls:
1. “Uber, Tesla Team Up To Drive EV Adoption: Khosrowshahi Says Company Remains ‘Totally Committed’ To Electrification Despite Demand Concerns” by Adam Eckert reports that Uber Technologies Inc. (UBER) and Tesla Inc. (TSLA) are collaborating to boost electric vehicle adoption. Uber CEO Dara Khosrowshahi emphasized the company’s unwavering commitment to electrification.
2. “Dogecoin Could ‘Blast Off To The Moon,’ Says Crypto Analyst With $5 Price Target” by Mehab Qureshi highlights a crypto analyst’s forecast of Dogecoin (DOGE/USD) potentially soaring to $5, a 6000% increase. This prediction is backed by a recent spike in Dogecoin transactions and market indicators.
3. “Amazon Scores Big With Regional Sports Network Deal: Prime Video To Feature MLB, NBA, NHL Games” by Chris Katje reports that Amazon.com Inc. (AMZN) has acquired a minority stake in Diamond Sports Group, expanding its media rights in sports to include streaming MLB, NBA, and NHL games on Prime Video.
For additional bullish calls of the past week, Benzinga recommends checking out the following articles:
– “S&P 500 Shatters Records: The Top-Performing Stocks In January 2024”
– “Nvidia Poised for Continued Dominance in AI Infrastructure, Analysts Forecast Robust Growth”
– “Reddit, Social Media Giant Behind GameStop Saga, Plans $10B March IPO”
The Bears:
1. “Bitcoin Halving Next Major Catalyst After Spot Bitcoin ETF Approvals, But History Shows BTC Could Dip To $34,000 By April” by Khyathi Dalal discusses the mixed predictions surrounding the impact of the upcoming Bitcoin (BTC/USD) halving event in April 2024 on the cryptocurrency’s prices.
2. “Plug Power Hurtles Toward 4-Year Low After $1B Equity Offering Plans: Why This Analyst Says It’s Unlikely To Woo Back Investors” by Shanthi Rexaline reports that Plug Power, Inc. (PLUG) is nearing a four-year low following plans for a $1 billion equity offering. Analysts remain skeptical about its potential to attract investors.
3. “This PayPal Analyst Expects 2024 To Be A ‘Transition Year,’ Foresees Stock Range-Bound Due To Valuation Concerns” by Surbhi Jain highlights that PayPal Holdings Inc. (PYPL) is expected to face a “transition year” in 2024, with the stock remaining range-bound due to valuation concerns, according to a BofA analyst.
For more bearish takes, Benzinga suggests checking out the following articles:
– “Alibaba and Tencent Lead Massive Investment Cutbacks Among Chinese Tech Giants”
– “Bitcoin Slips Below $41,000 After Jim Cramer’s ‘Far From The Bottom’ Tweet: What Happened To ‘Inverse Cramer’?”
– “Courts Reinstate Ban On Apple Watches With Blood Oxygen Sensors”
Stay updated with the latest breaking news and trading ideas by following Benzinga on Twitter.
In conclusion, the past week has seen a bullish trend on Wall Street, with major indexes reaching all-time highs. Technology stocks have been leading the market’s recovery, driven by advancements in artificial intelligence and strong consumer demand. However, mixed predictions surround certain stocks and cryptocurrencies, indicating both bullish and bearish sentiment in the market. Investors should stay informed and analyze the latest news and trends to make informed investment decisions.
