Schaeffer


The Dow, S&P 500, and Nasdaq are all eyeing weekly gains

March is already looking up for Wall Street, after February brought investors back down to earth. All three major indexes are headed for weekly wins and will snap their respective weekly losing streaks. Bond yields were in focus most of the week, with the 2-year Treasury yield hitting its highest level in 10 years, while the 10-year Treasury yield jumped above 4%. 

Earnings Reports Rule the Roost

Earnings season remains in full swing, for at least one more week. Li Auto Inc’s (LI) strong outlook gave the electric vehicle (EV) sector a boost early in the week, while Zoom Video Communications Inc (ZM) issued an upbeat forecast as well. Retail giant Target Corp (TGT) reported its first earnings beat in a year. Options traders also had field days after earnings reports from AMC Entertainment Holdings Inc (AMC), Lowe’s Companies Inc (LOW), Kroger Co (KR), and Costco Wholesale Corporation (COST). 

Tesla’s “Master” Plan

Tesla Inc’s (TSLA) investor day was a big highlight this week, with CEO Elon Musk revealing his “Master Plan 3.” Union Pacific Corporation (UNP) surged after the company revealed its CEO succession plan, while Reata Pharmaceuticals Inc (RETA) broke out after the U.S. Food and Drug Administration (FDA) approved its rare genetic disorder treatment. Novavax Inc (NVAX), meanwhile, plummeted after the company questioned its ability to stay in business. 

 

Jobs Data Looms Next Week

A handful of earnings and economic data are due out the first full week of March. In the meantime, take a look at S&P 500 trendlines to watch according to Schaeffer’s Senior Vice President of Research Todd Salamone, plus, the best stocks for options traders since the start of 2022, according to Schaeffer’s Senior Quantitative Analyst Rocky White. 



Image and article originally from www.schaeffersresearch.com. Read the original article here.

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