Rough week for the NASDAQ

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week was unique with only two stocks on the NASDAQ finishing out the week in positive territory. Vertex Pharmaceuticals Incorporation (VRTX) and Check Point Software Technologies (CHKP) gained 5.3% and 2.58%, respectively.

• Vertex Pharmaceuticals Incorporation (VRTX) continues to have a strong year, gaining approximately 30% since the beginning of the year with the expectation of  continued revenue growth from its cystic fibrosis therapies. 
• Check Point Software Technologies (CHKP) shares rose this week as the company inked an agreement with cloud solutions company Pax8 to provide cloud-based email security solutions and collaboration suites for Managed Service Providers.

NASDAQ TOP-PERFORMING STOCKS

New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Twitter (TWTR), Pfizer (PFE), Merck & Co. (MRK), Lockheed Martin Corp. (LMT) and Procter & Gamble Co. (PG).

• Twitter (TWTR) experienced a strong week after it was reported that billionaire Elon Musk had purchased $2.9 billion of Twitter stock, becoming the company’s biggest shareholder.
• Pfizer (PFE) purchased RSV treatment maker ReViral at a price that could reach $525 million, causing the stock to jump this week. Unlike other companies trying to create vaccines for RSV, ReViral was working on a treatment for infections.
• Merck & Co. (MRK) had a positive week, gaining 5% as the company provided an R&D update that it hopes to have eight new cardiovascular therapy approvals by 2030.
• Lockheed Martin Corporation (LMT) shares rose more than 3% this week as it inked a deal with Intel to provide 5G solutions for the United States military.
• Procter & Gamble Co. (PG) had a good week, adding more than 3% as the consumer goods company climbed back to where it was in mid-February before the stock dropped about 10%. 

NYSE TOP-PERFORMING STOCK

Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for BioNano Genomics (BNGO), Rivian Automotive (RIVN), Tilray Brands (TLRY), Coinbase Global (COIN) and NVIDIA Corporation (NVDA).

• BioNano Genomics (BNGO) surged more than 30% in mid-March, and by the end of the month was up more than 50%. Now it is on the downswing and has dropped more than 17% in the past week.
• Rivian Automotive (RIVN) shares plunged this week as investors gained a better understanding of the effect of the Russia-Ukraine conflict on vehicle production costs due to higher lithium and nickel prices as well as supply challenges for semiconductors. 
• Although Tilray Brands (TLRY) had a positive earnings report, the cannabis legalisation bill that passed in the House of Representatives is unlikely to pass in the Senate, which negatively affected the stock this week.
• Coinbase Global (COIN) shares were down this week after Mizuho Securities analysts downgraded the stock due to its entrance into the NFT marketplace.
• NVIDIA Corporation (NVDA) shares fell this week as Truist analyst William Stein depicted a not-so-promising portrait of the semiconductor industry in the near future — noting a swift and unexpected decline in chip orders.  

NASDAQ WORST-PERFORMING STOCKS 

New York Stock Exchange (NYSE) 

On the New York Stock Exchange, AMC Entertainment Holdings (AMC), Twilio Inc A (TWLO), Virgin Galactic Holdings Inc (SPCE), Shopify Inc. (SHOP) and GameStop Corp. (GME) all experienced negative movement over the past week.

• AMC Entertainment Holdings Inc (AMC) saw its share price more than double towards the end of March after it had invested in a gold and silver mining company, but that gain has been slowly evaporating due to a large sell-off of AMC’s shares.
• Twilio Inc A (TWLO) plunged soon after the FOMC released its minutes from the March meeting where the Fed raised interest rates and promised to take the necessary steps to combat inflation, spurring a selloff among tech stocks.
• Virgin Galactic Holdings Inc (SPCE) took a hit last week after its space tourism rival, Axiom Space, along with SpaceX, sent astronauts into space. So, with Blue Origin and other companies sending tourists into space, Virgin’s space tourism is no longer so unique.
• Shopify Inc. (SHOP) has been slumping since November 2021 when it was trading at around $1,700 per share. Since then it has been trending downward as the boost from the pandemic has been fading and investors are looking closer at the fundamentals of the stock.
• Since GameStop Corp. (GME) announced a week ago that it would split its shares,  its share price has been falling. This comes after the stock more than doubled in March.

NYSE WORST-PERFORMING STOCKS

Highlights and Lowlights

US stocks indices finished the week in negative territory after a positive start to the week. The NSDQ100 had a rough week, losing 3.8%, the SPX500 was also down 1.2%, while the DJ30 dipped ever so slightly at -0.2%. 

The price of oil dropped to below $95 this week and finished out the week at around $97 as IEA nations made a coordinated attempt to release strategic petroleum reserves. Surging coronavirus cases in China also led investors to believe that demand for oil may decline.

Minutes released from the FOMC meeting in March indicate that the Fed is seriously considering raising interest rates by a half of a percentage point at its next meeting.

What’s in Store for the Week?

Earnings season for the first quarter kicks off this week with the financial sector front and centre. On Wednesday, April 13th, JPMorgan Chase (JPM), BlackRock (BLK) and First Republic Bank (FRC);  and on Thursday, April 14th, Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), Citigroup (C), and PNC Financial Services (PNC). Check out eToro’s Earnings Reports Calendar for all of the details and to stay up to date.

The US Bureau of Labor Statistics will release CPI data on Tuesday, PPI data on Wednesday, and the Department of Labor will publicise weekly unemployment numbers on Thursday. Also, on Thursday, Retail Sales will be published for March 2022, as well as preliminary results of the Consumer Sentiment Index.