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Stock indexes were mixed this week as investors and traders assessed a wave of economic data, including a slight upward revision in the Commerce Department's first-quarter GDP growth forecast to 1.4%.
Meanwhile, both PCE headline and core PCE inflation rates declined in May, in line with expectations. The core PCE price index rose 0.1% from the previous month to its lowest reading since November 2023, strengthening the case for the Federal Reserve to cut interest rates this year.
The S&P 500 (SP500) rose 14.16% in the first half of 2024, driven by a rise in technology stocks amid the AI ​​boom. Wall Street's benchmark index has been on a record-breaking run, hitting 32 intraday record highs in the first half of the year.
This week, President Joe Biden and former President Donald Trump faced off in the first debate of the 2024 election season. However, much of the discussion centered on the attitude and consistency (or lack thereof) that each candidate displayed onstage. Perceptions that Trump won also boosted the dollar slightly.
Here are some trending stocks for this week.
Trump Media & Technology Group (NASDAQ:DJT) shares rose 11% this week after a flash CNN poll showed the Republican candidate outperforming President Biden in the first presidential debate. The survey of registered voters who watched the debate found that 67% thought Trump did a better job, while 33% thought Biden did a better job.
Nike (NYSE:NKE) shares plunged 23% this week after the sportswear company delivered a weaker-than-expected outlook, raising investor concerns about waning demand for its brand. The company expects revenue to fall this fiscal year due to tough macroeconomic conditions and a persistent downturn in China.
Chipmaker Micron Technology (NASDAQ:MU) also made headlines after reporting better-than-expected third-quarter results, but its shares fell about 8% this week as investors assessed the company's disappointing guidance.
Amazon (NASDAQ:AMZN) shares topped the $2 trillion market cap mark for the first time on Wednesday, fueled by the company's investment in Rivian (NASDAQ:RIVN) and growing interest in artificial intelligence. The tech and retail giant became the only U.S. company to join Google parent Alphabet (GOOG) (GOOGL), iPhone maker Apple (AAPL), OpenAI-backer Microsoft (MSFT), and semiconductor giant Nvidia (NVDA). The e-commerce giant ended the trading week with a market cap of $1.97 trillion.
Shares of electric vehicle maker Rivian Automotive (RIVN) rose 30% this week after the company announced a joint venture with Volkswagen (OTCPK:VLKAF) to develop next-generation electric architecture and best-in-class software technology. Volkswagen (OTCPK:VLKAF) will invest $5 billion in Rivian as part of the deal.
Whirlpool Corp (NYSE:WHR) shares rose 12.6% on reports that German engineering group Robert Bosch is considering a bid for the U.S. appliance maker Whirlpool Corp. The report follows speculation earlier this month that the company was interested in a takeover.
Vista Outdoor (NYSE:VSTO) rose 8% this week after MNC Capital raised its offer to acquire the sporting goods company in cash to $42 a share from $39.50 a share. The revised offer was announced after Vista Outdoor confirmed on Monday that it had amended its deal with the Czechoslovakian group to buy Kinetic Group for $2 billion, an increase of $40 million from its previous offer.
Shares of Walgreens Boots Alliance (NASDAQ:WBA) fell 24% this week after the retail pharmacy chain lowered its profit outlook for this year amid a tough retail environment. The company now expects earnings per share of $2.80 to $2.95 for fiscal 2024, down from a previous outlook of $3.20 to $3.50 and below the consensus estimate of $3.20. Separately, The Wall Street Journal reported Thursday that Walgreens (WBA) is planning significant store closures this year.
Boeing (NYSE:BA) also faced new obstacles in its ongoing investigation into the door plug explosion on Alaska Airlines Flight 1282, after the NTSB recently sanctioned the company for disclosing nonpublic information from the investigation during a press conference. The investigative body warned that Boeing (BA) could lose its status as a party to the investigation if it again violates its rules.
FedEx (NYSE:FDX) shares have risen about 18% this week after a strong fourth-quarter earnings report and a bright revenue outlook. The Memphis-based shipping giant now expects low- to mid-single-digit revenue growth in 2025 and EPS of $20.00 to $22.00 versus the consensus estimate of $20.75.
More on this week's trending stocks:
