Monday’s Headlines: Can The Rally Continue?

Monday’s Headlines: Can The Rally Continue?

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

TripAdvisor (TRIP) +15.8%

Eventbrite (EB) +15.8%

Ford (F) +11.7%

Duluth Holdings (DLTH) +10.9%

Align Technology (ALGN) +10.8%

Moving Down ⬇️

Wix (WIX) -2.9%

Zillow Group (Z) -3.4%

Peloton (PTON) -4.1%

Vail Resorts (MTN) -4.9%

Slack (WORK) -14.2%

1. U.S. stock futures are pointing higher in Monday early morning trade following last week’s sharp gains amid optimism over the economy reopening. The Dow (DIA) surged 6.8% last week, the S&P 500 (VOO) jumped 4.9%, and the Nasdaq (QQQ) climbed 3.4% to closed at record levels. A large portion of those weekly gains came on Friday when stocks, including TripAdvisor (TRIP) and Eventbrite (EB), skyrocketed on the back of a surprise surge in U.S. employment. Read the full story here.

2. Shares in Ericsson (ERIC) fell after hours after the telecommunications leader announced that it would be taking a loss in the second quarter. The company revealed on Monday morning that it will take a hit of about 1 billion crowns ($108.8 million) due to write-downs of product inventory in the Chinese market. The losses are due to rising 5G costs in China, where the company is continuing to deploy the next generation of high-speed internet, which it expects to become healthily profitable once in place. Read more here.

3. An unlikely beneficiary of an improving economy right now has been Ford Motors (F), which saw its share price shoot up almost 12% on Friday. America’s oldest car manufacturer has had a bad time of late, and besides shutting down its factories due to COVID-19, its stock has still fallen 60% over the past five years, swiftly overtaken by Tesla (TSLA) during that time. Ford stock rose amid a broad market rally thanks to unemployment dropping to 13.8% as well as excitement for the release of its new F-150 and Bronco truck. Read the full story here.