Monday’s Headlines: The S&P 500 Hits All-Time High

Monday’s Headlines: The S&P 500 Hits All-Time High

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

Eventbrite (EB) +11.4%

Nordstrom (JWN) +10.3%

Tripadvisor (TRIP) +8.3%

Retail Opportunity Investments Corp (ROIC) +6.5%

Wynn Resorts (WYNN) +6.4%

Moving Down ⬇️

Peloton Interactive (PTON) -7.3%

Zoom Communications (ZM) -5.8%

Datadog (DDOG) -4.7%

Wix (WIX) -4.2%

Duluth Trading (DLTH) -4.0%

1. Amid last week’s big market rotation, the S&P 500 (VOO) posted a record closing high on Friday and notched a one-week gain of 2.2%. Meanwhile, the Dow Jones (DIA) rallied more than 4% last week and briefly hit an intraday record, while the tech-heavy Nasdaq Composite (QQQ) lagged, sliding 0.6% as traders piled into beaten-down value names at the expense of high-flying growth stocks. Don’t expect this week to be any different as the final official round of earnings season begins and traditional retail stocks show us their Q3 results. The major U.S. stock futures are all up pre-market, but as COVID-19 cases continue to surge globally and the reality of Pfizer’s (PFE) vaccine task take hold, we can be sure to expect more volatility. Read some advice here on managing COVID-19 volatility. 

2. Some of MyWallSt’s top stock performers of 2020 had a rough time of it on Friday, the most notable of these including Peloton (PTON), Zoom (ZM), and DocuSign (DOCU), which fell 7.3%, 5.9%, and 3.3%, respectively. The big fall comes due to economists at investment bank UBS making the startling prediction that infections in the U.S. could fall close to zero in as little as six months. As incredible as this would be, it is far from realistic, especially as multiple U.S. states enacted new lockdown orders in recent weeks, making the need for these ‘working-from-home’ stocks even more urgent. Zoom, DocuSign, and Peloton have seen their sales soar during the pandemic, and this trend is unlikely to go away with COVID-19 as most polls suggest that the majority of workers are happy to blend the home and office for the rest of their careers. For a full discussion on this topic, listen to the latest edition of Stock Club here.

3. DoorDash, the leading food delivery app in the U.S., filed its IPO prospectus with the Securities and Exchange Commission, despite reporting yet more losses in September and the general unprofitability of the food-delivery sector at large. DoorDash reported $1.9 billion in revenue for the nine months ended Sept. 30 and a net loss of $149 million, while its last private valuation was $16 billion, having raised $2.5 billion. The company, with its 49% market share in meal delivery, hopes to list by year’s end under the ticker symbol ‘DASH’. Get DoorDash’s official S-1 prospectus here

Get this week’s full calendar here.

JamieJamie

Sign up for free to continue reading.