Stocks To Watch – 11/4/2024

Brief Overview

Welcome back to this week’s Stocks to Watch! With another full docket of names scheduled to report earnings, and the U.S. Presidential Election on Tuesday, we will be on the lookout for the best setups to send to our members. This could shape up to be a wild next couple of weeks, you wont want to miss a single alert!

Lets take a look at how last week played out.

Markets opened with mixed results as new data showed weaker-than-expected consumer spending, hinting at a potential slowdown. Ford’s forecast underwhelmed the market, while SoundHound’s positive outlook rallied bullish sentiment. Meanwhile, the retail sector geared up for SoFi’s earnings.

Corporate earnings reports continued to impress, particularly in the finance and healthcare sectors with big tech stocks lending support. Reddit, Snap, & Alphabet shares ripped, while SoFi, PayPal, & AMD dipped. The breakout star of the day, however, was Bitcoin, as it saw impressive gains.

With the Fed’s decision to keep interest rates unchanged sparking a rally across the board, the semiconductor industry took a hit when SMCI revealed unexpected news: its auditor, EY, resigned, sending SMCI shares lower. Other big tech earnings failed to wow the market, but the U.S. economy continued to show resilience, despite new signs of a cooling labor market.

Fresh inflation data showing price increases unsettled investors with energy and consumer staples struggling. We saw disappointing earnings from Apple and Amazon, felling short of expectations. However, Intel provided a positive surprise with better-than-expected results, and fintech auto insurance stocks rallied on strong business fundamentals.

Solid jobs report highlighted strong employment growth, calming fears of a slowdown. With elections around the corner, the week’s final trading session saw earnings fail to calm investor anxiety and The Dow made a significant change, dropping Intel and adding Nvidia to reflect evolving market trends.