Trending stocks this week as market rally ends

The market stumbled this week after several consecutive weeks of gains, as banks stocks pulled it down despite the strong performance by the tech sector.

The S&P 500 (SP500) was down 0.88% by the end of the five-day trading period, while the corresponding SPDR S&P 500 ETF Trust (SPY) dropped 0.84%. The benchmark index saw losses in four out of five sessions and was in red for the week, ending a six-week rally.

The tech sector had a positive week, indicated by the Nasdaq Composite (COMP:IND), which rose 0.16% for the week, helped by strong results from major players. Meanwhile, the blue-chip Dow (DJI) slumped 2.5% for the week, weighed down by disappointing quarterly results and negative updates from its constituents.

As the quarterly earnings continued to pour in and drive the market, these were among the trending stocks during the week:

Tesla (TSLA) was a major driver for the consumer sector’s performance this week, with a Q3 report that showed impressive margins and its biggest quarterly profit in over a year. Shares jumped 23% in the week, and Tesla added more in market cap in the Thursday session than the combined market caps of General Motors (GM) and Ford Motor (F).

McDonald’s (MCD) lost around 8% in value this week after the CDC issued a warning about an outbreak of E. coli in Colorado and Nebraska linked to the hamburger chain’s Quarter Pounder. The CDC said the outbreak involved 49 incidents across ten states, with one death and ten hospitalizations being reported.

ServiceNow (NOW) shares gained ~6% after the software company reported Q3 results and guidance that topped expectations. Analysts highlighted the company’s current remaining performance obligation (cRPO) as a positive. cRPO came in at $9.36B in the quarter, up 26% year-over-year and 23.5% in constant currency.

Apple (AAPL) shares fell after a closely followed analyst said iPhone 16 orders were cut by around 10M units for the next few quarters. “iPhone 16 orders were cut by around 10M units for 4Q24–1H25, with most of the cuts affecting non-Pro models,” TF International Securities’ analyst Ming-Chi Kuo wrote on his blog. “As a result, iPhone 16 production for 2H24 is now estimated at 84M units (down from around 88M previously).”

Spirit Airlines (SAVE) jumps 31% after the Wall Street Journal reported Frontier Group Holdings is exploring a renewed bid for the embattled carrier. If a deal between the carriers is agreed to, it would likely happen as part of Spirit (SAVE) restructuring its debt and other liabilities in a bankruptcy, according to the report.

Capri Holdings (CPRI) shares plunged over 49% after a federal judge blocked the company’s planned $8.5B acquisition by Tapestry (TPR). Shares of Tapestry jumped around 12%.

Boeing (BA) shares fell 3.6% in week where it disclosed a $6.17B loss for Q3 and projected negative cash flow through the next three quarters. The strike by 33,000 machinists has also continued after a proposed contract was rejected. In addition, Boeing may be exploring a sale of its space division to streamline and focus on its core operations.

Trump Media & Technology (DJT) shares surged nearly 30% this week, continuing a massive rally in which the share price has more than tripled in the five weeks since they bottomed out after the expiration of a lockup period that prevented insiders from selling the stock.