Trending stocks amid a mixed week for U.S. stock market

Wall Street was mixed this week, with the benchmark S&P 500 (SP500) slipping just over 0.5% to close 6,051.09 points, with losses in three of the five sessions, and ending three straight weeks of gains.

On the other hand, the Nasdaq Composite (COMP:IND) crossed the 20,000-point mark for the first time on Wednesday, and closed 0.3% higher over the course of the week. The tech-heavy index was driven by resurgent AI hype thanks to Broadcom’s (AVGO) latest quarterly results, which topped estimates and led the company to issue optimistic guidance on AI chip revenues.

Broadcom (AVGO) became the latest $1T market cap company on Friday, as shares surged over 25% over the course of the week.

Other trending stocks this week were as follows:

MongoDB (MDB) shares lost 24% in value this week in response to the database platform company’s third quarter results and announcement that CFO Michael Gordo was retiring on Jan. 31, 2025.

Tesla (TSLA) shares advanced 9.6% over the week on expectations that the automaker’s self-driving business will get a boost under the Trump presidency. Shares hit a new record on Friday amid a media report that the Trump transition team wants to scrap an order that requires automakers to report crashes involving self-driving systems.

Applovin (APP) saw its worst day in over two years on Monday, falling 14.7%, after the stock was not included in the benchmark S&P 500 index (SP500). The mobile tech firm was widely seen as a leading candidate for inclusion into the index and was rallying on anticipation about index inclusion. APP shares have advanced a whopping 737% YTD.

Warner Bros. Discovery (WBD) shares were up 11.7% after the media company announced a new corporate structure under which the namesake company will serve as the parent for two core operating divisions.

CAVA Group (CAVA) shares erased 14% over the week, with some traders suggesting that the selloff was triggered by a $9.48M shares sale by co-founder Theodoros Xenohristos. Fellow restaurant stock Sweetgreen (SG) also dropped 18% in the week.

Warner Bros. Discovery (WBD) shares were up 11.7% after the media company announced a new corporate structure under which the namesake company will serve as the parent for two core operating divisions.

Super Micro Computer (SMCI) shares fell around 24% even as CEO Charles Liang told Reuters he was “confident” shares of the artificial intelligence server maker will not be delisted from the Nasdaq. The company has also reportedly reached out to Evercore to help raise capital.

Ciena (CIEN) added 20.3% after its fourth quarter fiscal 2024 results, despite coming up short of the consensus estimate on earnings per share. The networking equipment and software provider issued a strong outlook due to cloud and artificial intelligence demand. CIEN expects FY25 and three-year growth to be in the 8% to 11% range, versus the prior target of 6% to 8%.

Adobe (ADBE) falls 11% after giving a disappointing annual sales outlook, underscoring anxieties that the software company may lose business to emerging artificial intelligence-based startups.

Rivian Automotive (RIVN) was in focus after Benchmark initiated coverage on the electric vehicle stock with a Buy rating, noting that it is well positioned to gain significant share of a massive market opportunity in the coming decade. RIVN shares rose 6.5% over the week.

Ride-hailing firms Uber Technologies (UBER) and Lyft (LYFT) shares declined 8.6% and 14.7%, respectively, after General Motors (GM) said it will stop funding the robotaxi development of its Cruise unit and combine both Cruise and GM technical teams into a single effort for autonomous driving.

Boeing (BA) reportedly restarted production of its best-selling 737 MAX aircraft this month, about a month after a seven-week strike ended. The company has a backlog of 4,200 orders for the jet.

Oracle (ORCL) shares fell 11.3% after the IT giant reported fiscal second-quarter results that were slightly below expectations, disappointing investors who had hoped for more.