Trending stocks this week as market bounces back from selloff

Wall Street shrugged off the bear rally last week, which closed as the worst for the benchmark S&P 500 (SP500) in a year and half, to register gains in major indexes across all five days.

The S&P 500 (SP500) was up 3% to post the best week of the year. Its accompanying SPDR S&P 500 ETF Trust (NYSEARCA:SPY) climbed 3.2%. The Dow Jones Industrial Average was up 1.8% and Nasdaq Composite jumped 4.7% over the five sessions.

The market was bullish after inflation data, which showed higher-than-expected CPI and PPI, pushed participants to believe a half-point Federal Reserve interest rate cut is coming next Wednesday.

This week also saw the second U.S. presidential debate between former President Donald Trump and Vice President Kamala Harris, with the general consensus that the latter won.

These stocks were among those that were trending in Wall Street this week:

Trump Media & Technology (DJT) shares tumbled in the aftermath of the U.S. presidential debate, but made somewhat recovery on Friday as former President Donald Trump said at a news conference he’s not prepared to sell his shares in the company. The stock closed Friday up 11.8%, but was down 4.1% for the week.

Uber (UBER) was trending at the end of the week after expanding its deal with Alphabet-owned (GOOG) self-driving car company Waymo to bring autonomous ride-hailing to Austin and Atlanta next year.

Oracle (ORCL) shares surged over 14% in the week following its stronger-than-expected Q1 results, driven by rising AI demand and new partnerships with Amazon Web Services and Google Cloud.

Moderna (MRNA) dropped around 11% and faced multiple analyst downgrades after it announced cuts to R&D spending and shelved as many as five programs, including a vaccine candidate targeted at respiratory syncytial virus infections in infants.

Boeing (BA) was trending in the wake of the strike announcement by the company’s aircraft mechanics and assemblers. Workers overwhelmingly voted to reject a proposed labor contract, saying it failed to address the rising cost of living.

AST SpaceMobile (ASTS) soared over 11% on Friday, a day after it successfully launched five of its BlueBird satellites into low Earth orbit, and was up around 6% over the five-day trading period.

GameStop (GME) shares plummeted nearly 13% in the week after a mixed Q2 earnings report, with sales falling by 32% and higher selling, general, and administrative expenses.

Summit Therapeutics (SMMT) surged over 98% after its investigational bispecific antibody, ivonescimab, beat Merck’s (MRK) blockbuster cancer therapy Keytruda (pembrolizumab) in a lung cancer trial.

Crypto-linked stocks, including MicroStrategy (MSTR), Coinbase (COIN), Riot Platforms (RIOT), Marathon Digital (MARA), CleanSpark (CLSK), were also in focus after the consensus that the crypto-friendly Republican nominee lost his debate with Harris.

Palantir Technologies (PLTR) was also in the news for its inclusion in the S&P 500 and a new AI collaboration with BP (BP).