Trending stocks this week as market reactions to Fed rate cut continue

Major stock market indices continued their strong run this week as the market continued to react to last week’s large rate cut of 50 basis points. The market was also aided to the core PCE showing further price cooling in August and the U.S. gross domestic product growing 3% in Q2.

The S&P 500 (SP500) made gains in three out of five sessions to end 0.5% higher on the week, while the tech-heavy Nasdaq Composite rose 0.78%.

The market was also buoyed by stimulus measures unveiled in China, including rate cuts on existing mortgages, to aid the struggling property market and bolster economic growth.

Amid an upbeat market, here were the trending stocks this week:

Micron Technology (MU) helped the tech sector make gains this week after its fourth-quarter results topped expectations and guidance pleasantly surprised Wall Street, boosted by AI-tech demand.

Costco Wholesale (COST) posted a mixed FQ4 earnings that featured 5.4% higher comparable sales and nearly 19% higher e-commerce sales. Importantly, it continued to nab market share from peers, including Walmart (WMT) and Target (TGT), on a comparable store basis and with its e-commerce business.

Super Micro Computer (SMCI) was in the news after the Wall Street Journal reported it was being investigated by the U.S. Justice Department following an activist short-seller report. The probe is in its early stages, the report added.

Southwest Airlines (LUV) helped U.S. airline stocks rally this week with a series of announcements around its Investor Day event. This included an improved Q3 revenue forecast, a $2.5 billion buyback plan, global airline partnerships in 2025 and additional strategy updates.

Accenture (ACN) announced this week fourth-quarter results and guidance that topped estimates. The Irish company had also noted that generative AI new bookings were $1B for the fourth quarter, and reported new bookings for the fourth quarter of $20.1B.

Bristol-Myers Squibb (BMY) had a good week after the U.S. FDA approved a first-of-its-kind antipsychotic, Cobenfy, as a novel treatment for adults with schizophrenia. Unlike dopamine receptor-targeting schizophrenia therapies, the current standard of care, Cobenfy targets cholinergic receptors.

Trump Media & Technology Group (DJT) closed nearly 9% higher in a week of heavy trading after United Atlantic Ventures, a major shareholder, dumped 7.53M shares it owned.

Intel (INTC) was in the news as the Financial Times reported it is set to finalize an agreement with the U.S. government for $8.5B in direct funding by the end of this year. The chipmaker’s stock has also been moving in response to speculation surrounding a partial or full takeover by companies including Apollo (APO) and Qualcomm (QCOM).

Global Payments (GPN) fell nearly 10% in a week when BTIG downgraded the company over a “lack of clarity on its ability to accelerate growth in FY26/FY27” after it unveiled its 2025 guidance and plans to streamline business units and divestitures.

Visa (V) dropped around 3% over the week, during it which it announced the acquisition of AI payments protection technology developer, Featurespace and authorized the deposit of $1.5B into its litigation escrow account. The latter followed a civil antitrust lawsuit filed by the justice department alleging Visa (V) of running an illegal monopoly in the debit card market, stifling competition and costing consumers and businesses billions of dollars.

Cancer drug developer Summit Therapeutics (SMMT) was downgraded by Citi, which noted a fair valuation after the stock’s recent surge in reaction to game-changing trial data for its lead asset ivonescimab developed with Akeso (OTCPK:AKESF). Shares lost around 15% in value over the week.