Trending stocks this week as markets cheer Powell’s Jackson Hole comments
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From vice president Kamala Harris formally accepting the Democratic presidential nomination to Fed Reserve Chair Jerome Powell signaling an impending interest rate cut, this week saw it all.
Harris formally accepted the Democratic presidential nomination on Thursday, making history as the first Black and Asian woman ever to lead a major-party ticket.
The week also saw a string of economic releases, with traders analyzing the latest initial jobless claims report and preliminary revisions to U.S. payroll numbers, which indicated the labor market wasn’t quite as strong as originally estimated.
Powell’s Jackson Hole speech that the “time has come for policy to adjust” remained the highlight of the week, suggesting that interest rate cuts were on the horizon. Markets reacted favorably to Powell’s comment, with the benchmark Wall Street index S&P 500 (SP500) gaining 1.2% on Friday to close at 5,634.61, a five-week high.
Dow Jones Industrial Average (DJI) climbed 462.30 points, or 1.14%, while the Nasdaq Composite (COMP:IND) advanced 1.47%. The three major indexes also recorded a winning week, with the Dow up 1%, S&P 500 +1.3% and Nasdaq Composite +1.3%.
As markets cheered Powell’s comments, these were the trending stocks of the week:
Ford (F) was in the news this week as it announced on Wednesday a major strategy reset to deliver a “profitable, capital-efficient and growing” electric vehicle business. The new EV plan will see Ford prioritize the introduction of a new commercial van in 2026, two pickup trucks in 2027 and other affordable EVs. It is also realigning its U.S. battery sourcing plan to reduce costs, maximize capacity utilization, and support EV production. Ford (F) closed the week around +6.7%.
Walmart (WMT) and JD.com (JD) were trending during the week after the former raised $3.6B by selling its stake in JD.com, ending the eight-year partnership. Walmart told Seeking Alpha the disposal of its nearly 10% stake will allow it to focus on its own China operations. Walmart (WMT) gained 3.15% while JD.com (JD) dropped 7.7%.
Medical Properties Trust (MPW) lost 6% after the medical REIT slashed its dividend and was sued by a private hospital operator over hospital sales process. Steward Health Care, that filed for Chapter 11 bankruptcy in May, is reportedly suing its landlord Medical Properties for thwarting the sales of Steward’s hospitals.
Eli Lilly (LLY) rose around 3% during the week. On Tuesday, the drugmaker said its diabetes and weight loss drug tirzepatide (marketed Mounjaro and Zepbound) cut risk of diabetes by 94% in obese patients in a three-year trial. Additionally, the treatment led to sustained weight loss.
Zoom (ZM) shares jumped nearly 20% after the video communications software company reported better-than-expected second-quarter results and outlook, with Wall Street believing that the worst is behind it. The company benefited from higher collections, better billings and favorable rate dynamics. It also announced CFO Kelly Steckelberg would resign.
Snowflake (SNOW) dropped 10.8% this week after the software company reported a smaller product revenue beat and further deceleration in growth in its Q2 results. Analysts exhibited cautiousness after the report, noting that waning optimization headwinds and emerging new product initiatives should support growth, but investors may need more concrete signals to get onboard.
Target (TGT) jumped 9.75% in the five-day trading period after the retailer reported stronger-than-anticipated results for a quarter that saw many of its peers disappoint. The Minneapolis-based company also reversed a one-year trend of negative comparable sales tallies with the Q2 report. It recorded a strong digital business and apparel category performance, even though consumers are still feeling pressure and looking for value.
Peloton Interactive (PTON) surged a whopping 51% over the week as investors cheered the company’s fiscal Q4 results that showed positive sales growth and progress towards profitability.
B Riley Financial (RILY) advanced over 16% after a report that Oaktree Capital is in discussions to purchase a majority stake in two of its businesses. The transaction would value the two businesses – B. Riley’s appraisal and valuation services business and its retail, wholesale and industrial solutions unit – at $380M.