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Stock indexes ended the week higher as investors and traders assessed the latest employment data showing the resilience of the labor market, comments from Federal Reserve Chairman Jerome Powell and minutes from the latest monetary policy meeting. Electric vehicle maker Tesla (NASDAQ:TSLA) was also one of the most active stocks this week, helping to lift the market from Monday through Friday.SP500) posted its best weekly performance since late April.
Here are some trending stocks for this week.
Paramount Global (Nasdaq:PARAA) (Nasdaq:PARA) rebounded +15% The deal came this week after multiple media outlets reported late Tuesday that Paramount had agreed to tentative terms for a merger with Skydance Media after the deal fell apart last month. Reuters reported, citing people familiar with the matter, that the tentative agreement would see Skydance pay $1.75 billion for National Amusements, which owns 77 percent of Paramount’s voting stock.
Tesla’s (TSLA) stock price rises +26% And after erasing losses for the year, the stock on Friday put itself on track to turn positive in 2024. The surge came after EV makers reported second-quarter deliveries that beat analysts’ average expectations. EV stocks rose across the board as investors welcomed Tesla’s (TSLA) strong delivery report and Rivian’s (RIVN) partnership with Volkswagen (OTCPK:VLKAF). Polestar Automotive (PSNY) +22%Lee Auto (LI) +13%NIO (NIO) +6.2%Lucid Group (LCID) +9.3%XPeng (XPEV) +6.3% Both recorded notable gains.
Crypto stocks have had a volatile week. Bitcoin (BTC-USD) fell below $58,000 on Thursday for the first time in two months. The drop was driven by concerns that the shuttered crypto exchange Mt. Gox would distribute a large amount of BTC to creditors. The German government has also moved its BTC holdings to crypto exchanges. BitDigital (BTBT) +5%Crypto Mining (CIFR) +11.6%Riot Platforms (RIOT) +5% MicroStrategy (MSTR) -15.6%.
JPMorgan Chase (JPM) attracted attention Bloomberg News Chief Global Market Strategist Marko Kolanovic is reportedly planning to leave the bank. Kolanovic, who has been with JPMorgan (JPM) for more than 16 years, according to his LinkedIn profile, is “exploring other opportunities,” according to an internal memo. Kolanovic also served as co-head of global research at JPMorgan (JPM). The memo said Hussain Malik will now be sole head of the research.
Chewy (NYSE:CHWY) fell -11%The stock has seen short rises and falls since Keith Gill (aka Roaring Kitty) revealed his holdings in the company earlier this week. Gains made early Monday morning quickly evaporated, and Roaring Kitty was hit with a class action lawsuit later in the week alleging securities fraud surrounding the volatility seen in GameStop (GME) shares in May and June.
DJT Trump Media & Technology (Nasdaq:DJT) The stock price fell -26% Former President Donald Trump’s social media company made headlines this week when it announced it would acquire nearly all of WorldConnect Technologies’ assets to power its planned TV streaming service. The company also raised more than $105 million in cumulative proceeds from the exercise of cash warrants.
