Why Is There No Momentum for Stocks Heading into the Weekend?
This has been a mostly quiet week for the US stock markets, with the Dow Jones losing 50 points for the week and the S&P 500 dropping 40 points.
The Nasdaq Composite was the only stock index to gain for the week of trading, adding 113 points. All three indices are down for the day, and we expect them to stay low heading into the weekend.
Donald Trump, just over a month from being sworn into office as US president, went to the New York Stock Exchange on Thursday to ring in the opening bell. He spoke about his intentions of creating an economic boom. We have already seen the start of that, with the stock market’s meteoric rise when his election win was announced. We could see even bigger gains once he is in office starting January 20th.
Specifically, Trump plans to make the US economy a very healthy and productive place for corporations, and he has already extended promises to billionaire business owners like Elon Musk by telling them that they will be exempt from some environmental restrictions.
Stock Movement This Week
A few stocks moved significantly this week, despite the overall muted performance of the markets. Target (TGT) rose 3.8% this week thanks to holiday shopping. The retailer is expecting a profitable quarter with massive markdowns on more than 2,000 items. They are targeting cost-conscious customers who have been moving their business to Wal-Mart over the past year in an effort to spend less and get more value. Target fell 22% in November after a poor showing on its quarterly report, but it could make that up before the holiday season is over.
Nvidia (NVDA) is up 1.51% for the day but down overall for the week. The company has struggled slightly over the last two weeks due to the Chinese government looking into the claims of monopolistic behavior.
Corporate information technology company Oracle (ORCL) is up 0.65% today in premarket trading. The company saw a sharp drop off in its stock price on Tuesday after the company posted a very poor quarterly earnings report. Despite the uptick today, their stock has a long way to go to recover from the 8.42% decline.
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