Trade Buzz Sparks Roller-Coaster Week For Stocks
The Dow and S&P 500 are heading toward weekly losses
After a rough start for stocks in December, volatility was the name of the game this week on Wall Street. The Dow, S&P 500 Index (SPX), and Nasdaq Composite (IXIC) endured wild swings all week, as investors monitored an onslaught of U.S-China trade headlines. A resurgent tech sector helped ease the blow, setting the Nasdaq up for a weekly win. The Dow and S&P 500, meanwhile, are heading toward weekly losses, with the latter recently flashing a death cross.
Amazon Gets a Big Bull Note
Amazon.com (AMZN) looks like it will finish the week lower. However, next year looks bright for the e-commerce giant, according to Cowen, which placed the FAANG stock on its best ideas list for 2019 And speaking of best ideas, mobile app maker Glu Mobile (GLUU) also found itself on Cowen's list, prompting a flurry of activity from options traders. Elsewhere among FAANG names, our founder and CEO Bernie Schaeffer explained the significance of this Apple (AAPL) trendline we're watching.
A Top Pick in the Video Game Sector
Analysts were busy adjusting ratings ahead of the new year. While Loop Capital upgraded this retail stock -- calling it "economic downturn resistant," Wolfe Research targeted 20% upside for Dow stock Cisco Systems (CSCO). Elsewhere, two specialty parts manufacturers were crushed by bear notes, while Jefferies picked its favorite video game stock.
News Headlines Impacting Stocks
One sector moving on headlines this week was defense, after President Donald Trump's about-face on defense spending sparked a flurry of options trading for several stocks. Meanwhile, CBD-infused drink specialist New Age Beverages (NBEV) soared after the farm bill cleared the Senate. Choppy oil prices caused more problems for this oil exchange-traded fund (ETF), while late-week tariff buzz gave auto stock Ford (F) a lift.