Stocks Start June With a Jolt

Stock market bulls can thank Fed Chair Jerome Powell

Following a brutal May, stocks kicked off June on a high note, with the major market indexes set for their best week of the year. What's more, the Dow is set for a five-day winning streak, which would mark its longest since January. Stock market bulls have Fed Chair Jerome Powell to thank, after the central bank chief said the Fed will "act as appropriate" to support economic growth -- fueling expectations for a rate cut on the horizon. Adding fuel to that fire was a weaker-than-expected May jobs report.

In addition, traders are hoping the U.S. backpedals on plans for a 5% tariff on Mexican imports, slated to take effect on Monday, June 10, as of this writing. Wall Street is also optimistic that another round of tariffs on Chinese goods will be delayed.

FAANG Stocks Make Waves

It was a rough start to the week for FAANG stocks, due to regulatory concerns. More specifically, reports emerged that the Justice Department is considering a probe of Google parent Alphabet (GOOGL). Separately, Facebook (FB) was under pressure amid reports that the Federal Trade Commission (FTC) could scrutinize its practices on digital competition. Nevertheless, one analysts thinks this FAANG stock is "unstoppable," and Apple (AAPL) stock is set for a fourth straight gain following its Worldwide Developers Conference (WWDC) and encouraging comments from CEO Tim Cook.

Pharma Stocks See Massive Moves

Several healthcare stocks made huge moves this week. Upbeat drug data helped this stock duo nearly double, and analysts expect this oncology stock to double again. In the same vein, this penny stock is expected to quadruple. Meanwhile, put buyers targeted red-hot Genocea Biosciences (GNCA), and biopharmaceutical concern Mirati Therapeutics (MRTX) enjoyed a halo lift from Amgen (AMGN).

These Pot Stocks Could Pop

Several marijuana stocks also made headlines. Analysts at BofA-Merrill Lynch upgraded this pot stock to "buy," waxing optimistic on U.S. growth prospects. Elsewhere, Aurora Cannabis (ACB) and Canopy Growth (CGC) both flashedhistorical buy signals, and Aphria (APHA) soared on a major deal.

Looking Ahead: LULU Earnings and Inflation Data

Earnings reports are light next week, but Lululemon (LULU) stock could move after earnings. Meanwhile, investors will digest the latest inflation figures -- especially in light of recent Fed comments -- and retail sales will roll in later in the week. Of course, trade could remain in the headlines, with U.S. Treasury Secretary Steven Mnuchinscheduled to meet with People's Bank of China Governor Yi Gang over the weekend, at a G-20 meeting in Japan. Plus, the aforementioned tariffs on Mexican imports are slated to take effect on Monday, June 10.