It's all happened this week, from Vice President Kamala Harris formally accepting the Democratic presidential nomination to Federal Reserve Chairman Jerome Powell hinting at an interest rate cut.
Harris formally accepted the Democratic presidential nomination on Thursday, making history as the first Black and Asian woman to lead a major party's nomination.
A series of economic data was also released this week as traders analyzed the latest jobless claims reports and preliminary revisions to U.S. payroll numbers, suggesting the labor market is not as strong as initially expected.
Chairman Powell's speech at Jackson Hole was the highlight of the week, as he said “it's time to adjust policy,” suggesting that a rate cut is on the way. The market responded favorably to Chairman Powell's remarks, with Wall Street's benchmark S&P 500 Index (SP500) rising 1.2% on Friday to close at 5,634.61, its highest level in five weeks.
The Dow Jones Industrial Average (DJI) rose 462.30 points, or 1.14%, while the Nasdaq Composite Index (COMP:IND) rose 1.47%. The three major indexes also posted gains for the week, with the Dow up 1%, the S&P 500 up 1.3% and the Nasdaq Composite up 1.3%.
As the market celebrates Chairman Powell's comments, here are some trending stocks for the week:
Ford (F) was the talk of the week on Wednesday, announcing a major overhaul of its strategy to deliver a “profitable, capital efficient and growing” electric vehicle business. Under its new EV plan, Ford will prioritize the introduction of a new commercial van in 2026, two pickup trucks in 2027 and other affordable EVs. It is also realigning its battery sourcing plans in the U.S. to reduce costs, maximize capacity utilization and support EV production. Ford (F) ended the week at +6.7%.
Walmart (WMT) and JD.com (JD) were on the rise this week after Walmart raised $3.6 billion by selling a stake in JD.com, ending their eight-year partnership. Walmart told Seeking Alpha that selling its roughly 10% stake will allow it to focus on its own business in China. Walmart (WMT) rose 3.15% while JD.com (JD) fell 7.7%.
Medical Properties Trust (MPW) fell 6% after the health care REIT cut its dividend and was sued by a private hospital operator over its hospital sale proceedings. Steward Health Care, which filed for Chapter 11 bankruptcy protection in May, is reportedly suing landlord Medical Properties for blocking Steward's hospital sales.
Eli Lilly (LLY) is up about 3% this week. On Tuesday, the drugmaker announced that its diabetes and weight-loss drug, tirzepatide (Mounjaro, Zepbound), reduced the risk of diabetes by 94% in obese patients in a three-year study. What's more, the treatment produced sustained weight loss.
Zoom (ZM) shares rose nearly 20% after the video communications software company reported better-than-expected second-quarter results and outlook, with Wall Street believing the worst is over. The company benefited from higher collections, rising billings and favorable pricing trends. It also announced that Chief Financial Officer Kelly Steckelberg would step down.
Snowflake (SNOW) fell 10.8% this week after the company reported better-than-expected product revenues in its second-quarter results, signaling a further slowdown in growth. Analysts were cautious after the report, noting that easing optimization headwinds and the emergence of new product initiatives should help drive growth, but investors may need more concrete signals before getting in.
Target (TGT) has risen 9.75% over the five-day trading period after the company reported better-than-expected quarterly results that disappointed many of its peers. The Minneapolis-based company also reversed a negative same-store sales trend over the past year in its second-quarter report. The company posted strong results in its digital business and apparel division, even as consumers remain pressured and seeking value.
Peloton Interactive (PTON) soared 51% in a week as investors cheered the company's fourth-quarter results, which showed positive revenue growth and progress toward profitability.
B. Riley Financial (RILY) rose more than 16% on reports that Oaktree Capital is in talks to acquire a majority stake in two of the company's businesses, a deal that would value B. Riley's appraisal and valuation services business and its retail, wholesale, and industrial solutions division at $380 million.
