The Nasdaq is about to snap a six-week win streak
Stocks, as of this writing, are pacing to close the holiday-shortened week in the red, which would snap a six-week win streak for the Nasdaq Composite (IXIC). The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are themselves set to snap back-to-back weekly win streaks, as traders this week focused on a flurry of earnings releases, more Boeing (BA) drama, and the outbreak of the coronavirus in China and the U.S.
Blue-Chip Earnings Overshadowed By Virus Fears
Earnings season heated up in a major way, as traders considered results from a number of Dow components. IBM (IBM) was one name to enjoy a positive earnings reaction, and fellow tech name Intel (INTC) joined in the winners' circle with Friday's post-earnings gains. Netflix (NFLX) was also on the earnings calendar, and options traders took notice.
The coronavirus outbreak drove much of the trading during the week, however, as more and more headlines emerged about the virus. By Friday, two cases were confirmed in the U.S., sending the Dow and its index peers sharply lower. A number of China-based stocks were under pressure throughout the week as a result of these headwinds, and Disney shares were hit, as well. We made sure to call out one stock that benefited from all the buzz, however.
Stocks to Watch with Fed Ahead
As for the data we were pulling this week, numbers were pointing us to drugmaker Ionis Pharmaceuticals (IONS), which is flashing a signal that's never been wrong. From a more broader perspective, this week's Indicator of the Week featured a breakdown of the best stock charts on Wall Street right now,
Having a firm grasp on the market is crucial right now, given next week brings another Fed meeting. Of course, there will be a number of high-profile earnings releases, as well, including Apple's (AAPL) post-close report on Tuesday.