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Stock indices this week were hit by the release of weaker-than-expected inflation numbers and the Federal Reserve's June interest rate decision. However, Wall Street's benchmark S&P 500 (SP500) posted its best weekly gain in more than a month, an increase of 1.58% so that the week ends at 5,431.60 points.
Here's a look at some of the trending stocks this week:
Broadcom (NASDAQ: AVGO) actions added 23% in the five-day trading period following better-than-expected second-quarter revenue thanks to strong demand for ai and VMware, and a 10-for-1 stock split. Shares hit an all-time high during Thursday's session.
Adobe (NASDAQ:ADBE) also delivered an upbeat report for the second quarter and issued a strong outlook for the third quarter and fiscal 2024. The company attributed its performance to its “differentiated approach to ai and the delivery of innovative products.” The software company posted a profit of 15.45% for the week.
tesla (NASDAQ:TSLA) and CEO Elon Musk were in the news this week over developments surrounding the $56 billion CEO pay package and the change of state of incorporation from Delaware to Texas, both of which were overwhelmingly approved at the annual meeting of shareholders in Austin. Before the meeting, Musk was at the center of allegations of harassment and sexual misconduct at his other company, SpaceX.
Several meme stocks were volatile during the week, including Game stop (New York Stock Exchange:GME) and AMC (AMC). GameStop (GME) stock rose after influential investor Keith Gil, also known as Roaring Kitty, shared a screenshot suggesting he had sold his options position in the video game retailer while increasing his ownership stake. . The company was due to hold its annual meeting on Thursday but postponed it until next week due to technical difficulties.
Despite falling short of the consensus mark for fourth-quarter results, Oracle (New York Stock Exchange:ORCL) leap 10% during the week after it announced record sales contracts in the third and fourth quarters, driven by high demand for artificial intelligence language models in Oracle Cloud. Oracle CEO Safra Catz expects continued strong demand for ai to drive sales and RPO growth in 2025, with each quarter growing faster than the last.
Cruise operators took a hit this week after BofA Securities issued a warning that prices in early June were lower compared to the same period last month. Actions of Carnival (New York Stock Exchange:CCL) -8.42%, Royal Caribbean Cruises (New York Stock Exchange:RCL) -3.65%, Viking holdings (New York Stock Exchange: VIK) -1.67%and Norwegian cruise line (New York Stock Exchange: NCLH) -6.69% closed the week in negative territory.
reddit (New York Stock Exchange:RDDT) saw its biggest intraday rally since May this week, with shares rising as much as 13% during Wednesday's trading session. Given the recent rise in GameStop (GME) stock, investors have been looking for other popular names that have been heavily shorted, including Reddit, which currently has a short interest of around 19.07%.
