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Stock indexes ended the week higher as investors and traders assessed the latest employment data showing labor market resilience, comments from Federal Reserve Chairman Jerome Powell and the minutes of the latest monetary policy meeting. Electric car manufacturer Tesla (NASDAQ: Tesla) was one of the week’s biggest gainers, also boosting the market Monday through Friday. Benchmark S&P 500 Index (SP500) posted its best weekly performance since late April.
Here are some trending stocks this week:
Paramount Worldwide (NASDAQ: PARAA) (NASDAQ: For) Regroup +15% This week, several media outlets reported late Tuesday that the media company had agreed on preliminary terms for a merger with Skydance Media, a deal that collapsed last month. Reuters reported, citing sources, that under the tentative deal, Skydance will pay $1.75B to acquire National Amusements, which owns 77% of Paramount’s voting shares.
Tesla’s (Tesla) stock price rises +26% and erasing year-to-date losses, putting the stock on track to turn positive in 2024. The increase came after the electric car maker reported second-quarter deliveries that topped analysts’ average forecasts. Electric vehicle stocks generally rose as investors welcomed Tesla’s (TSLA) strong delivery report and Rivian’s (RIVN) partnership with Volkswagen (OTCPK:VLKAF). Polaris Motors (PSNY) +22%Li Auto (LI) +13%NIO +6.2%Lucid Group (LCID) +9.3%Xpeng Motors (XPEV) +6.3% All have achieved significant gains.
Cryptocurrency stocks have had a tumultuous week, with Bitcoin (BTC-USD) falling below $58,000 for the first time in two months on Thursday. The decline stemmed from concerns that shuttered cryptocurrency exchange Mt. Gox distributed large amounts of BTC to its creditors. The German government has also moved its Bitcoin reserves to cryptocurrency exchanges. Bit Digital (BTBT) Relocation +5%Cryptozoological Exploration (CIFR) +11.6%Riot Control Platform (RIOT) +5% and MicroStrategy (MSTR) -15.6%.
JPMorgan (JPMorgan Chase) After becoming the focus Bloomberg News Chief global market strategist Marko Kolanovic is reportedly planning to leave the bank. According to an internal memo, Kolanovich is “exploring other opportunities.” Kolanovich also serves as co-head of global research at JPMorgan Chase (JPM). Hussein Malik will now be the sole leader, the memo said.
Chewy (NYSE code: CHWY)fall down -11%The company’s shares have continued to fall since a brief rebound earlier this week after Keith Gill, aka “Roaring Kitten,” revealed he had a stake in the company. Early gains on Monday were quickly erased, and later in the week Roaring Kitty was hit with a class-action lawsuit alleging securities fraud over the May and June swings in GameStop (GME) stock.
DJT Trump Media and Technology (NASDAQ:DJT) stock price falls -26% Since a week. The social media company controlled by former U.S. President Trump was in the spotlight this week when it said it would buy nearly all of the assets of WorldConnect Technologies to support its planned TV streaming service. The company has also raised cumulative proceeds of more than $105 million through cash exercise of warrants.
