With tech stocks leading the way, Nasdaq was the top-performing index of the week.
While prospects of lower interest rates pushed the growth stocks higher, mixed signals from the U.S. economy weighed on market sentiment last week. Among the positives, the labour market remained robust, and inflation pressures continued to ease.
As signs of slowdown, U.S. retail sales reduced by 1.1%, and industrial production fell by 0.7% in December.
Top stories from last week
- Netflix (NFLX) shares jumped 8.5% on Friday after the streaming giant said it added 7.66 million subscribers in the fourth quarter, beating market expectations of 4.57 million.
- Netflix co-founder Reed Hastings stepped down as CEO. Co-CEO Ted Sarandos and chief operating officer Greg Peters to succeed as the new CEOs.
- Alphabet (GOOGL) stock gained over 5% on Friday as Google’s parent company announced plans to cut 12,000 jobs.
- Morgan Stanley (MS) stock added more than 8% through the last week on posting upbeat quarterly earnings, helped by record revenues from its wealth management business.
The week ahead
- Earnings season will be in full swing, with some of the blue-chip stocks reporting their results this week.
- Earnings this week: Johnson & Johnson (JNJ), Microsoft (MSFT), Tesla (TSLA), Boeing (BA), Mastercard (MA), Visa (V), Chevron (CVX), American Express (AXP), etc.
- Economic data this week: Leading economic indicators, new home sales and personal income, among others.
Stock watchlist for this week
*Consensus rating and average price target as per Tipranks data.
ETF watchlist for this week
