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The stock indexes closed on a higher note this week, as investors and traders assessed the latest employment data that showed labor market resilience, comments by Federal Reserve chair Jerome Powell and the minutes of latest monetary policy meeting. EV maker Tesla (NASDAQ:TSLA), one of the top movers this week, also buoyed the market between Monday and Friday. The benchmark S&P 500 index (SP500) had its best weekly performance since late April.
Here is a look at some of the trending stocks this week:
Paramount Global (NASDAQ:PARAA) (NASDAQ:PARA) rallied +15% this week after several media outlets reported late Tuesday that the media company came to agreement on preliminary terms to merge with Skydance Media, a deal that had fallen apart last month. Skydance would pay $1.75B for National Amusements, which owns 77% of the voting shares of Paramount, as per the tentative deal, Reuters reported citing sources.
Tesla’s (TSLA) stock climbed +26% and erased its YTD losses, putting the stock on track to turn positive for 2024 on Friday. The surge came after the EV maker reported deliveries for the second quarter that beat the average analyst estimate. EV stocks in general saw an upswing as investors welcomed Tesla’s (TSLA) strong delivery report and Rivian’s (RIVN) partnership with Volkswagen (OTCPK:VLKAF). Polestar Automotive (PSNY) +22%, Li Auto (LI) +13%, NIO (NIO) +6.2%, Lucid Group (LCID) +9.3%, XPeng (XPEV) +6.3% all registered notable gains.
Crypto stocks experienced a volatile week, as bitcoin (BTC-USD) slumped below $58K on Thursday for the first time in two months. The drop stemmed from concerns over defunct crypto exchange Mt. Gox distributing a large amount of BTC to its creditors. The German government also moved its stash of BTC to crypto exchanges. Bit Digital (BTBT) moved +5%, Cipher Mining (CIFR) +11.6%, Riot Platforms (RIOT) +5% and MicroStrategy (MSTR) -15.6%.
JPMorgan Chase (JPM) came in spotlight after Bloomberg News reported that chief global markets strategist Marko Kolanovic was planning to leave the bank. As per an internal memo, Kolanovic, who according to his LinkedIn profile has been at JPMorgan (JPM) for over 16 years, is “exploring other opportunities.” Kolanovic also served as co-head of JPMorgan’s (JPM) global research. The memo said Hussein Malik will now become the sole head.
Chewy (NYSE:CHWY) fell -11%, continuing the declines seen since a short rally at the beginning of the week after Keith Gill, also known as Roaring Kitty, revealed a stake in the company. Gains made early on Monday were quickly erased and Roaring Kitty was hit by a class-action lawsuit later in the week claiming securities fraud over the volatility seen in GameStop (GME) shares in May and June.
DJT Trump Media & Technology (NASDAQ:DJT) stock retreated -26% over the week. The social media firm controlled by former U.S. President Donald Trump was in the news this week after it said it was buying substantially all assets of WorldConnect Technologies to power its planned TV streaming service. The company also raised more than $105M in cumulative proceeds via the cash exercise of warrants.