Stock Market Week in Review – 7/1 – 7/5

The June jobs report came in slightly higher than expected, but the number wasn’t significant enough to move markets in the holiday-shortened week. For now, investors continue to climb the wall of worry, particularly regarding the leading technology stocks

Next week may put that bullish sentiment to the test. The latest readings on inflation will come out when the Consumer Price Index and Producer Price Index are released on Thursday and Friday, respectively. Plus, earnings season kicks off. The big banks report on Friday, but before that, investors will hear from companies like PepsiCo Inc. NASDAQ: PEP and Delta Air Lines Inc. NYSE: DAL, which may provide a glimpse into how the consumer is holding up. 

We hope you had a relaxing time with friends and family this week. As you get back into a routine next week, you can count on the MarketBeat team to keep you updated on the stocks and stories moving the market. Here are some of our most popular articles from this week.   

Articles by Jea Yu 

Stocks related to weight loss drugs have been a way for investors to fatten their portfolios this year. The list used to be limited to Novo Nordisk A/S NYSE: NVO and Eli Lilly NYSE: LLY. However, this week, Jea Yu analyzed two companies that may be ready to challenge these sector leaders.  

Pfizer Inc. NYSE: PFE has two GLP-1 candidates and one non-GLP-1 candidate in its pipeline. Altimmune Inc. NASDAQ: ALT is developing a product with a dual agonist that may be more effective than Wegovy or Ozempic and may be commercially approved before Pfizer.  

Yu also wrote about the rebound in Snowflake Inc. NYSE: SNOW stock. The stock has been under pressure since it missed earnings, citing higher AI spending. However, analysts from The Goldman Sachs Group NYSE: GS are expressing their belief that the investment in AI will pay off and the sell-off in SNOW stock is overdone.  

Articles by Thomas Hughes 

Stock downgrades are usually a sell signal, but not always. This week, Thomas Hughes analyzed two stocks that were downgraded by analysts. However, Hughes explains why one of these two stocks offers opportunistic investors a buying opportunity. 

Hughes also analyzed two stocks that are beginning to turn around their recently poor fortunes. In the case of GitLab Inc. NASDAQ: GTLB, the stock is already beginning to rebound after a sharp sell-off in May. As is frequently the case, the company is proving that fundamentals outweigh concerns about security concerns that the company has already patched.  

Onsemi NASDAQ: ON appears to be forming a bottom as analysts believe the chip sector’s macro story is improving. The company may come in light on revenue in 2024, but analysts believe revenue weakness is already priced into the stock.  

Articles by Sam Quirke 

One of the top-performing stocks in the last couple of weeks has been Rivian Automotive Inc. NASDAQ: RIVN. The electric vehicle (EV) sector has been under pressure, with several startups announcing that it may be hard for them to continue operations. Sam Quirke writes it’s too early to tell how the infusion of capital from Volkswagen AG OTCMKTS: VWAGY will impact the company’s operations. However, for now, analysts are bullish about Rivian’s future.  

Articles by Chris Markoch 

Would you take NVIDIA Corp. NASDAQ: NVDA or the field in the second half of 2024? The answer for many investors seems to be to rotate slightly away from NVIDIA and into some of the other Magnificent 7 stocks. This week, Chris Markoch explained why analysts were starting to move money into four of these technology stocks.  

Markoch also examined the recent small drop in AbbVie Inc. NYSE: ABBV. It may not be anything more than some profit-taking for a higher leg-up, but Markoch explains the current state of play for AbbVie and why more growth could be in its future. 

Retail stocks continue to be under pressure as overall sales are negative when adjusted for inflation. But if you want to invest in the sector, Markoch gives you three retail stocks that are beating earnings expectations.  

Articles by Ryan Hasson 

Investors continue to pile money into AI stocks, but as Ryan Hasson explains, cybersecurity is another sector worth your investment capital. As threats from AI expand, the need for cybersecurity will become even greater. This week, Hasson analyzes three cybersecurity stocks and why they’re presenting opportunistic setups for the second half of the year. 

Buying stocks when they’re down and out is one of the hardest things for some investors. However, Hasson makes a case for three struggling stocks with positive analyst sentiment, which could make them attractive at their current prices. 

And there’s been a lot of talk about short interest lately, particularly for investors trying to find stocks on the verge of a short squeeze. Shorting stocks isn’t for every investor, but even if it doesn’t fit your investing style, Hasson’s article on the significance of short interest will help you understand how much weight to place on this commonly used metric. 

Articles by Gabriel Osorio-Mazilli 

It’s only natural for many investors to start looking for the next NVIDIA. If you’re one of them, Gabriel Osorio-Mazilli explains why you don’t have to leave the chip sector to find a contender. Analysts are forecasting that Super Micro Computer Inc. NASDAQ: SMCI is likely to outperform NVIDIA significantly in the coming quarters.  

If you follow the financial news, you’ve likely heard about the VIX index. This is also known as the “fear index,” and recently, it’s been at levels that indicate low volatility. That can make it difficult to profit from blue-chip stocks. Instead, Osorio-Mazilli explains why you’ll want to look for high-beta stocks and gives you three names to consider.  

And while many eyes have been on the price of gold, Osorio-Mazilli suggests you may want to pay more attention to silver prices, particularly the price of three mining stocks that stand to benefit as the price of silver hits a 12-year high. 

Articles by Leo Miller 

Leo Miller was also looking at cybersecurity stocks. One of the leading names is Palo Alto Networks Inc. NASDAQ: PANW. However, Miller explains why red-hot CrowdStrike Holdings Inc. NASDAQ: CRWD is not done growing, and that’s why it may continue to be a better choice than PANW stock.   

Consumer staples stocks have been struggling to gain traction. This week, Miller looked at two such stocks creating a similar dilemma for investors. McCormick & Company Inc. NYSE: MKC beat earnings per share (EPS) expectations even while sales came in light. Analysts are encouraged that higher margins for the spice king may contribute to better performance if grocery prices fall. 

The same story is playing out with General Mills Inc. NYSE: GIS. The company is beating on earnings, but sales are down. However, Miller explains why the company’s earnings forecast may not be enough to generate stock price growth. The company does, however, have a dividend that could be attractive.  

Before you consider PepsiCo, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and PepsiCo wasn’t on the list.

While PepsiCo currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

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