Saturday, March 30, 2024

🌎 The Weekly Wrap-Up for 3/30/2024

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MarketBeat Weekly Wrapup
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March 30th, 2024
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The Weekly Wrapup

Markets continue to move higher as investors remain resilient despite an unclear macroeconomic outlook. However, the wall of worry is growing as investors see an everything rally. That means stocks are up, but so is the price of oil, gold, and cryptocurrencies, particularly Bitcoin. 

What goes up frequently goes down – and sometimes sharply. Many analysts believe that a significant correction may be coming. But is that a sign of a new trend or just a pause to newer highs?  

The takeaway is to take the emotion out of it and invest in the market that exists, not in the market you think there should be. The goal of the MarketBeat team is to help you keep your focus on the stocks and sectors that are likely to move the market higher – and why. As you're enjoying your weekend, take some time to get familiar with some of our most popular stories from this week.    

Articles by Jea Yu 

Many investors are becoming familiar with and adept at options trading. It's not for everyone, but if it's for you, Jea Yu explains what it means to roll options, why you may want to consider rolling your positions, and three ways to execute the strategy. 

As more companies look to Nvidia Corporation (NASDAQ: NVDA) to develop their AI applications, they're also considering adding to their memory and data storage needs. That's bullish for Micron Technology Inc. (NASDAQ: MU), which is moving higher on expectations for higher demand in the memory chip market.  

Apple Inc. (NASDAQ: AAPL) is a laggard among technology stocks on a stream of bad news. However, the stock is starting to hint at how it intends to move into the AI space. That seems to be putting a floor on the stock, and Yu explains why AI may be a catalyst for pushing the stock higher.  

Articles by Thomas Hughes 

This week, Thomas Hughes asked the question on many investors' minds. That is, how low can Tesla, Inc. (NASDAQ: TSLA) stock go? As Hughes notes, Tesla is at the top of MarketBeat's Most Downgraded Stocks list. But beyond analyst sentiment, Hughes explains why technical indicators also suggest that TSLA stock could have another 25% move lower

Hughes also looked at another MarketBeat tool to highlight five high-yield dividend stocks on MarketBeat's Top-Rated Dividend Stocks list. Hughes analyzes the fundamental and technical indicators that explain why these stocks may deliver double-digit upside for investors.  

One MarketBeat feature that's drawing significant interest is our list of stocks that members of Congress are buying. This week, Hughes gave an update on the top 3 most popular stocks that members of Congress bought in the first quarter.  

Articles by Sam Quirke 

 In investing, as in life, sometimes outlooks change when you've had a minute to think about something. As Sam Quirke writes, that may be the case with Foot Locker Inc. (NYSE: FL). Quirke explains that FL stock is starting to move higher after getting wrecked following a disappointing earnings report earlier this month. At least one analyst has issued an upgrade, which may only be the beginning.  

Another company that is getting analyst upgrades is The Walt Disney Company (NYSE: DIS). As Quirke writes, this continues the bullish momentum that's been building in DIS stock since it reported strong earnings in February.  

Articles by Ryan Hasson 

This week, Palantir Technologies Inc. (NYSE: PLTR) received a downgrade that caused the stock to tumble. But if you had read Ryan Hasson's article about the company, you wouldn't have been surprised. Hasson describes the contrast between bearish analyst sentiment and the bullish momentum that is supported by technical indicators. It's one to watch, for sure.  

Hasson also wrote about the sweet deal between Krispy Kreme Inc. (NASDAQ: DNUT) and McDonald's Corp. (NYSE: MCD). In a move that will roll out over the course of the next three years, Krispy Kreme's signature doughnuts will be available at every McDonald's location in the United States. DNUT stock jumped 40% on the news, but investors may want to wait and see if this will change analyst sentiment or just a sugar high. 

In another article, Hasson reminded investors that although the overall market sentiment is bullish, some stocks are simply overbought. And Hasson gave you four well-known names that are ready for a pullback

Articles by Gabriel Osorio-Mazilli 

One way investors can find stocks to buy is to look for discrepancies. For example, if earnings growth drives stock prices, then when you find stocks that are beaten down despite anticipated strong earnings growth, they belong on your watchlist. To help you with that, Gabriel Osorio-Mazilli wrote about three cheap stocks trading at a discount to their projected earnings. 

Another pro tip Osorio-Mazilli presents to investors is why stocks with high short interest can sometimes lead to outsized gains. That's the case with two stocks that the bears are stocking up on but could turn around quickly, leaving those investors scrambling to cover their positions. 

And even if options trading isn't your thing, Osorio-Mazilli explains to investors why paying attention to the level of call options (bullish) or put options (bearish) on stocks can give you a sense of stocks that are ready to make a move. Read his article for three stocks with above-average call option activity.

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