Home > Stock markets eye higher close, PayPal and Walmart among big losers- Weekly review

Stock markets eye higher close, PayPal and Walmart among big losers- Weekly review

  • S&P 500, Nasdaq, and FTSE 100 see strong rebounds Thursday
  • PayPal shares dip on analyst downgrade
  • Gold and Bitcoin see downward pressure amid fresh optimism in stocks

This week, global stocks have continued to hold near year-to-date peaks, with an upbeat outlook for the market coming from a strong earnings season across sectors.

The US and European stock markets are set to close the week on high following mixed sessions in Asia, with the S&P 500, Nasdaq, and FTSE 100 indexes highlighting resilience within the market.

The S&P 500 was up 0.34%, while the Nasdaq 100 edged 0.45. However, the Dow Jones Industrial Average cut 0.17% as the market battled lagging from a few major stocks. 

In Europe, the STOXX 600 is up 0.35%, and the FTSE 100 Index is positive by 0.36%. In Asia, markets eked higher on Friday, with Japan’s Nikkei up 0.50% and China’s Shanghai Composite index edged 1%.

The largely upside sentiment across the global stock markets comes as retail data helped quell inflation concerns, even as quantitative easing plans continue to boost the short-term outlook. In the US, strength within the technology sector saw the major indices close higher on Thursday. A higher open on Friday could see Wall Street continue the hot streak seen since early October.

PayPal, Walmart, Rivian stocks recap               

The week was highly eventful for several major stocks.

PayPal (PYPL) shares dropped more than 4.36% on 17 November, with the downside coming after analysts at Bernstein assigned the stock as a hold. This downgraded the PYPL share price from a buy, cutting the price target $220 from $260, for the year.

The shares of PayPal are down 2.8% pre-market, currently at $200.50 as analysts say the digital wallet faces increasing competition from Apple Pay and Square. PYPL is down 1.35% over the past five days and over 13% YTD.

Rivian (RVN) tanked after a successful public debut, while Tesla (TSLA) turned positive on Thursday, adding 3% to its value after extended selling exacerbated by Elon Musk’s offloading of hundreds of thousands of shares throughout the week.

As highlighted here, Visa (V), Target (TGT), and Walmart (W) also saw major moves and might fluctuate even more ahead of Black Friday shopping.  

For Walmart, the losses came despite the company’s third-quarter earnings beating estimates. The stock’s price is down nearly 4% over the past five days and is currently negative in its year-to-date outlook at about 3.2%.

While the holiday season may attract investors to retail stocks, Blue Line Capital’s Bill Baruch told CNBC’s “Trading Nation” that this might not be the time to be looking at new positions in these assets. According to him, August was better, but with market sentiment shifting, consumer discretionary will likely lag the S&P 500 for a few weeks or even months.

Gold and Bitcoin decline

In commodities, crude oil has reclaimed key levels as West Texas Intermediate (WTI) crude increased by 0.8% to $79.68 per barrel. Meanwhile, gold was seeing some pressure amid a resurgence in investor risk-on appetite.

The precious metal was priced at $1,859 per ounce on Friday morning, even as Bitcoin saw fresh sell-off action. Negative news from Twitter, SEC’s rejection of a spot BTC exchange-traded fund (ETF), and impending distribution of Mt.Gox hack funds all combined to see Bitcoin dip to weekly lows near $56k.

Trade/invest in stocks with just $50
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Open my Account

We use cookies to personalise content & ads, provide social media features and offer you a better experience. By continuing to browse the site or clicking "OK, Thanks" you are consenting to the use of cookies on this website.