1 Stock to Buy, 1 Stock to Sell This Week: Uber, Disney
Stocks on Wall Street soared on Friday, with the major averages scoring their best week of 2023, after weak jobs boosted hopes that the Federal Reserve could be done with its interest rate hiking campaign.
For the week, the blue-chip Dow Jones Industrial Average gained 5.1% to register its biggest weekly gain since October 2022.
The benchmark S&P 500 and the tech-heavy Nasdaq Composite rallied 5.9% and 6.6% respectively. It was the best week for both indices since November 2022. Meanwhile, the small-cap Russell 2000 surged 7.6%, its best week since February 2021.
The week ahead is expected to be another eventful one as investors continue to gauge the outlook for the economy and interest rates.
Investors will scrutinize a speech from Fed Chairman Jerome Powell, who will speak at a panel at the IMF's annual research conference.
Besides that, the economic calendar is light, with the release of the latest jobless claims figures likely to garner most of the attention.
Meanwhile, the pace of earnings slows down, though quarterly updates are still expected from notable companies such as AMC Entertainment (NYSE:AMC), Wynn Resorts (NASDAQ:WYNN), Roblox (NYSE:RBLX), Datadog (NASDAQ:DDOG), Twilio (NYSE:TWLO), Trade Desk (NASDAQ:TTD), Rivian (NASDAQ:RIVN), and Li Auto (NASDAQ:LI).
Regardless of which direction the market goes next week, below I highlight one stock likely to be in demand and another which could see fresh downside.
Remember though, my timeframe is just for the week ahead, Monday, November 6 — Friday, November 10.
I foresee a strong performance for Uber Technologies’ (NYSE:UBER) stock in the week ahead, possibly culminating in a breakout and a push towards new 52-week highs, following the release of the rideshare
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