1 Stock to Buy, 1 Stock to Sell This Week: MongoDB, Nio
U.S. stocks ended higher on Friday to notch another winning week as remarks from Federal Reserve Chair Jerome Powell bolstered the view that the U.S. central bank is done with raising interest rates.
The benchmark S&P 500 closed at its highest level of the year after Powell said the risks of hiking interest rates too much and slowing the economy more than necessary have become «more balanced» with the risks of not hiking enough to control inflation.
For the week, the blue-chip Dow Jones Industrial Average rose 2.4%, the S&P 500 advanced 0.8%, and the tech-heavy Nasdaq Composite tacked on 0.4%. It marked the fifth straight week of gains for the major averages.
The week ahead is expected to be another busy one as investors continue to gauge the path for the Fed’s monetary policy outlook.
Most important on the economic calendar will be Friday’s U.S. employment report for November, which is forecast to show the economy added 180,000 positions, compared to jobs growth of 150,000 in October. The unemployment rate is seen holding steady at 3.9%.
The data has taken on added significance since a Fed rate cut is now firmly expected in March, according to Investing.com’s Fed Rate Monitor Tool.
Elsewhere, some of the key earnings reports to watch include updates from GameStop (NYSE:GME), Broadcom (NASDAQ:AVGO), Lululemon (NASDAQ:LULU), Dollar General (NYSE:DG), Chewy (NYSE:CHWY), Toll Brothers (NYSE:TOL), C3.AI (NYSE:AI), and DocuSign (NASDAQ:DOCU) as Wall Street’s Q3 reporting season draws to a close.
Regardless of which direction the market goes, below I highlight one stock likely to be in demand and another that could see fresh downside. Remember though, my timeframe is just for the week ahead, Monday, December 4 — Friday,
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