1 Stock to Buy, 1 Stock to Sell This Week: CrowdStrike, Nio
U.S. stocks finished higher on Friday to notch another winning week as the S&P 500 and Nasdaq Composite both ended at new records amid an ongoing rally in AI-linked tech shares.
For the week, the benchmark S&P 500 rose 1%, the tech-heavy Nasdaq advanced 1.7%, while the blue-chip Dow Jones Industrial Average dipped 0.1%.
Source: Investing.com
The week ahead will feature key Congressional testimony from Federal Reserve Chairman Jerome Powell as investors look for more clues on the outlook for the economy, inflation, and interest rates.
Elsewhere, most important on the economic calendar will be Friday’s U.S. employment report for February, which is forecast to show the economy added 188,000 positions, compared to jobs growth of 353,000 in January. The unemployment rate is seen holding steady at 3.7%.
Source: Investing.com
Meanwhile, some of the key earnings reports to watch include updates from Broadcom (NASDAQ:AVGO), Marvell Technology (NASDAQ:MRVL), CrowdStrike, and MongoDB (NASDAQ:MDB). Consumer heavyweights Target (NYSE:TGT), Costco (NASDAQ:COST), Abercrombie & Fitch (NYSE:ANF), and Foot Locker (NYSE:FL) also head into the earnings confessional as Wall Street’s Q4 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 which could see fresh downside. Remember though, my timeframe is just for the week ahead, Monday, March 4 — Friday, March 8.
I foresee a strong performance for CrowdStrike this week, with a potential breakout to a new record high on the horizon, as the information security specialist’s latest earnings and outlook will easily top estimates due to favorable cybersecurity demand trends.
The Austin, Texas-based security
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