Markets will start the week with winning stocks attempting to trade at higher highs. The losing stocks might attract bargain hunters, ending their sell-off.
For the month, Magnificent 7 stocks like Alphabet (GOOG), Meta Platforms (META), and Microsoft (MSFT) might trade at record highs. These firms contributed to the 23,670 jobs cut in January, according to data from Layoffs.fyi.
SAP cut 8,000 jobs while Amazon (AMZN) cut hundreds of jobs. Unity’s (U) 25% staff cut might turn the stock price around. U stock peaked at almost $45 before sellers aggressively reduced their position. Its shares closed at $33.11 on Jan. 26.
The energy sector could continue its rebound. Crude oil future settled at a two-month high last Friday. Tensions in the Middle East is lifting oil prices. Watch the XLE ETF, Exxon (XOM), PBF Energy (PBF), and NuScale Power (SMR).
Stock Losers
After Tesla (TSLA) cast doubt on the electric vehicle market, Rivian (RIVN) is among the losing stocks to watch. Shares lost 35% in only a month. On CNBC, CEO RJ Scaringe said that customers have a lack of choice. Although he said that they have less expensive models to choose from, he believes that tax breaks would strengthen EV demand.
In the tourism sector, Carnival (CCL) is on a firm downtrend since peaking at nearly $20. Norwegian Cruise Line (NCLH) is also off its peak. After the market closed, Carnival filed a mixed-shelf offering without disclosing the size.
