This week was full of volatility as tariff headlines continued to rattle markets with uncertainty and recession fears. The good news is that we may have put in a short-term bottom after markets rebounded nicely on Friday.
$SPY finished down 2.2% and the $QQQ finished lower at 2.46% for the week.
Performance by Sector
Source: finviz
The biggest winning sector this week was Energy with a gain of 2.67% while the biggest losing sector was Consumer Defense, which was down -3.89% to end the week.
Hot Themes
The Quantum Sector caught a major bid this week with $QBTS leading the way after reporting earnings on Thursday. There is also speculation that this sector run is due to the highly anticipated Nvidia GTC conference that is set to be held on March 20th. This will consist of lots of talks about AI and the Quantum Sector, including a keynote speech from Nvidia’s CEO Jensen Huang.
$QBTS was the big winner with a 47% run on Friday to cap off a very strong week.
Some other notable runs came from $QUBT $RGTI and $IONQ.
$NVDA also finished the week strong and even ended the week in positive territory after displaying a lot of Relative Strength.
Airlines Nosedive
The Airline Sector was in the gutter this week following lower guides – “$DAL -3.9% $UAL -4.8% $AAL -3.5%as airlines remain weak after comments on travel/lower guides on Tuesday.”
However, on Friday we did see a little bit of a bounce back with $DAL making a move back above Thursdays highs and closing green on the day- setting up for a potential continuation day higher early next week.
Headline Names Making Big Moves
Oracle ($ORCL) shares were sharply lower after reporting earnings on Monday that missed on both top and bottom lines followed up by multiple Price Target cuts.
Adobe Inc ($ADBE) also took a beating following inline Q2earnings sparking fears of slowing growth. They were also hit with a big Price Cut out of Citigroup.
Shares of Ulta Beauty ($ULTA) caught a big bounce on Friday following an earnings release that beat on both top and bottom lines. It finished Friday up 13.7%.
Intel Corp. ($INTC) got a huge boost this week after announcing the Board of Directors appointed Lip-Bu Tan as the new CEO. He has a tremendous amount of experience in semiconductor industry and is very popular in the field.
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