The Federal Reserve’s move to lower interest rates by 50 basis points this week sent ripples through the stock market, propelling share prices higher across a range of sectors. Notably, the technology, construction, industrial, machinery, and financial sectors experienced a significant boost, resulting in a surge of activity among large-cap stocks. Here’s a closer look at the top 11 performers of the past week:
Constellation Energy (CEG)
stock soared by 30.11% after signing a 20-year power purchase agreement with Microsoft (MSFT). This agreement will facilitate the launch of the Crance Clean Energy Center and the restart of Three Mile Island Unit 1, demonstrating a commitment to sustainable energy solutions.Vistra Inc. (VST)
shares climbed 26.10% following the company’s successful acquisition of a combined 15% equity interest in Vistra Vision from affiliates of Nuveen Asset Management and Avenue Capital Management II. This strategic move strengthens Vistra’s position in the energy market.Carvana Co. (CVNA)
witnessed a 22.52% increase in its stock price. Evercore ISI’s optimistic outlook, raising its price forecast from $142 to $157, contributed to the upward trend.Symbotic Inc (SYM)
stock gained 19.06% last week, riding the wave of enthusiasm across the industrial space following the Fed’s rate cut announcement. The prospect of increased investment and economic growth fueled investor confidence.Duolingo, Inc. (DUOL)
shares rose 17.32% in the last week, showcasing the continued popularity of the language learning platform.James Hardie Industries plc (JHX)
stock jumped 16.38% as the broader industrial sector benefited from the Fed’s rate cut. The company’s announcement of a share repurchase program, involving up to 8.4 million shares, also contributed to the positive sentiment.Texas Pacific Land Corporation (TPL)
gained 15.73% as stocks of oil and gas companies experienced a surge in value. The Fed’s rate cut fueled optimism about increased demand for oil, driving up its price.CrowdStrike Holdings, Inc. (CRWD)
shares climbed 15.71% as several analysts maintained their buy forecasts, emphasizing the company’s strong performance despite recent software incidents.Maplebear Inc. (CART)
shares rose 13.92%, demonstrating continued investor confidence in the company’s growth trajectory.Mobileye Global Inc. (MBLY)
stock jumped 13.47% last week after Intel Corp (INTC) reassured investors about its commitment to maintaining its majority stake in the Israeli autonomous driving company. This vote of confidence bolstered investor sentiment.Li Auto Inc. (LI)
stock rose 12.66%, benefiting from expectations of interest rate cuts by the People’s Bank of China. This move is anticipated to stimulate growth in the Chinese economy, positively impacting U.S.-listed Chinese companies like Li Auto.While the Fed’s rate cut has provided a much-needed boost to the stock market, it’s essential to remember that investment decisions should be based on thorough research and individual risk tolerance. Consult with a financial advisor for personalized guidance.
