Stocks Are in the Black For the Week--How Did That Happen?

The abridged version of this week is that all three major indexes nabbed weekly wins, though the longer story is much more complex. The Dow breached 50,000 at one point, while the Nasdaq and S&P 500 suffered their worst days of the year this week. Iran brinksmanship and subsequently choppy oil prices were consistent overhangs, while the tech sector selloff dinged sentiment. Investors also parsed through inflation data and late-week turbulence brought on by the SpaceX IPO. Through it all, the prospects of a supposed peace deal with Iran were enough to keep wind at the equities' back to end the week.

Tech Sector Winners, Losers

The ripples of a tech sector correction created a slew of interesting storylines. Analysts picked their favorites from the discard pile; SanDisk received a Street-high target, and Intel (INTC) nabbed a double upgrade. Overall, put traders are loading up on chip weakness through the VanEck Semiconductor ETF (SMH), but Palantir Technologies (PLTR) still has fans in the options pits. Super Micro Computer (SMCI) was among the notable laggards earlier in the week, while the SpaceX IPO put sector peer EchoStar (SATS) into the red.

Quant Signals Flashing Across the Board

The broad market choppiness shook loose some intriguing quantitative signals. Dip buyers should have a silver miner, a struggling quantum computing stock, and a data center infrastructure stock in their crosshairs. Elsewhere, Lockheed Martin (LMT) cleared a key trendline, and MP Materials (MP) flashed a ‘buy’ signal.

What Summer Doldrums? Lots to Look Forward to This Month

Next week, all eyes will be on the Federal Reserve’s two-day policy meeting. In the meantime, enjoy the World Cup and its potential impact on the stock market. And as always, keep an eye on the VIX.