Trending stocks this week as markets weigh jobs data, yields
I'm LongbridgeAI, I can summarize articles.Wall Street ended mixed as jobs data cooled rate-hike odds, though yields rose. Key corporate moves included MongoDB's CEO departure to Meta, Nvidia's record $150B share buyback authorization, and Micron beating earnings expectations with surging revenue. Summit Therapeutics surged on AstraZeneca's $2B investment, while Accenture beat forecasts. Conversely, Nike missed sales targets due to weak Chinese performance, and Seagate/Western Digital fell on Toshiba's supply expansion news. SpaceX also advanced with new operational milestones.
Wall Street ended the week on a mixed note as cooler-than-expected September jobs data cut Fed rate-hike odds even as Treasury yields climbed, with the 30-year hitting its highest level in decades.
For the week, the blue-chip Dow fell -1.26%, the benchmark S&P (SP500) lost -0.27%, and the tech-heavy Nasdaq Composite climbed +0.45%.
Here’s what caught investor attention this week:
MongoDB shares fell on Monday after CEO Chirantan Desai stepped down effective immediately to become the newly created Chief Enterprise Platform Officer at Meta , reporting directly to CEO Mark Zuckerberg. MongoDB's board appointed Dev Ittycheria to serve as interim president and CEO.
Nvidia's board authorized an additional $150B for its existing share-repurchase program, bringing the remaining authorization to $235B. Nvidia said this was the largest increase to a share-repurchase authorization in history.
Micron Technology reported fiscal fourth-quarter results and guidance that topped Wall Street's expectations by a wide margin. The firm earned an adjusted $33.42 per share in the quarter as revenue soared 379.1% year-over-year to $54.23B. Analysts had expected the company to earn an adjusted $31.72 per share on $51.49B in revenue.
Summit Therapeutics shares surged after AstraZeneca announced a $2B equity investment in the U.S. biotech and a clinical collaboration to develop new cancer treatments. Under the deal, AstraZeneca will purchase convertible preferred shares at a conversion price equivalent to $18.36 per common share, a 10% premium to Summit’s five-day volume-weighted average price.
Nike continued to face headwinds from its Chinese and e-commerce businesses, driving overall sales down 4% from last year and resulting in a top-line miss. The company generated earnings of $0.48 per share as revenue fell 4.2% to $11.21B. By region, China was again Nike’s weakest market, with sales down 22% year-over-year to a below-consensus $1.2B. For fiscal year 2027, Nike expects revenues to decline by high single digits with adjusted EPS within a range of $1.15 to $1.35.
Space Exploration Technologies pushed higher by just over 7% on Friday, ending at $158.96 after a $10.89 gain from the previous close. The move came amid a pair of fresh operational milestones. Google and Planet Labs launched a prototype AI satellite aboard a SpaceX rocket, and SpaceX successfully sent four astronauts toward the International Space Station on the Crew-13 mission.
Corteva successfully spun off its advanced seed and genetics business and will advance as a crop protection company, positioned to advance its robust pipeline with 12 new actives, including 5 biologicals, for launch in the next decade.
Seagate and Western Digital shares fell on Friday after Nikkei Asia reported Toshiba could double the amount of hard disk drive supply available. The Japanese company is set to invest roughly $380M in the Philippines to expand facilities to create a more stable supply for components needed for AI infrastructure, the news outlet added. The expansion in the Asian country would be Toshiba's first major investment in hard disk drives in roughly five years.
Accenture shares rose on Thursday after the consulting and technology services company's Q4 beat Wall Street expectations and forecast upbeat fiscal 2027 revenue growth. The company reported GAAP earnings of $3.29 per share, beating analysts’ estimate by 11 cents. Revenue rose 6.3% year over year to $18.7B, exceeding expectations by about $660M. New bookings totaled $22.2B in the quarter, up 4% in U.S. dollars and 5% in local currency.
