The stock market had a good week heading into Labor Day as August ended in strong fashion, and Friday’s jobs report confirmed a strong start to September.
Investors probably don’t need to be reminded that September is the worst month in history for stocks — the S&P 500 has fallen an average of 1.1% in that month since 1928.
But enough of that. Many stocks had a good week heading into a typically dismal month, and investors are hoping the momentum can continue.
Nivea
(ticker: NVDA ) stock had another impressive week, climbing 5.4% to $485.09 and hitting a record high close of $493.55 on Thursday. The chip maker’s stock has It came in ahead of earnings on Aug. 23 but fell 2.3% over the two trading days.
But normal activity resumed last week for the stock, which is up 232 percent so far in 2023. Wall Street thinks the shares could continue into uncharted territory — analysts’ average price target is $645.29, which would represent a 31% gain from Friday. Closing price according to FactSet data.
side by side
Nivea
,
The other members of the so-called ‘Magnificent 7’ also performed well.
Apple
( AAPL ) rose 6.1% on the week
Netflix
( NFLX ) jumped 5.7%, and Google’s
Alphabet
( GOOGL ) was up 4.5%.
Meta forums
(META) gained 3.8%;
Amazon
(AMZN) increased 3.6%, while
Tesla
( TSLA ) shares rose 2.7 percent.
Overall, chip stocks had a strong week
Micron Technology
(MU) jumped 10.5% and
Intel Corp
( INTC ) rose 10.1 percent. The best-performing stock in the S&P 500 was the disk-drive and flash-memory chip company.
Western Digital
( WDC ), up 16.4%, followed by the data storage company
Seagate Technology
S
( STX ) jumped 14.4%.
It’s been a bad week for retailers, especially the discount variety.
Dollar total
(DG) was a sharper figure after disappointing earnings, plunging 16% and cutting guidance.
Dollar tree
It decreased by 3.7 percent.
Walgreens Boots Alliance
The health care giant was the second worst performer, falling 7.2 percent after CEO Rosalind Beer announced her resignation.
Write to Callum Keown at [email protected]
