Today’s episode of Full Court Finance at Zacks dives into the quick market resurgence as stocks hit fresh records ahead of a busy week of technology earnings. The episode then breaks down both
Shopify
SHOP
and
Amazon
AMZN
ahead of their upcoming financial results to see if either stock might be worth buying.
The Nasdaq, the S&P 500, and the Dow hit fresh records last Friday, capping off the market’s four-day surge that pushed it to new highs almost as quickly as it fell from its previous high-water mark. Stocks touched new highs Monday morning ahead of a crucial week of corporate earnings, with the spotlight on tech titans.
The ‘big five’ tech firms—Amazon, Apple
AAPL
, Microsoft
MSFT
, Alphabet
GOOGL
, Facebook
FB
—all report their quarterly results this week. Other big names from Spotify
SPOT
to Tesla
TSLA
and many others release their financial results as well. Tech’s share of S&P 500 earnings keeps growing, which makes this week more important (also read:
Big Tech Earnings Preview: Apple, Amazon and Other Market Movers
).
Even if results are strong and guidance is impressive, Wall Street could decide it’s time to take more profits off the table once again, since the pullback didn’t last particularly long and the market is once again at some frothy technical levels. That said, investors with long-term horizons shouldn’t try to time stocks.
This brings us to Shopify. The e-commerce giant is trading near fresh highs and lands a Zacks Rank #1 (Strong Buy) heading into its Q2 earnings release due out before the market opens on Wednesday, July 28.
Meanwhile, Amazon has regained some momentum heading into its Thursday release. The tech and retail powerhouse lands a Zacks Rank #2 (Buy) and could be poised to go on another run after it lagged the market and its peers for most of the past year.
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