Weekly Top Stocks
Last week, stock markets rewarded investors with six top stocks. In the Chinese electric vehicle market, Nio (NIO) gained 12.56% last week as China added new restrictions.
China is imposing export restrictions on EV-related technology. This will solve the price erosion related to EVs and EV batteries. The U.S. and China may have a trade deal in principle, yet this action should end the depreciation of EVs in China.
After crossing the $4 trillion market cap milestone, Nvidia (NVDA) added another 4.54%. After CEO Huang met with the U.S. President, the government allowed Nvidia to sell AI-related chips to China again.
SoFi (SOFI) bottomed at around $9.00 in April and close last week at $21.81. People who enjoyed a pause on school loans will need to pay them back. This helps SoFi’s lending business.
Chevron (CVX) won its case against Exxon (XOM), enabling it to buy Hess (HES). The courts ruled that Chevron may buy Hess for $53 billion. It dismissed Exxon Mobil’s claim that it had a right to bid for offshore Guyana Hess’ assets.
With Hess removed from the S&P 500 (SPY), Block (XYZ) will take its place. XYZ stock will open at around $80 this morning.
Shares of JPMorgan (JPM) are consolidating in the $285-$291 range after posting strong quarterly results. Its dominance in the banking sector will strengthen as it benefits from loose regulations.
