Stocks on Wall Street plunged on Friday, with the Dow Jones Industrial Average suffering its worst one-day loss since October 2020 amid mounting fears over the Federal Reserve’s plans to aggressively raise interest rates.
The coming week is expected to be another busy one amid more earnings from notable tech companies like Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Google-parent Alphabet (NASDAQ:GOOGL), Facebook-parent Meta Platforms (NASDAQ:FB), Twitter (NYSE:TWTR), Intel (NASDAQ:INTC), Qualcomm (NASDAQ:QCOM), Spotify (NYSE:SPOT), Pinterest (NYSE:PINS), and Robinhood (NASDAQ:HOOD).
The earnings agenda also consists of other high-profile companies, such as Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), McDonald’s (NYSE:MCD), Boeing (NYSE:BA), Caterpillar (NYSE:CAT), Ford Motor (NYSE:F), General Motors (NYSE:GM), United Parcel Service (NYSE:UPS), Coca-Cola (NYSE:KO), Visa (NYSE:V), Mastercard (NYSE:MA), and General Electric (NYSE:GE).
Add to that key economic data on the agenda, including the latest report on personal consumption expenditures (PCE) inflation, and we have quite a week ahead.
Regardless of which direction the market goes, below we highlight two hi-tech stocks: one likely to be in demand, the other losing its appeal.
Remember though, our timeframe is just for the upcoming week.
Stock To Buy: Tesla
With the stock market struggling, Tesla’s (NASDAQ:TSLA) stock has been holding up reasonably well, especially when compared to other high-growth companies with sky-high valuations.
We expect that trend to continue in the days ahead as investors react to a number of developments surrounding the Elon Musk-led electric vehicle maker.
Tesla reported blowout earnings and profit growth when it posted its latest financial results last week, easily beating analyst estimates on both the top and bottom lines for Q1 2022.
For the period ending Mar. 31, Tesla said it earned $3.22 per share and revenue of $18.76 billion. Both figures were the highest in the EV company’s history, reflecting a jump in vehicle deliveries, increased average selling price (ASP), and growth in other parts of the business.
On the company’s earnings call, CEO Elon Musk said that Tesla remains confident that it can grow at least 50% over 2021 numbers.
Meanwhile, in another interesting development, Musk said on Twitter over the weekend that he confronted Microsoft co-founder Bill Gates about holding a $500 million short position against Tesla.