Stocks on Wall Street continued mixed trading, as investors kept weighing the impact of the recent surge in bond yields.
The Dow Jones Industrial Average and the S&P 500 dropped 0.5% and 0.8%, respectively, finishing the previous weeks’ wins
The NASDAQ Composite also fell 0.8% during the same period to endure its fourth unsuccessful week.
The 10-year Treasury yield reached a new 14-month peak of more than 1.73%. To compare, the benchmark started 2021 below 1%.
As there’s expected more important earnings releases and crucial economic data, in addition to Congressional testimony from Federal Reserve Chair Jerome Powell, this week has proven to be another busy one on Wall Street.
It doesn’t matter which direction the market will take, below we present one stock that is going to be in demand
Please bear mind that our timeframe is for the upcoming week only.
Stock to Grab Fast: FedEx
FedEx Corporation (NYSE:FDX) that just beat their new record, a third weekly growth in a sequence has been riding the wave of success recently, rising about 18% since the beginning of February as investors piled into cyclical stocks likely to benefit from the economy reopening.
That trend is expected to stay in the week to come, as numerous states in the U.S. end shutdowns and soften stay-at-home measures, taking in account the success being reached with the vaccine.
FDX shares have gained 150% year-over-year currently trending not far away from their record peak of $305.59 touched on Dec. 9.
At present rates, FedEx has reached a market cap of around $69.8 billion.
Investor interest was fueled last week, when FedEx shared its fiscal third-quarter earnings report and revenue which reached top results due to immense shipping volumes.
Earnings per share surged 146% compared with the last year third-quarter to $3.47, much better than expectations for EPS of $3.30. While revenue soared 23% year-over-year to $21.5 billon, easily surpassing estimates for sales of $19.9 billion.
In addition to strong numbers, FedEx’s management revealed a bullish full-year forecast. FedEx’s Chairman and CEO Fred Smith commented on the company’s earnings report:
“We expect demand for our unmatched e-commerce and international express solutions to remain very high for the foreseeable future.”