The S&P 500 surged to record highs this past week, driven by Donald Trump’s presidential election victory, the latest Federal Reserve rate cut, and generally positive earnings reports. Meta Platforms (META), Costco Wholesale (COST), Vertex Pharmaceuticals (VRTX), Deckers (DECK), and Broadcom (AVGO) are stocks to watch now.
Among these, Vertex broke out on Friday with a 510.63 flat base buy point, while Deckers formed a 22-week cup-with-handle base after rising 2.5% on Thursday. Costco stock also cleared a 923.83 flat-base buy point, jumping 3.3% on Friday.
Broadcom, which has spiked nearly 65% in 2024, made an actionable move on Wednesday and Thursday as it bounced off its 50-day line and broke a trendline in the handle. Analysts expect the company to report accelerating earnings growth for each of the next three quarters.
Meta Platforms stock formed a flat base with a buy point following a bounce off its 50-day moving average earlier in the week, leading the Internet-Content Group according to the IBD Stock Checkup. Vertex Pharmaceuticals’ stock is up more than 66% so far this year, driven by earnings results and expectations of FDA review for new treatments.
These stocks are expected to continue their upward momentum, with Deckers and Costco set to report Q3 results soon. Investors can follow these developments and adjust their portfolios accordingly.
Source: https://www.investors.com/news/meta-stock-nvidia-broadcom-ai-costco-hoka-deckers