On today’s episode of Full Court Finance here at Zacks, Ben Rains takes a look at the market’s continued tech-driven climb. We then dive into what to expect from Etsy, Roku, and Square earnings to see if investors should consider buying any of these coronavirus standout stocks ahead of their upcoming reports.
U.S. stocks jumped to start August, with big-tech continuing to showcase its strength. Zoom ZM, Microsoft MSFT, Apple AAPL, and other familiar coronavirus standouts were some of Monday’s top gainers, as the Nasdaq Composite jumped to another fresh record.
Wall Street was likely pleased to see that the U.S. reported its smallest daily increase in new Covid-19 cases in almost a month on Monday. Meanwhile, there were some positive signs from factories, which might help investors move on more quickly from the brutal second quarter GDP data.
That said, the market is always looking ahead and the slowly improving third quarter earnings outlook might help continue to push stocks higher, as we remain largely in don’t fight the Fed mode.
With this in mind, investors will continue to monitor the steady stream of earnings reports that continue to roll in over the next several weeks, which includes three of the stock we looked at today.
Roku ROKU shares have skyrocketed 160% since March 16 and it jumped another 3% on Tuesday, heading into its Q2 earnings release that’s due out after the closing bell on Wednesday, August 5. Roku has grown beyond its streaming TV devices and it stands to benefit from the entrance of Disney DIS and others into the booming market. Plus, it remains one of the only pure-play streaming TV stocks alongside Netflix NFLX.
Etsy ETSY is also set to report after market close on Wednesday and it touched new highs Tuesday. Investors now must decide if the digital marketplace that allows people and small businesses to sell everything from clothing to art can continue its impressive climb as the coronavirus helps expand e-commerce.
We close with a look at Square SQ stock ahead of its Wednesday release. The fintech firm has expanded its portfolio to become more valuable to small business customers. Meanwhile, its Cash App has grown in popularity as it challenges PayPal’s PYPL Venmo and other peer-to-peer payment apps.
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Microsoft Corporation (MSFT): Free Stock Analysis Report
Apple Inc. (AAPL): Free Stock Analysis Report
The Walt Disney Company (DIS): Free Stock Analysis Report
Netflix, Inc. (NFLX): Free Stock Analysis Report
Etsy, Inc. (ETSY): Free Stock Analysis Report
PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report
Square, Inc. (SQ): Free Stock Analysis Report
Roku, Inc. (ROKU): Free Stock Analysis Report
Zoom Video Communications, Inc. (ZM): Free Stock Analysis Report
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