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 - Free Report) , Microsoft (MSFT - Free Report) , Apple (AAPL - Free Report) , 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 - Free Report) 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 - Free Report) and others into the booming market. Plus, it remains one of the only pure-play streaming TV stocks alongside Netflix (NFLX - Free Report) .
Etsy (ETSY - Free Report) 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 - Free Report) 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 - Free Report) Venmo and other peer-to-peer payment apps.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>