Stocks on Wall Street finished high last week, closing at a new all-time high amid easing concerns about a sudden cut in stimulus by the Federal Reserve.
Between another set of key economic data, mainly the latest monthly US and the survey, the coming week is expected to be a busy one on Wall Street.
Regardless of which direction the market goes, below we highlight one stock that is likely to be in high demand and another that could see additional downside.
Remember, however, that our timetable is for the coming week only.
Stock to Buy: Nucor
Negotiations over an infrastructure spending plan between White House officials and a bipartisan group of US Senators continue this week in Washington DC . That could lead to more positive action for Nucor (NYSE:), the largest US steelmaker.
US President Joe Biden announced Thursday that the White House had reached a tentative agreement on an infrastructure spending package with a group of 21 senators, including 11 Republicans.
The plan, which includes substantial additional investment to repair and improve the country's deteriorating roads, highways and bridges, is estimated at $1.2 trillion over eight years, of which $579 billion is new spending .
In a positive development, Biden over the weekend withdrew his threat to veto the bill unless a separate Democratic spending plan — one the Republican party strongly opposes — is also passed by Congress.
"I intend to vigorously pursue the approval of that plan, which Democrats and Republicans approved on Thursday," Biden said in a statement Saturday. “It would be good for the economy, good for our country, good for our people. I fully support it, without reservation or hesitation," he added.
Nucor manufactures steel and steel products, such as bars, beams, plates and plates, making it potentially one of the largest beneficiaries of the expected construction boom resulting from the new infrastructure law.
NUE shares, which are up about 82% in the past 12 months and 138% in the past 12 months, ended at $96.69 at the close of trading on Friday. At current levels, the Charlotte, North Carolina-based steel products company has a market cap of $28.9 billion.
Nucor is scheduled to report its next profit on July 22. Consensus estimates call for earnings per share of $4.36 on record sales of $8.32 billion. If confirmed, that would represent a profit of more than 1.100% and a turnover of 92%, reflecting the strong fundamentals of the steel market and a favorable demand environment. Stock To Dump: Coinbase Global
Shares of recently-listed cryptocurrency exchange operator Coinbase Global (NASDAQ:) are expected to experience another volatile week as the crypto market correction continues.
slid below the key $30,000 level on Tuesday, at one point erasing all of its 2021 gains for the first time, amid fears of an escalating crackdown in China after the country's central bank imposed new regulations and trade restrictions. announced.
The world's most expensive digital currency rebounded to climb back above the $35,000 threshold Friday night, before a Saturday sell-off pushed prices back to $30,000.
BTC – which peaked at about $65,000 in mid-April – last changed hands at $32,700 in early morning Sunday trading.
Several other popular cryptocurrencies such as , , , and , all of which can be bought and sold on Coinbase, also experienced increased volatility in weekend trading, resulting in the term "#CryptoCrash" trending on Twitter.
Taking that into account, Coinbase shares, which made their blockbuster trading debut on April 14 after an immediate IPO for $250 a share, could fall further in the coming days as investors react to the violent swings in crypto prices
After rallying to a record high of $428.93 on the first day of trading, COIN stock has since come under heavy selling pressure, losing nearly half of its value in the past three months.
Coinbase shares closed Friday's session at $224.54, earning the crypto exchange platform operator a valuation of $47.3 billion.
