Top weekly communication services gainers and losers: EA leads, Match Group lags
Wall Street experienced a mixed performance, with both the Communication Services Select Sector SPDR ETF and the S&P 500 index declining by 0.6% and 0.3%, respectively, amidst unclear signals from Federal Reserve officials about interest rate cuts.
Electronic Arts was the top weekly gainer, soaring 11.70% due to news of a significant $50 billion deal to take the company private, while other gainers included The Trade Desk and Charter Communications.
Major decliners for the week included Match Group, which fell 5.89%, and Meta Platforms, which decreased by 4.45%, alongside Alphabet facing regulatory challenges that contributed to its 3.21% drop.
Investors looking into the Communication Services sector can consider several ETFs, including XLC, VOX, and IYZ, among others.
Recommendation Rating: Mixed Signals on Wall Street
Wall Street concluded the week with a mixed performance, influenced by ambiguous messages from Federal Reserve officials regarding potential interest rate cuts. The Communication Services Select Sector SPDR ETF (NYSEARCA:XLC) experienced a decline of 0.6% for the week, while the broader S&P 500 index fell by 0.3%.
Top Weekly Gainers:
- Electronic Arts (EA): Up by 11.70%, driven by news of a $50 billion deal to take the company private.
- The Trade Desk (TTD): Increased by 6.00%.
- Charter Communications (CHTR): Rose by 4.13%.
- AppLovin (APP): Gained 3.12%.
- Interpublic Group of Companies (IPG): Climbed by 2.73%.
Biggest Weekly Decliners:
- Match Group (MTCH): Dropped by 5.89%.
- Meta Platforms (META): Decreased by 4.45%.
- Alphabet (GOOGL): Fell 3.21%, with Google (GOOG) not far behind at a 3.16% drop. The company faces the possibility of a second fine from the EU for breaching key tech regulations, with a draft decision pending.
- AT&T (T): Closed the week down 2.41%.
ETFs Tracking the Communication Services Sector:
Interested investors can consider the following ETFs: (NYSEARCA:XLC), (VOX), (IYZ), (RSPC), and (XTL).