In the last week, Meta Platforms (META) and Exxon (XOM) rose in value, up by 8.6% and 4.4%, respectively. Investors will continue to accumulate META stock as advertisers increase their spending on the platform. Additionally, it is an attractive Magnificent 7 stock that is positioned to grow. Similarly, Microsoft (MSFT) is a top-performing stock for the year.
After MSFT stock stalled at around $420 - $425, growth investors should wait for the stock to settle in a range in the next few months before starting a position.
In the energy sector, watch Exxon. The stock benefited from strong WTI crude prices at $90 per barrel setting up Exxon stock as the monthly winner. However, the stock tried to break out above $120 since late 2022, pulling back each time. Oil prices tend to fall when crude prices are $100/bbl.
Watch out for stocks that are sensitive to interest rates to wobble today. Last Friday, the BLS a 303,000 increase in jobs. Even if the economy added part-time jobs, the strong growth might stop the Fed from cutting rates sooner. Utilities like Consolidated Edison (ED), and REITs like American Tower (AMT) and Crown Castle (CCI) are examples of stocks to avoid today.
