Stock Market This Week: SNDK Leads SPX, SMCI Soars, TPR Sells

**Marley Kayden** (0:00)
Welcome to The Wrap, I'm Marley Kayden, here to take you through today's market action. Let's take a look at where the markets closed to end the week. The S&P 500 closed the week up just a third of a percent, but it did close at a record high on Thursday. The Dow was a laggard on the week down a half a percent. The Nasdaq 100 was higher on the week by just over 1%, and the small cap Russell 2000 also closed higher by more than 1% and had a record high on Friday. As we take a look at the leading and lagging sectors of the week, the leaders of the week were Energy, up 7% as crude oil climbed back above $80 a barrel. Utilities was up almost 1.5% and consumer staples was higher by 1%.
To the downside, consumer discretionary was lower by almost 2%.
Communication services was down 1% and materials down a little more than 3 quarters of a percent. As we look at stocks that were on the move, the leader of the SMB 500 this week was SanDisk. As it rallied 35% moving higher in reaction to the company's Investor Day, it revealed its long-term outlook from fiscal year 2028 through fiscal year 2030 SanDisk saying it expects revenue to grow in the mid to high teens, adjusted gross margins coming in at about 80% and adjusted operating margins of approximately 75%.
Another top mover in the SMP 500 was Super Micro, gaining 28% this week. Earnings were the driver for the move after a beat on the top and bottom line. Revenue grew more than 90% year over year while the company's gross margin surpassed 17%.
Super Micro's CEO also said the company added several hundred enterprise and other customers in the past year. To the downside, Tapestry closed the week down 20% after lackluster earnings. The company saw sales rise 9.3% year over year, but its Kate Spade business saw a 7% decline. For the fiscal year 27, it expects mid-single-digit growth for revenue and low double-digit growth on adjusted EPS compared to a year ago. Tapestry did approve a 16% increase to its dividend payout and expects to buy back $1.35 billion in stock in the fiscal year. As we look ahead to next week, housing data will be in focus early next week with the housing market index on Monday, housing starts and building permits on Tuesday, along with pending home sales on Wednesday. We'll get the Fed minutes as well, Thursday jobless claims and the Philly Fed and the PMI Composite Flash on Friday. It is a light week for earnings, but it will be retail focused. Tuesday, we'll get Home Depot's report. Wednesday, it's Target, TJX and Lowe's. Thursday, we'll get the earnings from Walmart, Alibaba and Deere. That's going to do it for the wrap. I'm Marley Kayden. Remember you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.