Good Week
StoneCo Ltd. (STNE) +1.38% Contrastingly the stock had suffered a massive battering since its double top bull trap in February 2021.  It lost almost 90% of its value from its all-time highs as the market astutely digested those massive gains from 2020.  The stock also staged new record lows in May 2022 before staging a rebound.  Although it has already moved markedly up from its May bottom, it looks like there may still be an attractive upside from the current levels.  

Turning Point Therapeutics (TPTX-US) +118.4% specializes in cancer treatments is to be acquired by Bistrol-Myers Squibb Co. (BMY-US) in an all-cash deal.  The biopharmaceutical company’s shares more than doubled in premarket trading after agreeing to be acquired by Bristol Myers Squibb for $76 per share in cash, or $4.1 billion.  Bristol Myers Squibb is an American multinational pharmaceutical company. Headquartered in New York City, BMS-US is one of the world's largest pharmaceutical companies and consistently ranks on the Fortune 500 list of the largest U.S. corporations.

Bad Week
Alphabet (GOOGL) down 2.62% is Google parent company Alphabet.  Despite being down 21% year to date, Alphabet is still a tech behemoth valued at $1.5 trillion.
Alphabet is favored for a very simple reason: “Google remains the best way to advertise.”  In Q1, Google advertising brought in $54.7 billion of revenue, up 22.3% from a year ago. Revenue grew 23.0% year over year to $68.0 billion for the entire company.

The Tech sector in general continues to feel pressure with following technology companies are among the many that have announced plans to either freeze hiring , rescind accepted offers, or lay off employees:
Tesla (TSLA)
Coinbas (COIN)
Nvidia (NVDA)
Microsoft (MSFT)
Netflix (NFLX)
Lyft (LYFT)

This comes as skyrocketing inflation, rising interest rates, a war in Europe and uncertainty in China, the tech giants are dragging down the stock market, while Silicon Valley start-ups are laying off employees — a dramatic downturn for an industry considered a barometer for the global economy.

What Else Happened?
S&P 500 down 1.64%
Dow Jones Industrial Average down 1.05%
Nasdaq Composite down 2.47%
Gold Slipped 0.98%
10 Year Treasury rose .42 basis points
Bitcoin moved lower 2.15%

The May consumer price index rose 8.6% year-over-year, its highest level since 1981. Economists had forecast an 8.3% increase. The core index, which excludes food and energy prices, rose by 6%, slightly higher than estimates of 5.9%.  Those numbers sent investors reeling. Already worried about a possible economic downturn, they now fear that the Federal Reserve will recognize inflation as entrenched in the economy and increase interest rates further.  Banks are expected to announce a half-percent interest rate hike, but based on this news it could go higher.