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WeTrader Competition: Round Three Wrap-up

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WeTrader Competition: Round Three Wrap-up

Friday, October 25’s market close marks the end of the third round of the WeTrader Paper Trading Competition, hosted by the zero-commission trading platform Webull.

For those in the dark, the WeTrader Competition offers traders the chance to build their best-performing portfolio with $100,000 in simulated capital every week until the closing bell on November 1. The top 10 performing portfolios each week will receive an Amazon.com, Inc. (NASDAQ: AMZN) gift card valued between $100 for tenth place all the way up to $5000 for the first-place portfolio.

Successful traders will also contribute toward a donation to Shriners Hospitals for Children of up to $50,000.

Finally, the top ten winners from each of the four weekly rounds will also be entered into the final championship round in which they will compete for the chance to win either a $40,000 student loan payment or a Tesla Inc. (NASDAQ: TSLA) Model 3.

Account Returns

This second round of the competition drew in 4,425 participants and saw the paper traders post roughly $2M in simulated profit, raising an additional $2,000 for the Shriners Hospitals for Children. The total donation amount for the competition now sits at $5,388.

Individually, the top ten participants generated between 12.17% and 36.14% in profits. The top portfolio this week ended about 35% higher than last week’s no. 1 competitor.

Market Update

The major indexes each finished the week up this week between 0.7% and 1.3%, with the S&P 500 climbing within one point of its all-time high. This marks the best weekly growth the market has seen so far in the contest.

On the earnings front, strong numbers from technology concerns Microsoft Corp. (NYSE: MSFT) and Intel Corporation (NYSE: INTC) boosted the tech-heavy Nasdaq Composite by more than 1.3%. Biotech and healthcare names also had good quarterly results, with top- and bottom-line beats from Anthem, Inc. (NYSE: ANTM), AstraZeneca PLC (NYSE: AZN) and Biogen Inc. (NASDAQ: BIIB), which also announced renewed clinical trials for its Alzheimer's treatment.

However, other sectors experienced less stellar results. Although government contractors like Lockheed Martin Corporation (NYSE: LMT) and United Technologies Corporation (NYSE: UTX) surpassed analyst expectations, the industry dragged down by the persistent headwinds faced by The Boeing Company (NYSE: BA). Mixed earnings from other industrials like American Airlines Group Inc. (NASDAQ: AAL) Caterpillar Inc. (NYSE: CAT) also proved a drag on the sector.

The Next Round

The next round begins at market open on Monday, October 28 and runs through Friday, November 1. There are so far 5215 participants signed up for the third round.

On the economic data front, a slew of reports are set to come out including the Case-Shiller home price index and consumer confidence index. The market will also gain insight into the health of the U.S. economy next week with Q3 GDP on Wednesday, household income on Thursday and company payroll data on Friday.

In addition to GDP, Wednesday will also mark the seventh of eight meetings of the Federal Open Market Committee, which some analysts are predicting will carry another quarter-point interest rate cut.

Earnings season also rolls on next week with reports expected from Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL), Exxon Mobil Corporation (NYSE: XOM), Spotify Technology S.A. (NYSE: SPOT), AbbVie Inc. (NYSE: ABBV) and many more.

Of course, if you have a winning strategy around any of these announcements, it’s not too late to sign up and enter the fray.

Webull is a content partner of Benzinga

This promotion is in no way sponsored, endorsed, or administered by, or associated with Benzinga. By participating in the WeTrader Competition you are providing information to Webull and not to any other party. The information provided will be used in conjunction with the following Privacy Policy found at https://www.webull.com/policy

No content on the Benzinga website shall be considered a recommendation or solicitation for the purchase or sale of securities, options or other investment products. All information and data on the website are for reference only and no historical data shall be considered as the basis for judging future trends.

Posted-In: Webull WeTrader CompetitionFintech Markets General

 

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