Friday, November 1’s market close marks the end of the fourth 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.
This second round of the competition drew in 5,267 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 $7,424.
Individually, the top ten participants generated between 18.05% and 30.98% in profits, helping to make this round the most profitable of the tournament.
The major indexes each finished the week up this week between 0.7% and 1.2%, with the S&P 500 finding a new all-time closing high of 3,066. Helping these results were relatively solid GDP figures and yet another interest rate cut.
On the earnings front, the market was helped by positive results from blue-chip companies Apple Inc. (NASDAQ: AAPL) and General Motors Company (NYSE: GM), while a bottom-line miss from Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) ended up putting the stock generally flat on the week.
The biotech sector also had strong figures over the week with quarterly beats from Pfizer Inc. (NYSE: PFE) and Merck & Co., Inc. (NYSE: MRK), although disappointing sales and lowered guidance from Sanofi (NASDAQ: SNY) may have diminished some of the enthusiasm in the sector.
The Championship Round
The final championship round begins at market open on Monday, November 4 and runs through Friday, November 8. The 70 contestants—the top 10 portfolios from each weekly round and 30 of the most popular participants—will vie for the grand prize of either $40,000 in student debt payments or a Tesla Model 3.
The final batch of competitors can expect a slew of earnings reports from The Walt Disney Company (NYSE: DIS), Uber Technologies, Inc. (NYSE: UBER), QUALCOMM Incorporated (NASDAQ: QCOM) and Baidu, Inc. (NASDAQ: BIDU).
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