Market Recap – January 5th
Markets had an extremely awful day on Wednesday with the S&P 500 down 1.94%, the Dow Jones down 1.07%, and the NASDAQ down 3.34%. The rotation out of tech stocks continued, but more importantly the Fed minutes showed that they might increase interest rates in March. People were unsure on when it would be, but this shocked many. The news spooked GameStop holders with the stock falling by nearly 15 percent as investors fear meme stocks now. Unfortunately, Rivian Automotive, one of the new EV stocks, had to deal with their own news too. Amazon, one of their partners, made a deal with rival business Stellantis for electric delivery vans, which sent their shares off a cliff.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.