Market Recap – May 5th
After an amazing day, the markets collapsed in epic fashion with the S&P 500 down 3.56%, the Dow Jones down 3.12%, and the NASDAQ down 4.99%. Although Powell assured that major rate increases won’t be used, investors are worried that Powell’s approach might not solve the problem, which was the major cause for today’s performance. Wayfair was a great representation, falling by 25 percent because of fears for future quarters regarding their e-commerce business. However, DoorDash jumped by 7 percent after hours as it was reported that their revenue jumped by 35 percent.
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.