Market Recap – August 9th
The markets continued their tumble once again in what investors are calling an “August slump” ahead of the key inflation report on Thursday. After teetering up and down for the first few hours, the indices took a negative turn in the last few hours of trading. The day ended with the S&P 500 down 0.70%, the Dow Jones down 0.54%, and the NASDAQ down 1.17%.
Reflective of the NASDAQ’s performance was Roblox’s performance, down 21.94% to $29.46 after a poor earnings report where they lost 46 cents per share, which missed analyst expectations as costs rose for the business, and daily users leveled off which was a troubling sign. There were some positive earnings though, with energy drink brand Celsius rising by 20.45% to $172.67 after reporting record second quarter sales and raising their revenue guidance for the next quarter, signaling big things ahead.
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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.