Market Recap – January 10th
The markets swallowed a public appearance by the Federal Reserve at a central bank event in Sweden, where Jerome Powell gave a speech addressing the interest rate rumors. This made for a choppy market that ended up inching higher as the day went on. The bell rang on Tuesday with the S&P 500 up 0.70%, the Dow Jones up 0.56%, and the NASDAQ up 1.01%.
Despite a good market day, there were 2 stocks that got absolutely hammered. Virgin Orbit Holdings fell by 13.99% to $1.66 following news that their long-awaited satellite launch failed. We’ve seen this play out with Virgin Galactic, and it might end up being the same for Virgin Orbit. Additionally, Calithera Biosciences fell by 27.45% to $0.4789 after they announced a complete liquidation and dissolution of the company, or in other words bankruptcy.
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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.