Market Recap – January 11th
The markets roared on Wednesday ahead of the CPI report that will give us the inflation data we have been awaiting. This could be a situation of the markets pricing in what they believe, placing stocks in a precarious position if inflation data ends up being worse than expected. As the clock struck 4, the indices were heavily positive with the S&P 500 up 1.28%, the Dow Jones up 0.80%, and the NASDAQ up 1.76%.
We could be seeing the start of a rally if inflation data comes around, and there were 2 stocks that stood out. First is Victoria’s Secret, who rose by 12.38% to $38.50 following an announcement authorizing a stock buyback plan for the company. This is a bold move by the retailer, displaying confidence in the company. Second is Bed Bath & Beyond, who rose by 68.60% to $3.49 following increased retail volume in an ongoing meme rally. However, bankruptcy speculation is high regarding the company, making this an interesting situation that could be similar to Hertz in 2020.
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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.