Market Recap – December 16
The Nasdaq lagged badly after Wednesday’s rally, giving up 2.5%. The S&P 500 also struggled but closed off session lows as it dipped 0.9%. The Dow Jones Industrial Average was the last to fall and ultimately closed with a minor loss of 0.1%.
Adobe shares dropped 10% after guidance that fell short of Wall Street forecasts, making it one of the biggest losers in the S&P 500. Several other software companies also fell sharply on Thursday and some of them have been recording huge post-earnings moves.
FedEx — Shipping company FedEx saw its shares jump 6% after reporting quarterly earnings and revenue that beat analysts’ expectations. FedEx also announced a $5 billion share repurchase program and reinstated its original fiscal 2022 forecast, which is lowered in September.
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.