Market Recap – January 18th
After starting positive, the markets tumbled down in what was the worst day of 2023 so far. Economic data was weaker than expected, reducing the positive sentiment we’ve seen for the last 10 days or so, and it served as a reality check for most. The markets closed with the S&P 500 down 1.56%, the Dow Jones down 1.81%, and the NASDAQ down 1.24%.
Despite the downturn, we managed to have some winners, with one of them being Moderna who rose by 3.32% to $197.02. This is because their RSV vaccine was shown to be 83 percent effective in adults, announcing their entry in the RSV vaccine market in what has been another breakthrough for the company. Losers, however, included PNC Financial, who fell by 6.04% to $152.07 after missing on both earnings and revenue expectations. As they are a bank, it’ll be interesting to see how investors adjust their expectations for other banks across the country.
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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.