Market Recap – May 18th
Markets slid back into the red yesterday with rising cost pressures further confirming the fears over inflation — pushing major benchmarks into big losses this year. So far, The Dow Jones Industrial Average shed 720 points, or 2.2%, with the average set for its first loss in four days. S&P 500 traded 2.5% lower, while the Nasdaq Composite slipped 2.6%. When looking at crypto markets the trend is not much different, with the aftershocks of the Terra collapse echoing throughout the Stablecoin space and crypto at large.
Looking at more specific investments, we’ve been watching Target and Lowe’s. Target’s stock fell upon news that its first-quarter earnings were a lot lower than Wall Street had expected, the lower earnings stem from inflation and higher costs for fuel and employee compensation. Looking at Lowe’s, the situation is not much different with Lowe’s missing quarterly expectations in light of shoppers cutting back their discretionary spending on supplies for home and outdoor projects.
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.