Market Recap – December 19th
Yesterday, stocks declined due to concerns about a potential recession and a lack of time for a year-end rally. The Dow Jones Industrial Average fell 162.92 points, or 0.49%, closing at 32,757.54. The S&P 500 dropped 0.90% to 3,817.66, and the Nasdaq Composite declined 1.49% to 10,546.03, with shares of Amazon contributing to the decline by dropping 3.35%. This marked the fourth consecutive day of losses for all three indices.
Looking at specific investments, we’re watching Zoom and T-Mobile. Zoom’s stock price declined 3.9% last month due to heavy trading volume after the company announced a 4% decrease in earnings per share for the third fiscal quarter. While sales increased by 5% to $1.1 billion, this marked the seventh consecutive quarter of slowing revenue growth. T-Mobile aims to double its large-business and government market share from less than 10% to nearly 20% over five years. CFRA expects earnings to jump from an estimated $2.27 a share in 2022 to $6.40 in 2023; the shares could see $175 within 12 months.
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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.