Market Recap – August 21st 💰

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Market Recap – August 21st

The markets had quite the ride to open this important week, showing both strength and weakness throughout the day. After an extremely strong opening, the indices cratered at midday before recovering very well in the last few hours of trading. The bell rang with the S&P 500 up 0.69%, the Dow Jones down 0.11%, and the NASDAQ up 1.56%, with tech outperforming by a large margin while the Dow stayed negative.

One of the big tech winners was Palo Alto Networks, up 14.84% to $240.81 after reporting fourth quarter revenue of $1.44 billion, beating analyst expectations and leading many firms to keep their positive ratings on the stock. Analysts expected them to report poor results because they adjusted their earnings date to last Friday after hours, which led to the stock sliding all last week, but it was clearly worth it. On the other end, AMC fell by 23.72% to $3.12 as their stock conversion plan is set to take place on Friday, converting their AMC Preferred Equity Units (APE) stock into common stock.

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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.

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