Market Recap – February 21st 💰

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Market Recap – February 21st

The markets opened the short week negative after taking a break on President’s Day. Poor corporate earnings played a key role in weighing the markets down as we got deeper into earnings season. The markets closed with the S&P 500 down 2.00%, the Dow Jones down 2.06%, and the NASDAQ down 2.50%, with tech continuing to lag despite disappointing retail earnings.

A notable one of those was Home Depot, who fell by 7.06% to $295.50 following weaker-than-expected sales and subpar 2023 guidance, displaying how the current economy hasn’t been so nice for the home improvement store. This had a major impact on the Dow, with Home Depot holding a hefty weight in the index. Everything wasn’t negative though, with General Mills rising by 4.42% to $80.16 after they increased their outlook for 2023, which could be a sign to come for food businesses.

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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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