Market Recap – August 22nd
The markets tumbled on Tuesday as investors had to digest many pieces of economic news. Reduced confidence in the retail and banking sectors paired with rising Treasury rates left companies in the red, although there were still some positives. The indices closed with the S&P 500 down 0.28%, the Dow Jones down 0.51%, and the NASDAQ up 0.06% as tech outperformed once again.
One of the big tech winners was Fabrinet, rising by 31.58% to $153.66 after excellent quarterly results and a business path opening up in the AI field, which is the hottest thing in the tech industry at the moment. The negative earnings came from Dick’s Sporting Goods, falling by 24.15% to $111.53 following falling profits because of organized retail crime, a growing problem in the industry, forcing them to cut their outlook as well.
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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.