Market Recap – March 22nd
The market rally ended on Wednesday with the Federal Reserve choosing to implement a small rate hike in their meeting. From what Jerome Powell had to say, it looks as if there are no planned rate cuts for the rest of the year, which left many investors disappointed not only for the banking sector but the broader economy itself. The day ended with the S&P 500 down 1.65%, the Dow Jones down 1.63%, and the NASDAQ down 1.60%, the indices moving in tandem.
One of the biggest losers on the day was Petco, down 17.50% to $8.39 following disappointing earnings amid the banking crisis. They had a mixed performance when it came to earnings and revenue, but the weak full-year guidance painted the full picture. When it comes to good earnings, GameStop did just that, rising by 35.24% to $23.87 while reaching up to as much as $27.00 throughout the morning. Analysts expected GameStop to report a loss of 13 cents per share, but they blew that number out of the water by reporting a profit of 16 cents per share.
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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.