Market Recap – May 20th
On Friday, markets edged deeper into Bear territory only to slightly retreat. All in all, the day looked like what’s known as a “Bear Market Friday”. On a broader scale, the S&P 500 rose less than 1 point Friday, leaving it 18.7% below its high set on Jan. 3, The Nasdaq is down 29.3% from its peak on Nov. 19, and The Dow is about 15% below its most recent peak on. A bear market could very well be on its way.
Looking at specific stocks we’re watching Peleton and Rivian. Peloton has had a rough few months with product incidents, supply chain issues, and poor strategy: all driving the stock’s price into the ground. Some investors, however, see Peloton’s new CEO, Barry McCarthy as someone who may be able to turn around the company with his pursuit of multiple growth opportunities and operational improvements. Rivian has also been seeing potential promise, upgrading its production capacity and seeing 7,000 preorders each at an average price $13,000 higher than their last round.
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.