Market Recap – May 23rd
Stock futures fell Monday as the markets battled to maintain a rally after weeks of losses. All major indexes fell with futures on the Dow Jones Industrial Average falling 110 points, or 0.34%. S&P 500 futures dipping 0.69% and Nasdaq 100 futures dropped 1.33%. With continually rising interest rates and inflation, the economic outlook isn’t too promising.
Looking at specific investments, we’re watching Caterpillar and General Motors. Caterpillar has acquired Tangent Energy Solutions, an energy company that will help Caterpillar reduce the cost of energy consumption while upgrading its electric grid support with software solutions. Also seeing some electrifying news, GM is focusing on developing its Ultium battery platform, an integral component to GM’s EV line-up. GM even has plans to open around four or more new plants dedicated to the manufacturing of EV batteries for its own cars.
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.