Market Recap – August 24th
After opening in the green, stocks tumbled and never looked back, bottoming out at the end of the day after comments from Boston Fed President Susan Collins regarding keeping interest rates at their current levels worried investors. The bell rang with the S&P 500 down 1.35%, the Dow Jones down 1.08%, and the NASDAQ down 1.87% as the tech rally finally cooled down. Despite the tech slowdown, Splunk rose by 12.91% to $112.83 after reporting stellar earnings where revenue rose by 14 percent year over year to $910.6 million, beating expectations while improving margins across the board. On the losing end was AMD, down 6.97% to $101.80 following groundbreaking earnings from their competitor NVIDIA, placing extra pressure on their business moving forward.
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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.