Market Recap – May 24th💰

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Market Recap – May 24th

Markets fell yesterday as investors returned to selling their positions in fear of an impending recession. All major indexes fell, with the Dow Jones Industrial Average falling 443 points, or 1.4%. The S&P 500 lost 2.3%, and the tech heavy Nasdaq Composite dropped 3.5%. The tech sector and other higher risk growth investments seem to be the one to blame for the market drop.

Speaking of the tech sector, we’re watching Snapchat’s stock which fell over 40% yesterday in light of its expected upcoming second quarter. Snapchat said it would slow hiring as a result of these results, economic conditions, and Apple’s new privacy policies. Beyond Snapchat, we’re watching Abercrombie & Fitch, which also had a brutal time yesterday. Indeed, falling over 25% pre-market in light of an unexpected quarterly loss.

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.

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