Market Recap – January 26th
Major indexes moved lower once again as pressure from the Fed’s two-day policy meeting mounted. Investors appear to be bracing themselves for a potential rate hike in the coming months. A shorter frame event was the mixed bag of corporate earnings results from all three major indexes. The Dow 0.2%, The S&P 1.2%, and the NASDAQ 2.3%. The CBOE Volatility Index (VIX) was up 4.21% to 31.16, closing at its highest level since Jan 29, 2021. Looking at some specific stocks we’re watching Corning and DraftKings. Corning saw strong earnings results at 54 cents per share, beating out investor expectations. DraftKings increased over 17% after an overweight rating from Morgan Stanley, who believes the firm is well placed for the growing online gambling space.
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.