Market Recap – August 7th
The markets ended the week on a negative note, continuing the trend set by the previous days. Despite starting off strong and sustaining momentum through noon, the indices went negative in the later hours of trading with the S&P down 0.53%, the Dow Jones down 0.43%, and the NASDAQ down 0.36%. In NASDAQ’s case, one of the culprits was Block, who fell by 13.64% following an earnings report where they topped earnings and revenue estimates but provided a bleak outlook that left investors worried.
However, not all tech companies were struggling, with Amazon up 8.27% because they were able to surpass analyst expectations in their second quarter earnings while providing an encouraging outlook for the coming quarters.
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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.