Market Recap – February 9th
Throughout Thursday’s trading day, markets continued to fall as several investors believe new economic data may change the Fed’s course of rate hikes, thus sending all three major indices into the red. With speculation over whether the Federal Reserve will increase the target benchmark for the federal funds rate, possibly putting an end to this rally. Regardless, the S&P 500 fell by 0.88%, the NASDAQ Composite went down 1.02%, and the Dow Jones declined by 0.73%.
Despite the losses in the broader market, popular audio manufacturer Sonos rose by a whopping 16.46% after a large revenue beat in their earnings report. After terrific gains last week, EV maker Lucid reported new price cuts in various car models, sending the stock to plummet 10.58% at market close.
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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.