Market Recap – July 7th 💰

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Market Recap – July 7th

On Friday’s trading day, markets attempted to recover losses made throughout the shortened week, but looming pressures over higher interest rates proceeded to send markets lower. Posting the second weekly loss in almost two months, index prices have shown signs of weakness as strong labor market data poses risks of future rate hikes. For the broad indices, the S&P 500 dropped 1.08%, the NASDAQ Composite went down 0.13%, and the Dow Jones fell 1.61%.

Further deep in the red was denim retailer Levi Strauss, which after an on-par earnings report, announced a cut in its profit guidance that sent its stock down 7.79%. However, in the green was Chinese e-commerce company Alibaba, with its share price up 8.05% following a large legal settlement and AI implementations into its website.

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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.

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