Market Recap – July 5th
On Wednesday’s trading day, markets started lower and reached flatter levels as investors digested the hawkish and divisive communication spurring from the June Federal Reserve meeting minutes. With a growing emphasis on higher interest rates, investors are patiently waiting for the significant labor data set to release at the end of the week. The S&P 500 dropped 0.20%, the NASDAQ Composite went down 0.18%, and the Dow Jones fell 0.37%.
Despite the lackluster index performance, individual stocks were able to make large gains, such as artificial intelligence company C3.AI. Already up 253% for the year, C3.AI climbed another 7.04% at the bell from recent positive tech sentiment. Another big winner for the day was chip company Wolfspeed, with its stock rising 11.02% after a successful $2 billion supplier deal with Renesas Electronics.
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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.