Market Recap – June 20th
On Tuesday’s trading day, markets started the new week flat, pushing slowly to lower levels at market close as some investors believe stocks are reaching overbought levels. The S&P has reached levels not seen since April 2022, and investors seem to be waiting patiently for Jerome Powell’s upcoming address that may confirm or deny their recent hawkish stance. For the broad indices, the S&P 500 dropped 0.47%, the NASDAQ Composite went down 0.16%, and the Dow Jones fell 0.72%.
Following downward trends of the indices, shares of Chinese telecommunications company Alibaba fell 4.53% due to the announcement of a leadership change, with CEO Daniel Zhang stepping down in September. In the green, however, was electric vehicle manufacturer Rivian, which rose 5.51% after their statement claiming their customers will receive access to Tesla’s charging network in 2024.
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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.