Market Recap – January 31st
To start the week, markets started lower after the previous weeks continued rally seems to stall ahead of earnings. All three indices saw some losses as investors become worried markets have been overbought as earnings may come weaker than expected. The S&P 500 dropped 1.30%, the NASDAQ Composite went down 1.96%, and the Dow Jones fell 0.77%.
Shares of chip designer NVIDIA saw losses of 5.90% following new tell-tale signs from complementary industries of slowing production in the chip manufacturing space. Another company that followed this trend was EV maker Lucid, which lost 8.70% from fears of growing competition and the stock itself being over-priced.
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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.