Market Recap – July 10th
On Monday’s trading day, markets started the new week with modest gains as investors brace for economic data that will dictate the Fed’s interest rate judgment later this month. After the losing week, indices tried to make some recovery hoping that the start of the second-quarter earnings season shows positive signs for the economy. For the broad indices, the S&P 500 rose 0.24%, the NASDAQ Composite went up 0.18%, and the Dow Jones grew 0.62%.
Following short-seller Hindenburg Research’s report against Icahn Enterprises, Carl Icahn’s company lost over half of its stock value in a two-month period. Today, the stock was far into the green by 20.20% as they solved accounting issues highlighted by Hindenburg. Also in the green was car retailer Carvana, with its shares soaring by 16.45% as demand for EVs is forecasted to boost their sales.
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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.