Market Recap – August 15th 💰

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Market Recap – August 15th

Stocks closed lower on Wall Street, driven by concerns over China’s weakening economy. The S&P 500 dropped 1.2%, the Dow fell around 361 points, and the Nasdaq sank 1.1%. However, a separate report indicated improved sales growth at U.S. retailers, offering hope for the U.S. economy’s resilience against a recession. This could also lead to the Federal Reserve maintaining higher interest rates to control inflation.

H&R Block, the tax preparer, saw a nearly 5.9% rise in its stock price after exceeding earnings expectations, reporting $2.05 earnings per share and $1.03 billion in revenue. They also raised their quarterly dividend and full-year guidance. Mediterranean restaurant chain Cava’s shares rose 4.3% after-hours due to a second-quarter earnings report that surpassed estimates. The company reported $172.9 million in revenue and earnings per share of $0.21, beating analysts’ expectations and reversing an anticipated loss.

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