Market Recap – August 30th
As investors are braced for more Fed tightening, markets are falling for a third straight session. Each of the major indexes declined and in the wake of a reset in monetary-policy expectation, they are continuing in a sharp selloff. For example, the S&P 500 dipped 44 points. The Dow, S&P 500 and Nasdaq are in danger of closing below their 50- day moving average which is the first time it has happened since mid-July. As Wall Street’s sell off stretches into the third day, stock futures are looking flat.
Today we are watching Lucid Group and Nikola. Shares of Lucid Group have slipped after the company filed a S-3 mixed shelf statement. Nikola plans to issue up to $400 million of new shares at market price.
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.