Market Recap – June 29th 💰

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Market Recap – June 29th

On Thursday’s trading day, markets continued to push ahead as investors were relieved as several large financial institutions passed the Federal Reserve’s annual stress test. On the economic front, recessionary fears were cooled following the upward revision of first-quarter GDP to 2%, depicting the ongoing robust nature of the consumer. For the broad indices, the S&P 500 rose 0.45%, the NASDAQ Composite stayed flat at 0% change, and the Dow Jones grew 0.580%. One of the biggest winners for the day was online retailer Overstock, adding 19.69% to their stock after closing the deal to purchase Bed Bath & Beyond out of bankruptcy. In the red, however, was Micron Technology, shares of which fell 4.09% despite the quarterly revenue beat; it seems investors were keener on how their relationship with China could be affected by enhanced regulation.

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