Market Recap – June 8th 💰

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Market Recap – June 8th

On Thursday, the S&P 500 and Nasdaq opened slightly higher, while Treasury yields slipped following the release of data showing higher-than-expected weekly jobless claims. This news helped alleviate concerns about potential interest rate hikes. The Dow Jones Industrial Average opened with a slight decline of 8.04 points, or 0.02%, at 33,656.98. Conversely, the S&P 500 began the day with a modest gain of 1.17 points, or 0.03%, at 4,268.69, and the Nasdaq Composite showed a small increase of 8.37 points, or 0.06%, reaching 13,113.27 at the opening bell.

Notably, Netflix experienced a 3.1% climb in its stock price after JPMorgan Chase raised its price target for the company. The bank cited Netflix’s efforts to limit password sharing on its platform, which could contribute to revenue growth. Stitch Fix also saw a significant boost, with shares surging over 7% as the company’s fiscal third-quarter revenue and adjusted EBITDA earnings surpassed expectations. Stitch Fix emphasized improving efficiencies, maintaining profitability, and generating cash flow during the third quarter.

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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.

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