Market Recap – June 9th
Last Friday, U.S. stock futures showed a slight increase in early morning trading, contributing to the prevailing uncertainty in the stock market. The ongoing concerns regarding inflation, economic headwinds, and the potential for a recession continue to weigh on investor sentiment. Economic data releases, including the upcoming Consumer Price Index (CPI) reading for May by the Bureau of Labor Statistics, are expected to be crucial market movers. Analysts predict a marginal easing in the CPI month-over-month.
Notably, Tesla experienced a 4% rally after an announced partnership granting GM access to Tesla’s North American charging stations. GM CEO Mary Barra highlighted the potential savings of up to $400 million for the company’s charging infrastructure investments. However, DocuSign encountered a 2.5% decline in its shares following an earnings call, where CEO Allan C. Thygesen mentioned a more cautious customer behavior, smaller deal sizes, and lower volumes. Although DocuSign surpassed expectations for its fiscal first-quarter earnings and revenue, the market response was less positive than initially anticipated.
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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.