Market Recap – March 15th
On Wednesday, the Dow Jones Industrial Average fell by 0.9% due to concerns about a banking crisis spreading to Europe, while the S&P 500 dropped by 0.7%. The Nasdaq Composite, on the other hand, saw a small gain of 0.05%. However, all three indices ended the day well below their session lows, with the Dow down by 725 points and the S&P 500 briefly losing all its 2023 gains.
Looking at specific investments, we’re watching Adobe and Five Below. Adobe’s shares rose 4.6% in response to better-than-expected fiscal first-quarter results, reporting adjusted earnings of $3.80 per share and revenue of $4.66 billion, beating analysts’ estimates of $3.68 per share and $4.62 billion in revenue. On the other hand, Five Below’s shares fell over 3% in after-hours trading due to its muted outlook for the first quarter, despite reporting revenue that exceeded Wall Street’s expectations and earnings in line with estimates.
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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.