Market Recap – March 16th
The Dow Jones Industrial Average is up 1.07% yesterday. The best performing sectors were the Information Technology and Financials sectors, up 2.36% and 1.89%, respectively.
Looking at specific investments, we’re watching Snapchat and Foot Locker. Shares of the Snapchat operator, Snap, surged by over 6% in midday trading on Wednesday following a Reuters report that the Committee on Foreign Investment in the United States has demanded that China’s ByteDance divest its interest in TikTok. Additionally, Bloomberg reported that TikTok is exploring a potential split from ByteDance if its deal with the U.S. falls through. Additionally, Foot Locker, the athletic footwear retailer, saw its stock rise approximately 5% after Telsey Advisory upgraded its rating to outperform. The firm cited expectations of positive impacts from a greater emphasis on products, brand partnerships, retail expansion, and investments in e-commerce.
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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.