Market Recap – May 24th
The Dow Jones fell for a fourth straight day as concerns over the U.S. debt ceiling impasse raised fears of a potential default. The Dow dropped 0.77%, closing at 32,799.92. The S&P 500 lost 0.73%, while the Nasdaq Composite edged 0.61% lower. The market’s downward trend reflects the uncertainty and apprehension surrounding the unresolved debt ceiling issue, impacting investor sentiment, and contributing to the decline in stock indices.
Looking at specific investments, we’re watching Palo Alto Networks and Urban Outfitters. Palo Alto Networks saw its shares rise by 3.5% after reporting better-than-expected earnings and revenue for the fiscal third quarter. The company posted adjusted earnings of $1.10 per share and revenue of $1.72 billion, surpassing analysts’ estimates of 93 cents per share and $1.71 billion in revenue. Additionally, Palo Alto Networks provided strong earnings guidance for the fiscal fourth quarter, exceeding expectations. Urban Outfitters experienced a 6% increase in its stock. The company reported earnings of 56 cents per share in the first quarter, surpassing analysts’ expectations of 35 cents per share.
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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.