Market Recap – November 9th
The midterm elections took place Tuesday evening, and as a result, the markets tumbled on Wednesday due to the unexpected result. The indices closed down by a solid margin with the S&P down 2.08%, the Dow Jones down 1.95%, and the NASDAQ down 2.48%. Democrats performed a lot better than expected, holding a chance to retain both the House and Senate as of Wednesday, which goes against the market pricing in a red wave. Roblox had its second worst day ever, falling by 21 percent to $30.92 following worse-than-expected losses as costs are rising quickly. Affirm fell by a similar margin, down 22.63% to $12.10 after warning of slowed growth because of the current macroeconomic situation. They are yet another growth stock being harmed by the economy now.
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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.