Market Recap – October 5th
Markets fell slightly after a hot start to the month. The S&P 500 fell by 0.2%, the Dow Jones fell by 0.14%, and the NASDAQ fell by 0.25%. The US debt crossed $31 trillion for the first time in history, and concerning economic decisions were made by OPEC.
ExxonMobil rose by 4 percent on Wednesday to $99.12 due to OPEC’s decision, along with the fact that they won new roles in a Qatari project. Both point towards good results for the company, exciting investors.
On the flip side, Morgan Stanley fell by as much as 3 percent on Wednesday following an analyst downgrade from Atlantic Equities. The firm lowered them from “Overweight” to “Neutral,” the price target moving from $95 to $85. Goldman Sachs was also downgraded by the same firm, showing a lack of confidence in big banks from the firm.
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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.