Market Recap – October 6th
Markets tumbled as it looks like investors are trying to price in the September jobs report that will be released today. The S&P 500 finished down 1.02%, the Dow Jones down 1.15%, and the NASDAQ down 0.68%. NIO ADR sold off, falling by 7.92% to $14.77 per share. Chinese car stocks sold off as a whole on Thursday, but NIO specifically received a price target cut from analyst firm Mizuho. On a positive note, Tilray rose by 30.87% to $3.90 in the last hour of trading as President Biden announced an executive order pardoning all minor marijuana convictions. This sent Tilray along with its competitors flying through the roof as the case for legalization just got a lot stronger, at least in the President’s eyes.
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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.