Market Recap - May 7th

Market Recap – May 7th

Markets were mixed yesterday with the S&P 500 +0.13% to close at 5,187.7, the NASDAQ lost -0.10% to close at 16,332.56, and the Dow Jones Industrial Average gained +0.08% to close at 38,884.26. The VIX was at 13.23.

Today we are watching Reddit and Sonos. Reddit, popular social media stock, jumped nearly 18% after better-than-expected quarterly earnings after the close. Reddit posted a faster rate of revenue growth with $243 million in revenue, while FactSet forecast $212.8 million. LSEG expected $8.71 loss per share, but the company posted less with $8.19 loss per share. The stock closed at $49.40.

Sonos, the sound, and audio maker, tumbled as much as 9% after reporting a loss of 46 cents per share, 10 cents more than the market were expecting. However, the company reported higher revenue at $253 million, above the consensus forecast of $247 million. The stock closed at $17.58.

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