Market Recap – May 5th
On Friday’s trading day, markets erased several of the week’s losses as investors anticipate positive economic data this upcoming week. If the data depicts stabilized disinflation, a pivot on monetary policy is in play for the Federal Reserve. For the broad indices, the S&P 500 climbed 1.85%, the NASDAQ Composite went up 2.25%, and the Dow Jones rose 1.65%.
In the automobile space, two prominent stocks saw large volatility throughout the trading day. Used car retailer Carvana saw its shares climb 24.44% following a positive bottom line for the second quarter of this year. Rideshare app Lyft saw its shares plummet 19.27% after posting weak guidance for the year despite achieving better-than-expected revenues.
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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.