Market Recap – May 16th
On Tuesday’s trading day, markets started higher as slight progress was made in lifting the debt ceiling, however, earnings misses sent the indices to lower levels as investors continue to monitor the strength of the economy. Weak annual forecasts from Home Depot from declining home improvements pushed all three indices into the red, a potential precedent of the next large retailers to post their earnings later this week. For the main indices, S&P 500 dropped 0.64%, the NASDAQ Composite went down 0.18%, and the Dow Jones fell 1.01%.
On a magnified scale of the indices, consumer internet company Sea Limited lost 17.77% of its market cap following an earnings miss that slightly fell below Wall Street’s expectations. Also in the red was biotech firm Horizon Therapeutics, declining 14.17% after the FTC sued to block their recent acquisition of Amgen.
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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.