Dow Jones Industrial Average rebounded from its lows, but Virgin Galactic (SPCE) fell again, this time under a critical criterion.
AMC Entertainment (AMC) and fellow meme stock, GameStop (GME) did not perform well enough at the last trading session. Despite the fact that it was a difficult day for breakouts, chip stock Qorvo (QRVO) managed to climb over a buy point. Since the beginning of the week, AMC stock has lost a fourth of its value. This comes after a drop of more than 11% in the previous week.
Virgin Galactic’s shares fell again on Wednesday, adding to its steep losses on Monday and Tuesday. SPCE stock fell sharply after the company announced in a regulatory filing that it plans to sell up to $500 million in stock. Despite the company’s first fully crewed flight taking place over the weekend, the stock plummeted.
While Jerome Powell, Chair of the Federal Reserve of the United States, was addressing members of the House Financial Services Committee, the 10-year Treasury decreased, continuing its current downward trend. Even though a June estimate on producer prices showed higher-than-expected inflation, yields declined. This comes on the heels of the greatest increase in the consumer price index since 2008.
Quick market analysis
The Nasdaq, which is heavily weighted in technology, fell 0.2% due to weakness in growth stocks. Peloton Interactive (PTON), an at-home exercise game, took the biggest hit, dropping more than 5%. Moderna (MRNA), a Covid vaccination, was the day’s big winner, climbing over 5%.
The S&P 500 managed to claw its way back into the black, finishing with a 0.1% gain. Wells Fargo (WFC) was the top performer, gaining by roughly 4%. Occidental Petroleum (OXY) was the worst performer, losing more than 7% of its value.
For the Dow Jones, investors are looking for a new significant growth engine for Apple stock as its iPhone business matures. In the March quarter, Apple’s Wearables, Home, and Accessories unit reported a 25% increase in sales to $7.8 billion.
Coca-Cola (KO) was the next best performer, with a gain of 2.3%. The stock is currently trading slightly below a 56.58 flat-base purchase point. The dividend favourite, on the other hand, has had a poor stock market performance.
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Chevron (CVX) was the worst performer, showing the energy sector’s weakness. It dropped by almost 2%. Caterpillar (CAT) was also hit hard, with its stock down by approximately 1.7 %.