Editor: Chloe
Hey moomooers,
Good evening. Here is the latest Market Recap for you.
Nasdaq fell as investors punished Big Tech equities during the regular session and pushed both the Dow Jones Industrial Average and the S&P 500 off record levels.
How did major indexes fare?
The $Dow Jones Industrial Average(.DJI.US)$ slipped 35 points, or 0.1%, to 34743.
The $S&P 500 index(.SPX.US)$ dropped 1.04% to 4,188.
The $Nasdaq Composite Index(.IXIC.US)$ suffered the worse of the tech stock selling and fell 2.55%, finishing the day at its session low.
Source: moomoo
What drove the market?
Big tech stocks suffered from selling
Big Tech got clobbered on Monday as investors exited stocks like $Apple Inc(AAPL.US)$ and $Microsoft Corp(MSFT.US)$, pushing the $Dow Jones Industrial Average(.DJI.US)$ and the $S&P 500 index(.SPX.US)$ off their record highs. Both of those stocks lost at least 2% to start the week.
$Facebook Inc(FB.US)$ lost more than 4%, while $Amazon.Com Inc(AMZN.US)$ and $Netflix Inc(NFLX.US)$ both dropped over 3%. $Alphabet Inc-CL C(GOOG.US)$ dipped more than 2% after a downgrade by Citigroup. Cathie Wood' s $ARK Innovation ETF(ARKK.US)$ fell 5% to its lowest level since November as $Tesla, Inc.(TSLA.US)$, its top holding, shed more than 6%.
Important events to follow this week:
The Labor Department will on Tuesday publish the latest results of its Job Openings and Labor Turnover Survey. Several high-ranking Federal Reserve officials, including Governor Lael Brainard and New York Fed President John Williams, are also scheduled to deliver remarks.
Which stocks were in focus?
$Wynn Resorts Ltd(WYNN.US)$— Wynn shares advanced 2% despite reporting results that fell short of the Street' s expectations. The hotel operator reported a first-quarter loss of $2.41 per share on revenues of $726 million, both of which undershot estimates compiled by Refinitiv.
$Roblox Corporation(RBLX.US)$— Shares of the online gaming platform jumped 5% after it reported a first-quarter loss of 46 cents per share on revenues of $387 million. The company also said its average daily active users were 42.1 million during the quarter, up 79% year over year.
$Affirm Holdings(AFRM.US)$— Affirm dropped about 3% in extended trading after it reported a third-quarter loss of $1.06 per share on revenues of $230.7 million. Analysts had expected a loss per share of 29 cents on revenues of $198.2 million, per Refinitiv.
$Simon Property Group Inc(SPG.US)$— The real estate owner and manager saw its stock retreat about 1% after the bell following its first-quarter earnings report. Simon reported first-quarter earnings of $1.36 per share on revenues of $1.15 billion. Analysts polled by Refinitiv had expected per-share earnings of 96 cents on revenues of $1.13 billion.
$Virgin Galactic Holdings Inc(SPCE.US)$— Virgin Galactic fell more than 4% during extended trading after the space company reported a first-quarter loss of 55 cents per share versus a loss of 27 cents expected by analysts polled by Refinitiv. Virgin Galactic announced that it has yet to set a target date for its next spaceflight test, which the company has previously planned for this month.
$Callaway Golf Co(ELY.US)$— Shares of the golf equipment and apparel company popped more than 5% during extended trading after it reported first-quarter profit and sales that soared past expectations and said demand for its products has never been higher.
Source: Market Watch, CNBC