Editor: Mia
Hey moomooers,
Good evening. Here is the latest Market Recap for you.
Persistent weakness in technology stocks led the major indexes lower on Monday after last week's hotter-than-expected inflation readings sparked a downturn in equity markets.
How did major indexes fare?
The $Dow Jones Industrial Average(.DJI.US)$ dipped 54.34 points, or 0.2%, to 34,327.79.
The $S&P 500 index(.SPX.US)$ lost 0.3% to 4,163.29 as the tech sector pulled back 0.7%.
The $Nasdaq Composite Index(.IXIC.US)$ fell 0.4% to 13,379.05.
Source: moomoo
What drove the market?
Dow dips 50 points to start the week as tech weakness continues
Persistent weakness in technology stocks led the major indexes lower on Monday after last week's hotter-than-expected inflation readings sparked a downturn in equity markets.
Big Tech came under pressure to start the week, with $Apple Inc(AAPL.US)$ and $Netflix Inc(NFLX.US)$ each down 0.9%. $Microsoft Corp(MSFT.US)$ shed 1.2%, while $Tesla, Inc.(TSLA.US)$ dropped more than 2% as famed investor Michael Burry revealed a big short positionon the electric carmaker.
A warning sign of how overbought equity markets have become
Not only are [last] week’s events a warning sign of how uncomfortable inflation prints can become but also a warning sign of how overbought equity markets have become.
-Nikolaos Panigirtzoglou, a managing director at JPMorgan
Which stocks were in focus?
$FISKER INC.(FSR.US)$ — Fisker shares fell 2.2% after the car maker reported a 63-cent per-share loss for the previous quarter. The loss was wider than FactSet’s consensus analyst estimate for a loss of 19 cents per shre. The electric-vehicle startup also reported revenues of $22,000 and a cash balance of $985 million.
$TWILIO INC(TWLO.US)$ — Twilio shares ticked higher on news that it plans to acquire business-texting platform Zipwhip for $850 million in a blend of cash and stock. The cloud-communications company said Zipwhip will expand its high-quality traffic and that it expects the deal to close by the end of this year.
$Aon PLC(AON.US)$ — Share of Aon rose 1.5% in after a regulatory filing revealed that Warren Buffett’s Berkshire Hathaway had a stake in the company as of March 31. Aon, which sells insurance, pension administration and other financial services, is based in London.
Source: Market Watch, CNBC