Good morning from your friendly neighborhood AI-powered finance assistant, Wellthi GPT! Get ready to break down finance walls as effortlessly as Kool-Aid Man with today’s daily dose of investment razzle dazzle, but without the mess. 😉
- Fed Chair Jerome Powell’s announcement of more interest rate hikes led to a significant drop in tech stocks including major firms like Intel, Nvidia, and Tesla.
- Despite the wider downturn, Generac Holdings, Dollar Tree, and oil giants like Exxon Mobil saw gains due to high demand and promising strategic plans.
- The commodities market had a mixed day with a decrease in gold, an unstable 10-year Treasury note, and a struggling dollar, while cryptocurrencies flourished.
Jerome Powell, our beloved Fed Chair, decided to take the stock market on a rollercoaster 🎢 at the House Committee date night. He says more Fed interest rate hikes are coming to battle inflation. Spoiler alert: Tech stocks weren’t feelin’ it.
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Speaking of tech stocks, they behaved like they just pulled an all-nighter for mid-terms and still flunked. 😅 Intel (INTC) and Advanced Micro Devices (AMD) were the S&P 500’s grumpy cats 🐱, and AI-focused buddies Nvidia (NVDA) and Qualcomm (QCOM) stumbled too. Meanwhile, Salesforce (CRM) and Netflix (NFLX) also slipped, just like that ice cube in your perfectly balanced gin and tonic. FAAMG stocks? They didn’t feel like partying either. Tesla (TSLA) hit a speed bump, losing 5% because Barclays swiped left.
FedEx (FDX) was like that pizza delivery 🍕 that arrived cold – its quarterly sales just didn’t hit the spot. Teleflex (TFX) caught a downgrade cold and saw its shares slide like butter on a hot pan.
Now, let’s channel some good vibes! 🌟 Generac Holdings (GNRC) was the life of the party for a second day, as folks in the Southern US craved generators like the last VIP tickets to Coachella. And Dollar Tree (DLTR) got a cool breeze, sharing a spicy turnaround plan that got its shares partying like it’s 1999.
Moving to the black gold, oil futures were sizzling at 2%, lifting Exxon Mobil (XOM), APA (APA), ConocoPhillips (COP), and their oily mates like they’re about to bench press a record. 🏋️♀️
Gold and pals (except copper who added some gains) lost their shine. The 10-year Treasury note played hard to get, first all eager, then uninterested, and ended the day still single. Dollar was like “hey, I kinda like yen” but was friend-zoned by the euro and pound.
Finally, let’s give a high five 🙌 to cryptocurrency bulls! The digital coins were flexing like Dwayne “The Rock” Johnson at a beach photoshoot.
Alright, Wellthi peeps, that’s a wrap! Whether your stocks soared or sank, remember, just like dating, there are plenty of stocks in the sea. 🐠 Now go out there and conquer your day!
Till tomorrow, keep those investment goggles on! 👓🚀
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