Thursday’s Headlines: “The Path Ahead Is Uncertain”
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Stocks fell on Wednesday as investors grappled with downbeat remarks from Fed Chairman Jerome Powell as well as worries over the market’s valuation. The Dow fell 516.81 points, or 2.1%, to its worst day in 30 days, while the S&P 500 fell 1.8%, and the Nasdaq Composite 1.6%. “While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks,” said Chairman Powell. Read the full story here.
2. Orlando’s Walt Disney World will be reopening on May 20 — sort of — according to a blog posted by the Magic Kingdom yesterday. The Orlando branch will actually only be opening the shopping area of the park next week as part of a phased reopening — a strategy that will be applied to the company’s other locations in the coming months. The overall reopening of parks will likely depend on the return of air travel, and with Disney stock down 20% in the past year, any return to normalcy would be much welcomed. Get the complete report here.
3. Shares of event-management company Eventbrite fell 13.9% on Wednesday as news of a slowing U.S. economy spurred investors to sell the stock. The market was already becoming pessimistic about Eventbrite's stock after the company released its Q1 results on Monday, which showed a net revenue decrease of 39% to $49.1 million. Eventbrite stock has fallen 56% year-on-year, and news of prolonged event closures across the U.S. will have done no favors for the company. Read the complete story here.
There is just 1 stock in the MyWallSt app that will report earnings today: