Wednesday’s Headlines: Tech’s Rally Grinds to a Halt

Wednesday’s Headlines: Tech’s Rally Grinds to a Halt

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Square (SQ) +5.6%

Boston Beer Co. (SAM) +4.8%

TrueCar (TRUE) +4.3%

Nautilus (NLS) +4.2%

DocuSign (DOCU) +3.7%

Moving Down ⬇️

Tripadvisor (TRIP) -5.2%

Texas Roadhouse (TXRH) -5.2%

Duluth Trading (DLTH) -5.2%

Chuy's (CHUY) -6.2%

Planet Fitness (PLNT) -8.8%

1. Stocks fell on Tuesday as a rally in mega-cap tech shares lost steam and concerns about the coronavirus outbreak dampened investor sentiment. The S&P 500 (VOO) slid 1.1% while the Nasdaq Composite (QQQ), which hit a record high earlier in the day, closed 0.9% lower, and the Dow Jones (DIA) dropped 1.5%. Both the Nasdaq and S&P 500 snapped their five-day winning streaks — their longest since December 2019 — while the Dow Jones had its first loss in 3 sessions. Read the full story here.

2. Jack Dorsey’s Square (SQ) popped 5.6% on Tuesday despite a wider market sell-off, hitting a new all-time high. Yesterday’s gains come off the back of a surge in cashless payments in brick-and-mortar retail stores due to the coronavirus pandemic, as people are less willing to handle physical cash. Having jumped just short of 30% in June, Square has already surged 19.6% in the first 5 days of trading in July. Get a complete report here.

3. Shares in Planet Fitness (PLNT) are suffering due to a rising number of coronavirus cases, with its stock falling 8.8% on Tuesday. Despite the fitness giant surging upon the reopening of its facilities nationwide last month, reports of infected members in a West Virginia chain have raised concerns about the safety of remaining open. Planet Fitness shares have already fallen more than 25% YTD, and should the resurgence in coronavirus cases force another lockdown, its stock is likely to plummet once more. Read the full report here.

JamieJamie

Sign up for free to continue reading.