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.