Tuesday’s Headlines: Monday’s Wild Swing Shocks Investors
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Wynn Resorts (WYNN) +9.6%
Howard Hughes Corporation (HHC) +4.2%
GoPro (GPRO) +1.4%
Cognizant Technology Solutions (CTSH) +1.2%
Silicon Valley Bank (SIVB) +1.1%
Moving Down ⬇️
Huazhu Hotels Group (HTHT) -8.0%
Stitch Fix (SFIX) -8.5%
DocuSign (DOCU) -9.6%
Peloton Interactive (PTON) -10.1%
Datadog (DDOG) -10.1%
1. Going into the final hour of trading on Monday, an investor could be forgiven for smiling gleefully at a solid day of gains. But then, the market took a sharp nosedive as the tech-led rally unraveled, seeing the Nasdaq (QQQ) and S&P 500 (VOO) close down 2.1% and 0.9% respectively, with the Dow Jones (DIA) actually marginally finishing in the green. The market reacted poorly late in the day to news of state reclosures due to the coronavirus, with California in particular affected. Read more here.
2. It appeared to be just another day at Tesla (TSLA) when its shares rose more than 16% to a new all-time high Monday, before unceremoniously plummeting 19%. The EV-maker closed down 3% due to a wider market sell-off, bringing its record winning run to an end just as speculation begins to grow that it will soon join the S&P 500. However, despite Monday’s hiccup, Elon Musk’s company is still up more than 200% YTD and remains the world’s largest car manufacturer by market value. Get the complete story here.
3. It was not all ‘lose-lose’ on Wall Street yesterday, as casino giant Wynn Resorts (WYNN) soared 9.6% on the news that Macau would be reopening. The gambling mecca is set to have its quarantine rules lifted by the Chinese government, meaning that travelers will no longer need to quarantine for 14 days after returning from a weekend on the slots. Other stocks also soared on the news such as MGM Resorts (MGM), Melco Resorts (MLCO), and Las Vegas Sands (LVS). Get the complete report here.