Tuesday’s Headlines: The S&P 500 Has Recovered Splendidly

Tuesday’s Headlines: The S&P 500 Has Recovered Splendidly

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Wynn Resorts (WYNN) +10.0%

FedEx (FDX) +9.0%

Ulta Beauty (ULTA) +7.5%

Planet Fitness (PLNT) +7.3%

Eventbrite (EB) +5.9%

Moving Down ⬇️

ShotSpotter (SSTI) -8.4%

Chegg (CHGG) -6.3%

MercadoLibre (MELI) -5.8%

BlackLine (BL) -5.7%

The Trade Desk (TTD) -5.6%

1. What seemed impossible back in March is now close to reality as the S&P 500 (VOO) pushes within striking distance of all-time highs. After Wall Street’s seventh straight day of gains on Monday, the S&P 500 rose 0.2% to bring it within 0.9% of this landmark, while the Dow Jones (DIA) also rose  — but the tech-heavy Nasdaq had a rare bad day after dropping 0.4%. However, today is likely to be choppy as investors remain uncertain about the future of coronavirus stimulus as both Democrats and Republicans attempt to reach an agreement on an amount. Read the full story here.

2. Having postponed its earnings last Thursday, MercadoLibre (MELI) proved on Monday morning that it was worth the wait following a Q2 that flew past expectations. The ‘Amazon of Latin America’ revealed earnings per share of $1.11 on revenue of $878.4 million, while Gross Merchandise Volume (GRS) increased a whopping 101.5% YoY to $5 billion. Despite these wins, which included a 45.2% increase in unique active users, the company’s share price fell nearly 6% on Monday, though it remains up 84% YTD. Read the official corporate report here.

3. Don’t call it a comeback, but Wynn Resorts (WYNN) saw its stock jump 10% on Monday after positive signs of life returned to gambling Mecca, Macau. The move comes after authorities in Hong Kong and Macau confirmed that its imposed two-week quarantine upon their return to mainland China will be lifted throughout the nation on August 12. Bank of America (BAC) commented on the situation, stating that it showed promising signs of a return to normalcy for the gaming sector, with traffic likely to begin rising once more. Read more here.

JamieJamie

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