Thursday’s Headlines: Warning: Stock Market May Cause Whiplash

Thursday’s Headlines: Warning: Stock Market May Cause Whiplash

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Nike (NKE) +8.8%

Twitter (TWTR) +6.1%

Huazhu Hotels Group (HTHT) +5.3%

Under Armour (UAA) +4.7%

Baozun (BZUN) +3.8%

Moving Down ⬇️

Stitch Fix (SFIX) -15.5%

Tesla Motors (TSLA) -10.3%

IMAX (IMAX) -8.4%

TrueCar (TRUE) -7.2%

Eventbrite (EB) -6.9%

1. If you’re feeling a slight ache in your neck, it’s probably due to the whiplash caused by the stock market this month which fell once more on Wednesday following strong gains the day before. The Dow Jones Industrial Average (DIA) closed 1.9% lower, having risen earlier in the session, while the S&P 500 (VOO) slid 2.4% and the Nasdaq Composite (QQQ) pulled back by 3%. Shares of Amazon (AMZN) and Netflix (NFLX) dropped 4.1% and 4.2%, respectively, to lead Big Tech lower, while Facebook (FB) slid 2.3%, Alphabet (GOOG) closed 3.5% lower, with Apple (AAPL) and Microsoft (MSFT) rounding off a bad day by falling 4.2% and 3.3% respectively. Read the full story here.

2. Not content with its wishy-washy promises at Tuesday’s Battery Day event, Tesla (TSLA) is now going ahead and suing the U.S. government over the Trump administration’s China tariffs. The electric-car maker wants the court to declare two batches of Trump administration’s tariffs to be void, and refund Tesla the tariffs it paid with interest. With its stock falling 10% yesterday, bringing its total losses so far this week to 13.7%, Tesla is struggling to regain investor confidence at a difficult time for the stock market. Read more here.

3. It’s actually been a pretty good week for social media group Pinterest (PINS) which just announced a new feature on Wednesday — or rather, their version of an old feature. Its new ‘stories’ feature copies the tried and tested format pioneered by Snapchat (SNAP) in 2013 and later stolen/adopted by Facebook, and will allow Pinterest ‘creators’ to post full-screen photos and videos to their profiles for 24 hours. Despite its stock falling 2.5% yesterday, shares in Pinterest are still up 7% for the week and 110% in 2020. It was actually our Stock of the Month for July.

JamieJamie

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