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Gaming Falls Lower | June 16 | Eagle Nest

Wednesday, June 16, Market Recap

Good Evening,

Today, June 16…

The DJIA fell 0.77%

The S&P 500 was down 0.53%

The Nasdaq Composite slipped 0.24%

Tech led the market today.

General Market Review

Financials

The FOMC concluded their two-day meeting and kept interest rates and bond buying the same. The Fed projected that two rate hikes of 0.25% could come in 2023.

Energy

Although Treasury yields jumped on expectations of rates rising, tech stocks ended the day mixed. Alphabet fell 0.53% and Apple added 0.39%. Oracle was down 5.59% after low guidance for next quarter from plans to increase capital expenditures for cloud computing workloads.

Consumer Discretionary

Roblox fell 7.99% after the reopening shows signs of lower gaming demand. The company reported 43 million daily active users in May, which is down from 43.3 million users in April.

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