Markets
Here are today’s market moves:
What Happened?
The S&P 500 and other major indexes climbed on Thursday as data showed U.S. GDP grew at a 6.5% annual rate in the second quarter.
The economy’s size now exceeds its pre-pandemic level.
The Labor Department said initial jobless claims fell slightly to 400,000 last week, resuming their decline as the labor market continues to recover.
Robinhood made its trading debut today, and it didn’t go so well. Shares plunged 8% after opening at $38, making it one of the worst IPO’s of the year.
An interesting stat: The median Robinhood customer account balance is $240.
Earnings season continued today, with Amazon announcing its results.
Shares are down nearly 8% in after-hours after the company missed expectations. Amazon is the fourth largest company in the S&P 500 by market cap, so there could be broader market volatility tomorrow.
The crypto market was relatively flat on Thursday, with Bitcoin trading near $40k. Some analysts expect bitcoin to remain range-bound as the current rally takes a breather.
What Else?
This Week
Monday: Earnings expected from Tesla.
Tuesday: Earnings expected from Apple, Microsoft, Google, and Starbucks.
Wednesday: Earnings expected from Facebook, Paypal, Spotify, and McDonalds.
Thursday: Earnings expected from Amazon, Mastercard and T-Mobile.
Friday: Earnings expected fromP&G, Exxon, and Chevron.