Market Debrief (Wednesday March 9, 2022)

 Happy Wednesday Stock Talkers!


Finally, a sign of relief for investors, as all major indices saw major gains on Wednesday. The S&P 500 saw its best day since 2020, and Nasdaq was up by a whopping 3.59%. The volatility index (VIX) showed a drop by 10% as stocks rose today. Oil prices also saw a sharp decline today to stray away from 14 year highs. However, this had no relief on consumers, as gas prices rose to new highs all over the United States. The bad part about these rising gas prices, is that it can really affect inflation even more. Costs for shipping and moving items around are going to increase in cost, so the product you are actually purchasing is going to have to increase to cover the increasing transportation costs. Unfortunately, I do not think this rise in stocks is going to be a common theme for a while. This was a unique day, in my opinion. However, tomorrow is going to say a lot about the current standing of the market. The CPI numbers will be released tomorrow and that will be indicative on where inflation stands at this point in time. I wouldn't be surprised to see more volatility in the market and I have no doubt that this is not the bottom. I think we have a long way to go and a lot more to overcome with the sanctions of Russia still lingering. 

Major Indices:    

  • S&P 500      4,277.88 +107.18 (+2.57%)
  • DJI              33,286.25 +653.61 (+2.00%)
  • Nasdaq        13,255.55 +459.99 (+3.59%)
Most Active Stocks (Volume):
  • Occidental Petroleum Corporation ($OXY) (131.258M)
  • Advanced Micro Devices, Inc. ($AMD) (101.385M)
  • Nio Inc. ($NIO) (82.035M)
Notable Gainers (Large Cap):
  • MongoDB, Inc. ($MDB) (+18.58%)
  • adidas AG ($ADDYY) (+15.65%)
  • Shopify Inc. ($SHOP) (+14.13%)
Notable Losers (Large Cap):

  • Phillips 66 ($PSX) (-5.89%)
  • Exxon Mobil Corporation ($XOM) (-5.70%)
Company News:
  • Impossible Foods sues Motif FoodWorks for patent infringement.
  • Disney ($DIS) CEO says company opposes the "Don't Say Gay" bill.
  • Macy's ($M) CFO warns that low-income shoppers could cut back while inflation is soaring.
  • McDonald's ($MCD) says that the shutdown of business in Russia will cost them $50M a month.

Earnings I'm Watching Tomorrow:
  • Oracle Corporation ($ORCL)
  • JD.com, Inc. ($JD)
  • Rivian Automotive, Inc. ($RIVN)
  • DocuSign, Inc. ($DOCU)



*Information from Yahoo Finance, Nasdaq, Fox Business, CNBC, and Kiplinger's

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