May 18, 2021

May 18, 2021

Coming off the worst week for the market since late February this week has begun with the market continuing to move lower as inflation jitters have caused some to lower exposure and today futures were pointing to a higher open but weakened after a report that housing starts were down nearly 10% last month.

At the close:

  • Dow -267 to 34060
  • S&P 500 -35 to 4128
  • NASDAQ -75 to 13303
  • Oil -.70 to 65.58
  • Gold flat @ 1868

In corporate news shares of cryptocurrency exchange Coin Base moved lower on news they will issued $1.25B of convertible bonds in a private sale which dilutes the value of current shares. Business continues to be good at Home Depot as the company reported revenue and net income for the most recent quarter well above analysts’ expectations but the stock closed with a fractional loss. Walmart was higher after reporting Q1 net income 40% above expectations and raising guidance.

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