Econ Recaps
Econ Recaps
Corben Benda
Palantir UP and Tyson Foods Down! Market News and What You Missed// May 8th Recap
5 minutes Posted May 9, 2023 at 1:48 am.
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The S&P 500 closed up slightly, led by gains in the communication services sector due to positive news from Alphabet and Warner Brothers. The real estate sector struggled due to fears of credit tightening from banks. Bitcoin fell 5% as investors continued to sell off, and Goldman Sachs settled a lawsuit for underpaying and underpromoting female employees. Wholesale inventory levels remained flat, while sales for wholesalers were down. Loan officers expect lending to remain tight as banks deal with weaker demand and possible credit deterioration. PayPal reported better-than-expected earnings, while Palantir beat expectations and saw a significant after-hours gain. Lucid Motors and Tyson Foods missed expectations and saw stock drops. There are several earnings reports to look forward to tomorrow.