Welcome to MarketBites! Here's all you need to about yesterday's market news.
Quote of the day:
"Hard work beats talent if talent doesn't work hard."
- Tim Notke
PORTFOLIO MANAGER COMMENTARY
A broad rally helped stocks have a great finish to this past week. All three indices finished up more than 2% on the week, which snapped a three-week losing streak. The Nasdaq Composite led the way with a 2.11% increase, followed by the S&P rising 1.53%, and then the Dow gained 1.19%. Oil prices rose after falling to their lowest levels since before the invasion of Ukraine.
According to David Donabedian, chief investment officer of CIBC Private Wealth, the U.S. markets have not reached their lowest point yet. He also adds that “this week’s market recovery has shown there is continued resilience in the economy bolstered by favorable economic reports.”
Shares of DocuSign rose more than 10% after the electronics company reported an earnings beat and a revenue forecast above expectations.
CHART OF THE DAY
The summer movie season is coming to an end with box-office receipts falling short of pre-pandemic seasons by about 20% despite blockbusters like 'Top Gun: Maverick' and 'Jurassic World: Dominion.' As seen below, the reason is that there simply is not enough supply, with 21% fewer movies released this summer compared to the summer of 2019.