Marketbites: Investors Catch Their Breath
Updated: Sep 27
Portfolio Manager Commentary:
Stocks rose modestly on Wednesday, after the market's worst day in more than two years on Tuesday. The S&P 500 rose 0.34%, the Nasdaq gained 0.74%, and the Dow finished up 0.10%. Material stocks underperformed the market, led by Nucor with a -11% decline.
Moderna was a top performing stock jumping more than 6%, while Tesla rose 3.6% and Apple tacked on 1%. Moderna jumped on the news that China may be interested in buying its Covid-19 vaccine. China’s lockdowns continue to put a dent in the nation's economy.
In other news, a potential U.S. railroad strike could heavily disrupt supply chains fueling even more inflation. The White House is working to broker a deal to prevent this from happening. In the meantime, Amtrak officials have discussed canceling cross-country routes.
Chart of the Day:
As cash pours into battery recycling companies, manufacturers are seeing more available supply to build goods such as electric cars. This will be a huge help for carmakers who are trying to limit their dependence on China, which dominates the battery supply chain.