Virgin Galactic continues to dive as AMC stock plummets
The Dow Jones Industrial Average rebounded from its lows, but Virgin Galactic (SPCE) fell again, this time below a critical benchmark.
AMC Entertainment (AMC) and GameStop (GME) did not perform well enough in the last trading session. Despite the fact that it was a tough day for breakouts, the Qorvo (QRVO) chip stock managed to break through a buy point. Since the start of the week, AMC stock has lost a quarter of its value. This comes after a drop of over 11% the week before.
Virgin Galactic shares fell again on Wednesday, adding to its steep losses on Monday and Tuesday. SPCE shares fell sharply after the company said in a regulatory filing that it planned to sell up to $ 500 million in shares. Although the company’s first full crew flight took place this weekend, the stock has plummeted.
As Jerome Powell, Chairman of the United States Federal Reserve, addressed members of the House Financial Services Committee, the 10-year Treasury fell, continuing its current downtrend. Even though a June estimate of producer prices showed higher than expected inflation, yields fell. This follows the largest increase in the Consumer Price Index since 2008.
Quick market analysis
The heavily weighted tech Nasdaq fell 0.2% on weak growth stocks. Peloton Interactive (PTON), a home exercise game, was the biggest hit, losing more than 5%. Moderna (MRNA), a Covid vaccine, was the big winner of the day, climbing to over 5%.
The S&P 500 managed to make its way through the dark, ending with a gain of 0.1%. Wells Fargo (WFC) was the top performer, gaining about 4%. Occidental Petroleum (OXY) was the worst performer, losing more than 7% of its value.
For the Dow Jones, investors are looking for a significant new growth engine for Apple stock as its iPhone business matures. In the March quarter, Apple’s Wearables, Home, and Accessories unit posted a 25% increase in sales to $ 7.8 billion.
Coca-Cola (KO) was the second best performer, gaining 2.3%. The stock is currently trading slightly below a fixed buy point of 56.58. The dividend favorite, on the other hand, had a poor stock market performance.
Chevron (CVX) was the worst performer, showing weakness in the energy sector. It has fallen by almost 2%. Caterpillar (CAT) was also hit hard, with inventory down about 1.7%.