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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Stocks rebounded on Tuesday, breaking a three-day losing streak as investors eased recession fears and Japanese equities rallied. The Dow Jones Industrial Average rose 294.39 points (0.76%) to 38,997.66, the S&P 500 gained 1.04% to 5,240.03, and the Nasdaq Composite climbed 1.03% to 16,366.85. All 11 sectors of the S&P 500 were positive, with megacap tech stocks like Nvidia and Meta Platforms rising 3.8% and 3.9%, respectively. The Nikkei 225 had its best day since October 2008, jumping 10.2% after a 12.4% drop the previous day. Despite ongoing volatility due to the yen carry trade unwinding, investment strategist Ross Mayfield noted that the labor market and economic indicators remain robust, suggesting that the growth scare might be overblown. Monday's sharp sell-off saw the Dow drop 1,033.99 points (2.6%), the S&P 500 slide 3%, and the Nasdaq Composite shed 3.4%, marking their worst sessions since September 2022.

2. Airbnb shares dropped 14% in after-hours trading after the company reported second-quarter earnings that missed analyst expectations and warned of slowing demand from U.S. customers. For the quarter ended June 30, Airbnb posted earnings per share of 86 cents (vs. 92 cents expected) and revenue of $2.75 billion (slightly above the $2.74 billion expected). Despite an 11% year-over-year revenue increase, net income fell to $555 million from $650 million in the same quarter last year. The company projected third-quarter revenue of $3.67 billion to $3.73 billion but noted a likely moderation in growth for its “Nights and Experiences” category. It also observed shorter booking lead times globally and some signs of slowing demand from U.S. guests. Despite these challenges, Airbnb recorded its highest second-quarter bookings at 125.1 million Nights and Experiences, with strong growth in Asia Pacific and Latin America. The company highlighted the removal of over 200,000 low-quality listings through its quality system. Investors remain cautious, with other companies like McDonald's also reporting consumer pressures, which reflect broader economic concerns.

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4. Headlines

   1. Chicago Federal Reserve President Austan Goolsbee said that the Fed could drop interest rates even ahead of its next meeting.

   2. Reddit reported better-than-expected results as it continues to grow its digital ad sales.

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