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Saturday, May 18, 2024

Market Recap: Reddit IPO, Stocks Steady Ahead of Good Friday

Key Takeaways:

  • Reddit’s IPO has been volatile, with the company’s stock price surging nearly 50% before returning to $50 a share since its debut on the NASDAQ stock exchange on March 21, 2024.
  • The stock market has been steady, with the Dow on track for its best first quarter since 2021 and the S&P 500 set for its best first quarter since 2019.

As LJLNews experiments with its content strategy, we wanted to include/create weekly market recaps. This will be a more broad approach rather than writing multiple articles on single events. Thanks for being a part of LJLNews!

This week, the stock market saw mixed events, with Reddit’s IPO and stocks holding steady as the first quarter comes to a close.

Reddit’s IPO

Reddit made its debut on the NASDAQ stock exchange on March 21, 2024. The company’s stock price has surged by nearly 50% since the IPO to $70 a share, before falling back to $50 a share.

Reddit 1-Minute Price Data

With over 850 million monthly active users, Reddit has become a highly influential platform for discussion, news sharing, and content creation. The company’s business model, which revolves around advertising revenue, premium memberships, and awards, has made it an attractive option for advertisers looking to reach specific demographics.

Reddit’s IPO timing has been favorable, as the stock market continues to experience a bull run and investor sentiment remains positive.

Jobless claims data released by BEA.gov on March 28 showed a slight improvement, with initial jobless claims coming in at 210,000, better than the expected 215,000. The GDP growth rate for Q4 was revised upward to 3.4%, surpassing the consensus estimate of 3.2%.

The Federal Reserve’s FOMC statement, released on March 20, indicated that the Committee would maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Fed highlighted its commitment to returning inflation to its 2 percent objective and stated that it does not expect to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward that goal.

Market Performance

The Dow is on track for its best first quarter since 2021, while the S&P 500 is set for its best first quarter since 2019. Stocks were little changed on Thursday, the last trading day of the quarter.

S&P 500 1-Day Price Data for the Quarter

Among the day’s top movers, Trump Media & Technology Group (DJT) was down -6.32%, while AMC stock decreased over -15% after the company announced a stock sale.

U.S. stock and bond markets will be closed on Friday for Good Friday. However, the Bureau of Economic Analysis is set to release February’s PCE data tomorrow.

Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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