All of the sudden, the stock market seems to be running out of steam.
There’s no big mystery here. War in the Mideast has pushed up oil prices, which will help keep inflation elevated. And annoyingly high price increases in March have already pushed the June Fed rate cuts the market was banking on farther into the uncertain future.
All that’s added up to higher interest rates and lower stock prices.
Shares of Robinhood Markets, AppLovin, and Emcor are all rallying in post-market trading on Friday upon news that they’re being added to the S&P 500.
Shares of the brokerage popped 7.2%, the adtech company rose 7.8%, and the construction company was up a more modest 2.7% in the minutes following the announcement.
(Robinhood Markets, Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)
Strategy, another stock rumored to be in the running for inclusion in the benchmark US stock index that has been passed over, sank 2.5% in postmarket trading.
Kenvue sank 15% Friday after a WSJ report said Health and Human Services Secretary Robert F. Kennedy Jr. may attempt to link prenatal Tylenol use to autism in an upcoming government report.
Kenvue, the maker of Tylenol and formerly a division of Johnson & Johnson prior to a 2023 spin-out, pushed back, saying the science shows “no causal link” between acetaminophen use during pregnancy and autism, and pointed to FDA and medical groups that agree on the drug’s safety.
The FDA itself has found no “clear evidence” of harm but advises pregnant women to consult providers before taking OTC meds.
The report is also expected to float a folate-derived therapy as a potential treatment.
Tylenol is just the latest well-established medication to face scrutiny under Kennedy, who has already stirred controversy by reshaping vaccine policy and amplifying doubts about mRNA shots.
Kenvue shares are now down over 18% year-to-date.
The FDA itself has found no “clear evidence” of harm but advises pregnant women to consult providers before taking OTC meds.
The report is also expected to float a folate-derived therapy as a potential treatment.
Tylenol is just the latest well-established medication to face scrutiny under Kennedy, who has already stirred controversy by reshaping vaccine policy and amplifying doubts about mRNA shots.
Kenvue shares are now down over 18% year-to-date.
It’s been a shortened week, but still a rough one for Lucid. Investor blowback to the luxury EV maker’s 1-for-10 reverse stock split has sent shares to all time lows this week.
After six straight days of closing lower, Wall Street appears to have decided enough is enough and is loading up on Lucid shares on Friday, sending them up 13% in recent trading. As of 2:10pm eastern, Lucid trading volumes were at more than 240% of their 30 day average.
Some of the move could be attributed to traders reading headlines that don’t take into consideration Lucid’s reverse split. Cantor Fitzgerald on Friday slapped a new price target on Lucid of $20, compared to its previous target of $3. Some news outlets (not us!) presented that as an increase. The problem: With the 1-for-10 reverse split in effect, a comparable price target would have been $30. The new $20 target is actually... a cut.
