On Thursday, stock futures took a tumble, marking the fourth consecutive day of losses as the tech-driven surge appeared to lose momentum. Dow Jones Industrial Average futures stumbled by 70 points, translating to a decline of 0.2%. Similarly, futures of S&P 500 and Nasdaq-100 fell by 0.2% and 0.3% respectively.
Throughout this week, investors are cashing in profits from market-leading equities that spearheaded the recent breakout in the stock market. Shares of Tesla, a popular choice among retail traders that saw a twofold increase this year, slumped by 3% in premarket trading. This drop followed the downgrade by the second major Wall Street bank within a span of two days. Adam Jonas, a Morgan Stanley analyst and long-time Tesla enthusiast, changed his rating to equal weight from overweight on Thursday, arguing that the stock now represents “a more balanced risk reward” after its recent rally.
In another development, shares of Spirit AeroSystems, a supplier to Boeing, plummeted by 9% in premarket trading following the suspension of its production in the Kansas facility due to an impending worker strike slated to begin on Saturday. In tandem, Boeing’s shares also experienced a 3% drop.
The S&P 500 experienced a 0.5% slide on Wednesday, recording its worst single-day performance in June. The index is now 1% down for the week, threatening to end its five-week winning streak. This follows the index reaching its highest level in over a year last week.
The Nasdaq Composite, heavily laden with tech stocks, fell by 1.2%, marking its worst daily performance since June 7. Big hitters in the AI space, AMD and Intel, saw their shares fall by 5.7% and 6% respectively on Wednesday, while the Dow Jones Industrial Average slipped by 0.3%.
Wednesday’s decline occurred in the wake of Federal Reserve Chair Jerome Powell indicating that more rate hikes are likely on the cards to counter inflation, disappointing investors hoping for an end to the bank’s tightening cycle.
“Powell stated that controlling inflation has a long journey ahead, suggesting that the Fed may continue its tightening policy until fall,” said Edward Moya, senior market analyst at Oanda. He further added that if other central banks appeared ready to implement more than a couple of rate hikes, it might allow the Fed to persist with its aggressive tightening approach.
While the Fed maintained steady rates at its policy meeting last week, following ten consecutive hikes, officials hinted at potential two more quarter-percentage point increases in 2023.
Investors are keenly awaiting Powell’s Semiannual Monetary Policy Report to the Senate Banking Committee on Thursday morning, looking for more insights on inflation and interest rates.
Investors were served a slice of unfavorable news on Thursday morning as the weekly jobless claims data came in higher than anticipated. The Labor Department reported that first-time applications for unemployment benefits amounted to 264,000 for the week ending June 17, surpassing the forecast of 256,000 by economists polled by Dow Jones.
A recent IPO that we would like to draw your attention to is Mangoceuticals, Inc. (NASDAQ:MGRX). Mangoceuticals, Inc. (NASDAQ:MGRX) announced the upcoming release of its second Mango ED product leveraging the Company’s existing custom compound alongside Sildenafil. MGRX is a company focused on developing, marketing, and selling multiple men’s health and wellness products through a secure telemedicine platform, including its uniquely formulated drug, “Mango”.
The launch of the Company’s Sildenafil based Mango ED product is scheduled to be available for purchase online this summer. Like the Company’s currently marketed and sold Tadalafil based Mango ED product, which leverages the same active ingredient found in Cialis™, the new Sildenafil-based Mango will still be compounded with Oxytocin and L-Arginine in a tasty Mango-flavored rapid dissolve tablet (RDT) and individually packaged in a master pack of six tablets per package.
“Our intent with the launch of this new product is to establish Mango as a legitimate competitor armed with the biotechnology behind Tadalafil and Sildenafil, both of which are the two runaway winners in the ED space over the past two decades,” noted Jacob Cohen, CEO and Co-Founder of MangoRx. “The ED market has already proven to be big enough to accommodate multiple competing products. Some people like Pepsi and others prefer Coca-Cola. Tadalafil and Sildenafil are both effective biotech solutions and we believed it was important to make both options available in order to capture additional market share and not exclude potential customers based on personal preferences.”
MGRX Company’s Co-Founder and CEO, Jacob Cohen, along with the MangoRx family, including Company officials and members of the executive management team, rang the Nasdaq Closing Bell on Thursday, May 18, 2023. Since then, MGRX has been on a roll to promote its flagship product.
MGRX is currently trading in the $1.60 to $1.70 range. Considering the public offering was priced at $4 per share there could be a huge upside potential for this NASDAQ listed stock.
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