MARKET HIGHLIGHTS
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market highlights
GOOD WEEK
Knight-Swift Transportation Holdings (KNX +10.75%) soared in pre-market trading after the company reported earnings for its third quarter of Fiscal Year 2023. Knight-Swift Transportation Holdings Inc. is a publicly traded, American motor carrier holding company based in Phoenix, Arizona. It is the fifth largest trucking company in the United States
Northern Trust Corporation (NTRSO +4.86%) is an American financial services company headquartered in Chicago, Illinois that caters to corporations, institutional investors, and ultra high net worth individuals. Northern Trust is one of the largest banking institutions in the United States and one of the oldest banks in continuous operation.
BAD WEEK
SolarEdge Technologies (SEDG -27.27%) Shares Tumble CEO Zvi Lando cited “substantial unexpected cancellations and pushouts” of existing backlogs from the company’s European distributors due to high inventories and slow installation rates. Established in 2006, SolarEdge developed an DC optimized inverter system. The company was the first to successfully commercialize Power Optimizers, a device that offers module-level maximum power point tracking, before feeding back the electricity generated into an inverter.
Enphase Energy (ENPH -14.68%) stock fell on the news of results from SolarEdge Tech. Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers.
WHAT ELSE HAPPENED
Six of the S&P 500's top stocks, like Tesla, Carnival, and Advanced Micro Devices, have experienced significant declines of 20% or more from their recent highs. These drops have placed them in bear-market territory. This is surprising for investors because these stocks were previously performing well, with gains of over 35%. The reason behind these reversals is the growing concern about higher interest rates, which is causing turbulence in the S&P 500. Wall Street is realizing that despite concerns, the Federal Reserve is likely to start raising interest rates again.
America’s federal budget deficit effectively doubled in the 2023 fiscal year as slumping tax receipts, rising interest rates and persistent demand for expiring pandemic relief benefits strained the nation’s finances.
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