Stock Market Winners & Losers: S&P 500 and Nasdaq Edging Lower | Trump Media Shares Keep Falling | Caitlin Clark Collectibles Jump in Price
Loser: S&P 500 and Nasdaq edging lower
Concerns over Fed's need for high interest rates to curb inflation, S&P 500 sees sharp drop, Bank of America and UnitedHealth beat earnings expectations, Fed may maintain high rates amid Middle East tension, California's 5.3% unemployment suggests minimum wage law impacts jobs.
Loser: Trump Media shares keep falling
Trump Media shares tumbled over 5% as it announced Truth Social's move to a live TV streaming platform. Former President Trump, owning nearly 60% of the stock, saw shares drop 18% the day before and 20% last week. Despite opening near $70 and peaking at $80, they now stand at $25, a 70% decrease from March's peak. Trump's stake, once valued at $1.7 billion, dropped to $625 million last month. With poor fundamentals, Trump Media plans to launch a new live TV platform featuring news, religious, and family content.
Winner: Caitlin Clark collectibles jump in price
Caitlin Clark, NCAA Division I's top scorer, was picked first by the Indiana Fever in the WNBA draft, boosting NCAA tournament ratings to over 14 million. Fever's ticket prices surged 91% for their game against the Connecticut Sun. With 2 million Instagram followers, Clark secured deals with Nike, Gatorade, Xfinity, State Farm, and Buick. Her collector appeal is unprecedented; "Caitlin Clark" searches on eBay exceed 11,000 daily, with trading cards listed for over $10,000, including a $20,000 autographed card commemorating her record-breaking 3,528th point.
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