In today’s market wrap-up, the Dow Jones Industrial Average (DJIA) and the S&P 500 closed higher, while the NASDAQ held steady. The DJIA experienced a gain of 0.80%, crossing above its 10-day moving average. Similarly, the S&P 500 saw a 1.11% increase and moved above its 10-day moving average. On the New York Stock Exchange, advancing issues outnumbered declining issues, with a ratio of 2,018 to 943. Over the last five trading days, the DJIA has gained 0.52%, closing at 34,122. Meanwhile, the S&P 500 has recorded a 0.33% gain over the same period, closing at 4,396. The NASDAQ, however, remained relatively unchanged despite positive breadth on the New York Stock Exchange. This suggests that smaller-cap stocks outperformed their larger-cap counterparts. The NASDAQ closed at 13,591, reflecting a 0.29% loss over the past five trading days.
In other news, WeWork Inc. (WE), the prominent co-working space provider, announced that it no longer complies with New York Stock Exchange (NYSE) listing requirements following the resignation of a board member. WeWork stated in a filing with the Securities and Exchange Commission (SEC) late Thursday that the departure of board member Deven Parekh last Friday resulted in the company lacking a majority of independent board members. As a result, WeWork’s stock fell out of compliance with NYSE regulations. After hours on Thursday, WeWork’s shares dropped 2.3%, closing at 26 cents per share, following a flat day in regular trading. This year, the company’s stock has plummeted by a staggering 82%, in stark contrast to the S&P 500 index, which has gained 14.5% over the same period. WeWork shareholders recently voted in favor of a reverse stock split, while the company has experienced executive departures and a decline in bond value.
The market wrap-up highlights a positive performance for the DJIA and the S&P 500, with both indices crossing their 10-day moving averages. However, the NASDAQ remained relatively stable, indicating stronger performance among smaller-cap stocks. In other news, WeWork faces challenges as it falls out of compliance with NYSE listing requirements after a board member’s resignation. The company has been grappling with significant stock value losses, executive departures, and a decline in bond prices. Investors and market observers will closely monitor these developments and their potential impact on the broader market.
