The S&P 500 Drops Below 4,000

Today was another tough day for the stock market. The S&P 500 fell 3.20%. That was its third 3% down day in the last seven days. The index is now down 16.79% from its closing high on January 3 of this year. The S&P 500 closed below 4,000 for the first time since March 2021.

Once again, the Nasdaq had an even worse day. The Nasdaq Composite fell 4.29% today. The index is now down 27.61% from its November high close. The S&P 500 Energy Sector was the big loser. It lost 8.3% today.

The defensive sectors did well today. On our Buy List, Church & Dwight (CHD) gained 2.75% today. Overall, our Buy List had a good relative performance day, meaning down but not by as much. For the day, our Buy List lost 1.97% today.

After the closing bell, Trex (TREX) reported Q1 earnings of 62 cents per share. That’s an increase of 48% over last year, and it was eight cents higher than expectations.

Sales rose 38% to $339 million. That was above the company’s guidance of $320 to $330 million. This was a very good quarter, and it may bring the shares some much-needed relief.

For Q2, Trex expects sales to range between $375 million to $385 million. At the midpoint, that’s an increase of 22%. For all of 2022, Trex expects double-digit revenue growth.

Posted by on May 9th, 2022 at 5:33 pm


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