Although this week presented its fair share of losses in the stock world, the week ended with a slightly brighter tone. Moods were lifted when stock analysts saw a large bump in retail sales, especially from Citigroup.
This is more consistent with the way things were going back in June, when retail sales blew up much higher than people expected. The reason it was unexpected was due to inflation that we haven’t seen in decades, as well as major worries over the economy slowing down. So when June posted such high numbers, analysts were flabbergasted.
After a slight decrease in July, it seems as though the market has managed to recapture some of that success.
A handful of companies were able to shine during this period. Pinterest was one of them, enjoying a 17% boost thanks to a major endorsement by investment firm Elliott Management. This was a much-needed win for Pinterest after noticing a major decline in subscribers.
Another success story late this week, as mentioned earlier, was Citigroup. With a reported 11% Q2 rise and a revenue total of $19.64 billion, Citigroup shares garnered a 6% uptick.
Although things can change rapidly for these companies in the blink of an eye, this is definitely going to celebrate as a win for the time being.