Market Memo

The market was quite inconsistent today if you look at it from a whole. A great early session filled with tech companies like Meta and Microsoft reporting better than expected earnings for the second quarter, eventually went away and ended up with the market closing lower. The S&P fell for the third consecutive day and Dow fell today largely due to pharma stocks dragging it down as a result of pressure from the President to cut prices on drugs and medicine. Investors also were quite uncertain today as a result of President Trump’s tariffs going into effect tomorrow as well as new 25% tariffs on India, a 10% hike in the tariffs on Canada, and a 15% tariff on the EU and Japan. Apart from this however, Figma, a software design company that specializes in enabling collaboration on slide decks and app and website designs, rose almost 250% after its initial public offer at $33, closing at $115.50.