PSAC - Roku and This Winning SPAC Lifted the Nasdaq Tuesday
The Nasdaq Composite (NASDAQINDEX: ^IXIC) has been a stalwart performer over the past year, rising even when other major market benchmarks failed to gain ground. However, on Tuesday, the Nasdaq wasn't able to hold onto its early gains, finally succumbing to selling pressure by mid-afternoon. As of 1:30 p.m. EDT, the Nasdaq was down just a tiny fraction of a percent after being up more than 0.5% earlier in the day.
The connected-television space has been a strong performer lately, but even big gains from industry leader Roku (NASDAQ: ROKU) weren't enough to keep the Nasdaq out of negative territory. Meanwhile, despite a slump among special purpose acquisition companies (SPACs) in recent weeks, Property Solutions Acquisition (NASDAQ: PSAC) came into the spotlight as it rebounded from its recent swoon after filing key documents with the U.S. Securities and Exchange Commission about its pending merger in the electric-vehicle (EV) space .
Roku managed to gain more than 7% on Tuesday afternoon. The streaming-TV provider got a boost from Wall Street analysts.
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Roku and This Winning SPAC Lifted the Nasdaq Tuesday