IMGN - Why Coinbase and Immunogen Led the Nasdaq Lower Monday
The stock market showed its mettle last week, with solid gains for major indexes. However, the momentum didn't last very far into Monday, and midday comments from Fed chair Jerome Powell left the Nasdaq Composite (NASDAQINDEX: ^IXIC) down more than 1.5% as of 1:30 p.m. ET.
Last week's rally gave a big boost to some beaten-down stocks. Among them, Coinbase Global (NASDAQ: COIN) rose more than 20% last week from the lows it set just a few days prior, and Immunogen (NASDAQ: IMGN) gained 10%. Yet today brought sharp declines for both stocks that in one case took back all of those gains and then some. Below, let's take a closer look at what's moving Coinbase and Immunogen Monday.
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Why Coinbase and Immunogen Led the Nasdaq Lower Monday