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Markets closed in the red once again on Tuesday, after staging a rebound in the previous session. The sharp decline was fueled by a selloff in the tech sector, which saw all three major indices suffering their fourth decline in five sessions. Facebook’s shares continued to plummet even as other major tech giants like NVIDIA, Tesla, Microsoft and Apple also suffered a beating. Further, financials stocks too slumped on Tuesday, with bank shares witnessing a heavy selloff as U.S. government bonds rallied and the yield on the 10-year Treasury note declined.
How did the Benchmarks Fare?
The Dow Jones Industrial Average (DJI) declined 1.4%, or 344.89 points, to close at 23,857.71 and re-entered correction territory. The S&P 500 fell 1.7% to close at 2,612.62, with tech declining 3.5% and registering its worst day since Feb 8. The Nasdaq Composite Index closed at 7,008.81, shedding 2.9% and registering its biggest single-day percentage drop since early February. A total of 7.57 billion shares were traded on Tuesday, higher than the last 20-session average of 7.37 billion shares. Decliners outnumbered advancers on the NYSE by a 2.12-to-1 ratio. On Nasdaq, a 3.36-to-1 ratio favored declining issues.
Tech Sector Continues to Bleed
The tech sector, which, till recently, was driving the markets and was one of the significant beneficiaries of a roaring rally, once again witnessed heavy selloffs. Shares of Facebook, Inc. , which has been in the midst of a data misuse scandal and has been constantly facing backlash from all corners, once again declined 4.9% on news that Bank of America Merrill Lynch had reduced its price target on the stock for the second time in five days. Moreover, the company’s CEO Mark Zuckerberg said that he might have to testify about the company’s data-use standards.
Shares of other tech giants also took a beating on Monday with shares of Nvidia Corporation (NVDA - Free Report) declining 7.8% on reports of the company suspending all its self-driving tests. Nvidia has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Also, shares of Microsoft Corporation (MSFT - Free Report) and Apple Inc. sank 4.6% and 2.6%, respectively.
Further, shares of Tesla, Inc. (TSLA - Free Report) declined 8.2% following news that the U.S. National Transportation Safety Board was carrying out a field investigation into a fatal crash involving a Tesla vehicle last week in California. The heavy selloff in the tech sector saw the exchange-traded Technology Select Sector SPDR ETF (XLK) trading down 3.2% on Monday.
Bank Stocks Witness Selloff
Financial stocks, particularly bank shares witnessed huge selloffs, as U.S. government bonds rallied and the yield on the 10-year Treasury note dropped below 2.8%, its lowest close in seven weeks. Lower interest rates hurt banks as they weigh on their net interest margins, a key measure of lending profitability. Among major banks that suffered the selloff on Monday were Goldman Sachs Group, Inc. (GS - Free Report) and Bank of America Corporation (BAC - Free Report) , each declining 3%. The KBW Nasdaq Bank Index of large lenders declined 2.4%, falling for the third time in five trading sessions.
lululemon athletica inc. (LULU - Free Report) delivered a solid fourth-quarter fiscal 2017 with both sales and earnings surpassing estimates and improving year over year. (Read More)
Windstream Holdings Inc. completed the acquisition of MASS Communications. (Read More)
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
Stock Market News For Mar 28, 2018
Markets closed in the red once again on Tuesday, after staging a rebound in the previous session. The sharp decline was fueled by a selloff in the tech sector, which saw all three major indices suffering their fourth decline in five sessions. Facebook’s shares continued to plummet even as other major tech giants like NVIDIA, Tesla, Microsoft and Apple also suffered a beating. Further, financials stocks too slumped on Tuesday, with bank shares witnessing a heavy selloff as U.S. government bonds rallied and the yield on the 10-year Treasury note declined.
How did the Benchmarks Fare?
The Dow Jones Industrial Average (DJI) declined 1.4%, or 344.89 points, to close at 23,857.71 and re-entered correction territory. The S&P 500 fell 1.7% to close at 2,612.62, with tech declining 3.5% and registering its worst day since Feb 8. The Nasdaq Composite Index closed at 7,008.81, shedding 2.9% and registering its biggest single-day percentage drop since early February. A total of 7.57 billion shares were traded on Tuesday, higher than the last 20-session average of 7.37 billion shares. Decliners outnumbered advancers on the NYSE by a 2.12-to-1 ratio. On Nasdaq, a 3.36-to-1 ratio favored declining issues.
Tech Sector Continues to Bleed
The tech sector, which, till recently, was driving the markets and was one of the significant beneficiaries of a roaring rally, once again witnessed heavy selloffs. Shares of Facebook, Inc. , which has been in the midst of a data misuse scandal and has been constantly facing backlash from all corners, once again declined 4.9% on news that Bank of America Merrill Lynch had reduced its price target on the stock for the second time in five days. Moreover, the company’s CEO Mark Zuckerberg said that he might have to testify about the company’s data-use standards.
Shares of other tech giants also took a beating on Monday with shares of Nvidia Corporation (NVDA - Free Report) declining 7.8% on reports of the company suspending all its self-driving tests. Nvidia has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Also, shares of Microsoft Corporation (MSFT - Free Report) and Apple Inc. sank 4.6% and 2.6%, respectively.
Further, shares of Tesla, Inc. (TSLA - Free Report) declined 8.2% following news that the U.S. National Transportation Safety Board was carrying out a field investigation into a fatal crash involving a Tesla vehicle last week in California. The heavy selloff in the tech sector saw the exchange-traded Technology Select Sector SPDR ETF (XLK) trading down 3.2% on Monday.
Bank Stocks Witness Selloff
Financial stocks, particularly bank shares witnessed huge selloffs, as U.S. government bonds rallied and the yield on the 10-year Treasury note dropped below 2.8%, its lowest close in seven weeks. Lower interest rates hurt banks as they weigh on their net interest margins, a key measure of lending profitability. Among major banks that suffered the selloff on Monday were Goldman Sachs Group, Inc. (GS - Free Report) and Bank of America Corporation (BAC - Free Report) , each declining 3%. The KBW Nasdaq Bank Index of large lenders declined 2.4%, falling for the third time in five trading sessions.
Stocks That Made Headlines
lululemon Rallies on Q4 Earnings Beat, Robust View
lululemon athletica inc. (LULU - Free Report) delivered a solid fourth-quarter fiscal 2017 with both sales and earnings surpassing estimates and improving year over year. (Read More)
Windstream Completes Buyout of MASS Communications
Windstream Holdings Inc. completed the acquisition of MASS Communications. (Read More)
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>