We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Markets closed sharply lower on Wednesday as disappointing earnings and escalating worries surrounding Turkey’s currency dented investors’ confidence. The S&P 500 witnessed its biggest percentage drop since June end. The Dow and the Nasdaq also ended in the red, led by huge selloffs in tech stocks.
The Dow Jones Industrial Average (DJI) declined 0.5%, to close at 25,162.41. The S&P 500 fell 0.8% to close at 2,881.37. The Nasdaq Composite Index closed at 7,774.12, declining 1.2%. A total of 7.86 billion shares were traded on Wednesday, higher than the last 20-session average of 6.53 billion shares. Decliners outnumbered advancers on the NYSE by a 2.25-to-1 ratio. On Nasdaq, a 3.10-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The Dow gave up 137.51 points, after shedding more than 300 points at one time to fall below the 25,000 mark. The S&P 500 lost 21.59 points, recording its biggest percentage drop since June end. Tech was one of the biggest losers. The Technology Select Sector SPDR (XLK) declined 0.9% while the Energy Select Sector SPDR (XLE) fell 3.5%. The losses were somewhat pared by gains in the utilities and real estate sector.
The tech heavy Nasdaq lost 96.78 with tech stocks taking a hit. Shares of Chinese tech giant Tencent Holdings Limited (TCEHY - Free Report) declined 6.7%. Also shares of Amazon.com, Inc. (AMZN - Free Report) and Alphabet, Inc. (GOOGL - Free Report) and Facebook witnessed a sharp decline. Shares of Amazon, Alphabet and Facebook fell 1.9% and 0.9%, respectively. Shares of Microsoft Corporation (MSFT - Free Report) declined 1.4%. Microsoft has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Uncertainty Over Turkish Lira Continues
Global tensions and trade war fears once again took a toll on markets. However, the initial losses were somewhat pared after Qatar reportedly agreed to invest $15 billion in Turkey after a meeting between Qatar’s Sheikh Temim bin Hamed Al Sani and Turkey’s president Recep Tayyip Erdogan. This somewhat helped the lira rebound.
That, however, couldn’t boost the confidence of the investors much as they worried that Turkey’s financial crisis could develop into a larger global crisis. Moreover, stocks took a hit, as Turkey retaliated by raising tariffs on a range of goods imported from the United States. On Friday, the U.S. administration had announced its plans of doubling tariffs on metals, including aluminum and steel, imported from Turkey.
This saw the Turkish lira fall to a record low on Monday before recovering on Tuesday after the country’s central bank took measures to ease pressure off the currency. Turkey’s currency has been under pressure for some time, and declined last week after the European Central Bank raised concerns over the country economy.
Tech Stocks Take a Hit
It has so far been a good earnings season. However, on Wednesday disappointing results from some companies dented investors’ spirits. Tech stocks particularly took a hit after Chinese tech giant Tencent Holdings Limited in its quarterly results reported a decline in its profits for the first time in 13 years. This eventually put pressure on U.S. tech stocks with shares of major players like Facebook, Amazon, Alphabet and Microsoft declining.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%. And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
Stock Market News For Aug 16, 2018
Markets closed sharply lower on Wednesday as disappointing earnings and escalating worries surrounding Turkey’s currency dented investors’ confidence. The S&P 500 witnessed its biggest percentage drop since June end. The Dow and the Nasdaq also ended in the red, led by huge selloffs in tech stocks.
The Dow Jones Industrial Average (DJI) declined 0.5%, to close at 25,162.41. The S&P 500 fell 0.8% to close at 2,881.37. The Nasdaq Composite Index closed at 7,774.12, declining 1.2%. A total of 7.86 billion shares were traded on Wednesday, higher than the last 20-session average of 6.53 billion shares. Decliners outnumbered advancers on the NYSE by a 2.25-to-1 ratio. On Nasdaq, a 3.10-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The Dow gave up 137.51 points, after shedding more than 300 points at one time to fall below the 25,000 mark. The S&P 500 lost 21.59 points, recording its biggest percentage drop since June end. Tech was one of the biggest losers. The Technology Select Sector SPDR (XLK) declined 0.9% while the Energy Select Sector SPDR (XLE) fell 3.5%. The losses were somewhat pared by gains in the utilities and real estate sector.
The tech heavy Nasdaq lost 96.78 with tech stocks taking a hit. Shares of Chinese tech giant Tencent Holdings Limited (TCEHY - Free Report) declined 6.7%. Also shares of Amazon.com, Inc. (AMZN - Free Report) and Alphabet, Inc. (GOOGL - Free Report) and Facebook witnessed a sharp decline. Shares of Amazon, Alphabet and Facebook fell 1.9% and 0.9%, respectively. Shares of Microsoft Corporation (MSFT - Free Report) declined 1.4%. Microsoft has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Uncertainty Over Turkish Lira Continues
Global tensions and trade war fears once again took a toll on markets. However, the initial losses were somewhat pared after Qatar reportedly agreed to invest $15 billion in Turkey after a meeting between Qatar’s Sheikh Temim bin Hamed Al Sani and Turkey’s president Recep Tayyip Erdogan. This somewhat helped the lira rebound.
That, however, couldn’t boost the confidence of the investors much as they worried that Turkey’s financial crisis could develop into a larger global crisis. Moreover, stocks took a hit, as Turkey retaliated by raising tariffs on a range of goods imported from the United States. On Friday, the U.S. administration had announced its plans of doubling tariffs on metals, including aluminum and steel, imported from Turkey.
This saw the Turkish lira fall to a record low on Monday before recovering on Tuesday after the country’s central bank took measures to ease pressure off the currency. Turkey’s currency has been under pressure for some time, and declined last week after the European Central Bank raised concerns over the country economy.
Tech Stocks Take a Hit
It has so far been a good earnings season. However, on Wednesday disappointing results from some companies dented investors’ spirits. Tech stocks particularly took a hit after Chinese tech giant Tencent Holdings Limited in its quarterly results reported a decline in its profits for the first time in 13 years. This eventually put pressure on U.S. tech stocks with shares of major players like Facebook, Amazon, Alphabet and Microsoft declining.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%. And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>