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Markets finished lower for a second straight day on Wednesday. The decline was fueled by a selloff in tech stocks which failed to recover from the steep losses witnessed in the previous session. Amazon suffered the most, while other tech stocks such as Apple, and Netflix also took a beating. Further, Tesla’s shares plummeted following a credit downgrade and news of officials investigating a fatal crash in California.
Investors, in the meantime, digested a U.S. Commerce Department report of the U.S. economy slowing less than previously reported in the fourth quarter. Per the latest report from the Commerce Department, the U.S. GDP advanced at 2.9% annual rate of growth versus the last quarter’s figure of 2.5%. However, consumer spending witnessed its fastest quarterly growth in three years.
The Dow Jones Industrial Average (DJI) declined less than 0.1%, to close at 23,848.42. The S&P 500 fell 0.3% to close at 2,605. The Nasdaq Composite Index closed at 6949.23, shedding 0.9%. A total of 6.96 billion shares were traded on Wednesday, lower than the last 20-session average of 7.36 billion shares. Advancers outnumbered decliners on the NYSE by a 1.12-to-1 ratio. On Nasdaq, a 1.22-to-1 ratio favored declining issues.
How did the Benchmarks Perform?
The Dow declined 9.29 points in an otherwise choppy trading session, switching in and out of the positive territory 29 times. The 30-stock exchange at its session high rose as much as 234.76 points and fell 129.04 points at the lows.
Amazon Suffers on Trump Fears, Other Tech Stocks Decline
Amazon’s shares declined on reports that President Donald Trump has indicated that he wanted to rein in the e-commerce giant. The report said that Trump wants to “go after” Amazon, which saw company’s shares declining by as much as 6.7%, losing more than $53 billion in market value. The stock later recovered a bit to close the day down 4.4%.
Other major tech stocks too took a beating with Apple declining 1.1% after Goldman Sachs lowered its iPhone sales estimates in March and for the June quarter. Netflix also sank 4.9%. Concerns are mounting for other tech companies as well. Tesla, Inc.’s (TSLA - Free Report) shares plummeted 7.7% following a credit downgrade and on news that officials are investigating a fatal car crash that took place in California last week.
The heavy decline in tech stocks saw The Technology Select Sector SPDR fund (XLK) briefly entering correction territory on Wednesday, before closing 0.7% lower.
BlackBerry Limited (BB - Free Report) performed well in the fourth quarter of fiscal 2018 (ended Feb 28), reporting better-than-expected earnings and revenues. (Read More)
Concho Resources Inc. recently signed a deal to acquire its rival RSP Permian Inc. to expand its presence in the prolific Permian play. (Read More)
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Image: Bigstock
Stock Market News For Mar 29, 2018
Markets finished lower for a second straight day on Wednesday. The decline was fueled by a selloff in tech stocks which failed to recover from the steep losses witnessed in the previous session. Amazon suffered the most, while other tech stocks such as Apple, and Netflix also took a beating. Further, Tesla’s shares plummeted following a credit downgrade and news of officials investigating a fatal crash in California.
Investors, in the meantime, digested a U.S. Commerce Department report of the U.S. economy slowing less than previously reported in the fourth quarter. Per the latest report from the Commerce Department, the U.S. GDP advanced at 2.9% annual rate of growth versus the last quarter’s figure of 2.5%. However, consumer spending witnessed its fastest quarterly growth in three years.
The Dow Jones Industrial Average (DJI) declined less than 0.1%, to close at 23,848.42. The S&P 500 fell 0.3% to close at 2,605. The Nasdaq Composite Index closed at 6949.23, shedding 0.9%. A total of 6.96 billion shares were traded on Wednesday, lower than the last 20-session average of 7.36 billion shares. Advancers outnumbered decliners on the NYSE by a 1.12-to-1 ratio. On Nasdaq, a 1.22-to-1 ratio favored declining issues.
How did the Benchmarks Perform?
The Dow declined 9.29 points in an otherwise choppy trading session, switching in and out of the positive territory 29 times. The 30-stock exchange at its session high rose as much as 234.76 points and fell 129.04 points at the lows.
The S&P 500 declined 7.62 points to close in the red, while the tech-heavy Nasdaq fell 59.58 points as most tech majors Amazon.com, Inc. (AMZN - Free Report) , Netflix, Inc. (NFLX - Free Report) and Apple Inc. (AAPL - Free Report) pulled back. Amazon has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amazon Suffers on Trump Fears, Other Tech Stocks Decline
Amazon’s shares declined on reports that President Donald Trump has indicated that he wanted to rein in the e-commerce giant. The report said that Trump wants to “go after” Amazon, which saw company’s shares declining by as much as 6.7%, losing more than $53 billion in market value. The stock later recovered a bit to close the day down 4.4%.
Other major tech stocks too took a beating with Apple declining 1.1% after Goldman Sachs lowered its iPhone sales estimates in March and for the June quarter. Netflix also sank 4.9%. Concerns are mounting for other tech companies as well. Tesla, Inc.’s (TSLA - Free Report) shares plummeted 7.7% following a credit downgrade and on news that officials are investigating a fatal car crash that took place in California last week.
The heavy decline in tech stocks saw The Technology Select Sector SPDR fund (XLK) briefly entering correction territory on Wednesday, before closing 0.7% lower.
Stocks That Made Headlines
BlackBerry Q4 Earnings Beat, Software Sales Strong
BlackBerry Limited (BB - Free Report) performed well in the fourth quarter of fiscal 2018 (ended Feb 28), reporting better-than-expected earnings and revenues. (Read More)
Concho Inks Mega $9.5B Deal to Acquire RSP Permian
Concho Resources Inc. recently signed a deal to acquire its rival RSP Permian Inc. to expand its presence in the prolific Permian play. (Read More)
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Click here to see them >>