It was a mixed Thursday for markets. The Nasdaq and S&P 500 ended the day with moderate losses, as tech stocks pulled back after initial gains. However, the Dow ended the day in positive territory, with majority of the blue-chip companies registering gains.
The Dow Jones Industrial Average (DJI) rose 0.4%, to close at 25,241.41. The S&P 500 declined 0.1% to close at 2,770.37. The Nasdaq Composite Index closed at 7,635.07, declining 0.7%. A total of 7.25 billion shares were traded on Thursday, higher than the last 20-session average of 6.64 billion shares. Advancers outnumbered decliners on the NYSE by a 1.14-to-1 ratio. On Nasdaq, a 1.26-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The tech heavy Nasdaq shed 54.17 points, ending its four-day winning streak. The Nasdaq traded higher for a brief period before tech stocks pulled back initial gains. The S&P 500 shed a modest 1.98 points, bringing a halt to its four days of consecutive gains. The Technology Select Sector SPDR Fund (XLK) was the worst performer, declining 0.9%.
The Dow gained 95.02 points, led by a rally in blue-chip stocks. McDonald’s (MCD - Free Report) was the best performer on the index gaining 4.4%. McDonald’s has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Tech Stocks Pull Back
Markets snapped their four-day long winning streak on Thursday. The rally was primarily led by tech stocks. However, tech stocks pulled back on Thursday after making initial gains. This saw the Nasdaq and the S&P 500 making modest loses.
The S&P 500 and Nasdaq initial opened higher after Commerce Secretary, Wilbur Ross, said that the United States has struck a deal with China’s ZTE in order to end the seven-year ban imposed on the company. However, tech stocks pulled back in the late trading session as investors indulged in profit sharing leading to huge sell offs. Shares of Facebook (FB - Free Report) , Microsoft (MSFT - Free Report) , Intel (INTC - Free Report) and Alphabet (GOOGL - Free Report) declined 1.7%, 1.6%, 2% and 1.1%, respectively.
Also treasury yields fell on Thursday, with the 10-year Treasury note falling 6 basis points to 2.909, thus easing inflationary fears.
Stocks That Made Headlines
Exxon Mobil Expands Footprint in Brazil With Uirapuru Block
Exxon Mobil Corporation (XOM - Free Report) has won the Uirapuru exploration block with co-venturers Equinor ASA (EQNR - Free Report) and Petrogal Brasil during Brazil’s 4th pre-salt bid round. (Read More)
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>