Markets ended in the red for the third consecutive session on Monday. A widespread selloff of technology stocks saw the Nasdaq declining more than 1% and registering its lowest close in three weeks.
The Dow Jones Industrial Average (DJI) declined 0.6%, to close at 25,306.83. The S&P 500 fell 0.6% to close at 2,802.60. The Nasdaq Composite Index closed at 7, 630.42, declining 1.4%. A total of 6.46 billion shares were traded on Monday, higher than the last 20-session average of 6.01 billion shares. Decliners outnumbered advancers on the NYSE by a 1.17-to-1 ratio. On Nasdaq, a 1.85-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The Dow shed 144.23 points, with shares of Visa, Inc. (V - Free Report) and American Express Co (AXP - Free Report) declining 3% and 2.9%, respectively. The S&P 500 shed 16.22 points, with tech stocks once again at the helm of the carnage. The Technology Select Sector SPDR (XLK) declined 1.8%. Seven of the 11 major S&P 500 sectors ended in negative territory.
The tech heavy Nasdaq gave up 107.41 points, declining 1.4%. In the last three days the index has now declined 3.9%. Technology stocks continued to suffer as shares of Netflix (NFLX - Free Report) and Facebook (FB - Free Report) declined 5.7% and 2.2%, respectively. Shares of Amazon (AMZN - Free Report) and Alphabet (GOOGL - Free Report) fell 2.1% and 1.8%, respectively. Amazon has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Tech Stocks Continue to Bleed
Tech stocks are taking a toll on markets for the last few days and Monday once again saw huge selloffs, as investors looked to other sectors. Markets had high expectations from tech stocks ahead of the earnings season. However, major tech gains so far have failed to meet expectations, which have made investors jittery.
The selloff in tech stocks started last week and the effect was felt on Monday, as major companies posted disappointing results. Twitter (TWTR - Free Report) , which saw a sharp decline in its shares on Friday after reporting that its active monthly users have declined, once again took a hit on Monday. Shares of Twitter tumbled 8%, with other tech stocks too suffering.
Stocks That Made Headlines
Transocean Posts Narrower-Than-Expected Loss in Q2
Transocean Limited (RIG - Free Report) reported a loss in the second quarter of 2018, narrower than the Zacks Consensus Estimate. (Read More)
BP Posts In-Line Q2 Earnings, Expects $3B Oil Spill Payment
BP plc (BP - Free Report) reported second-quarter 2018 adjusted earnings wherein the bottom line matched the Zacks Consensus Estimate. (Read More)
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>>