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The Dow recorded a second straight all-time high on Friday led by a rally in industrials. However, a slump in technology and internet-related stocks weighed on the Nasdaq. The S&P 500 also closed lower on Friday, ahead of Monday’s major sector reshuffle. That said, trading volumes increased to its highest level since Feb 9 in anticipation of the S&P 500 sector change.
The Dow Jones Industrial Average (DJI) gained 0.3%, to close at 26,743.50. The S&P 500 declined 0.04% to close at 2,929.48. The Nasdaq Composite Index closed at 7,986.96, declining 0.5%. A total of 10.77 billion shares were traded on Friday, almost 64% higher than the last 20-session average of 6.57 billion shares. Advancers outnumbered decliners on the NYSE by a 1.04-to-1 ratio. On Nasdaq, a 1.21-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The Dow added 86.52 points, after registering its first all-time high on Thursday since Jan 26. The rally was led by industrials, with shares of The Boeing Company (BA - Free Report) gaining 1.3%. Shares of Caterpillar, Inc. increased 0.2%. The S&P 500 gave up 1.27 points after rising as much as 0.4%. The S&P 500 had posted its first all-time high on Thursday since late August.
The tech heavy Nasdaq gave up 41.28 points, led by huge selloff in tech stocks. Shares all major tech companies took a hit. Shares of Apple, Inc. (AAPL - Free Report) declined 1.1%. Shares of Amazon, Inc. (AMZN - Free Report) and Alphabet, Inc. (GOOGL - Free Report) fell 1.5% and 1.6%, respectively. The Nasdaq is 2% below its record levels. Amazon has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Industrials Help Markets
Trade war fears have been rattling markets for a while. On Sep 17, the Trump administration announced that it would impose 10% tariffs on $200 billion worth of Chinese goods, which would rise to 25% by year end. In retaliation, China said too announced 10% tariffs on 5,000 U.S. products worth $60 billion. However, 10% tariffs were seen as a relief compared to a harsher 25% tariffs, as feared by analysts.
This somewhat helped markets since a rally in industrial stocks followed. Moreover, on Thursday, markets gained after strong economic data showed that jobless claims dropped to its lowest level since November 1969. Impressive economic data have been hinting at strong economic fundamentals. This seems to have somewhat overshadowed trade war fears and have been helping markets.
Tech stocks Slump
Tech stocks have been driving markets for a while. However, on Friday, tech stocks once again took a hit. Friday also saw trading volumes increase to its highest level since Feb 9, as investors braced for an S&P 500 reshuffle. The reshuffle will see Facebook, Inc. , Netflix, Inc. (NFLX - Free Report) , Twitter, Inc. and Google parent Alphabet, Inc. (GOOGL - Free Report) moving to the telecommunication services sector.
The sector will now be renamed communication services from Sep 24. Disney (DIS - Free Report) and CBS Corporation will also be added to the revamped sector. The reshuffle will see 21.4% loss in market capitalization for consumer discretionary stocks and a drop of 19.5% in value for tech stocks. This led to tech stocks declining on Friday, with FAANG stocks suffering the most.
Weekly Roundup
The week started on a low, with markets opening lower, as trade war fears once again weighed on investors after the Trump administration announced that it would impose 10% tariffs on $200 billion worth of Chinese goods. However, the 10% tariffs were seen as better than a harsher 25% tariffs. This once again saw stocks rally on Tuesday. Moreover, strong economic data also helped markets.
For the week, the Nasdaq declined 0.3%. The Dow gained 2.3%, registering its highest weekly percentage gain since July, while the S&P 500 increased 0.9%. Both the S&P 500 and Dow posted their second straight weekly gain.
Shares of Avon Products, Inc. rose after the company announced its long-term financial targets for 2021, backed by a new growth strategy. (Read More).
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Stock Market News For Sep 24, 2018
The Dow recorded a second straight all-time high on Friday led by a rally in industrials. However, a slump in technology and internet-related stocks weighed on the Nasdaq. The S&P 500 also closed lower on Friday, ahead of Monday’s major sector reshuffle. That said, trading volumes increased to its highest level since Feb 9 in anticipation of the S&P 500 sector change.
The Dow Jones Industrial Average (DJI) gained 0.3%, to close at 26,743.50. The S&P 500 declined 0.04% to close at 2,929.48. The Nasdaq Composite Index closed at 7,986.96, declining 0.5%. A total of 10.77 billion shares were traded on Friday, almost 64% higher than the last 20-session average of 6.57 billion shares. Advancers outnumbered decliners on the NYSE by a 1.04-to-1 ratio. On Nasdaq, a 1.21-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The Dow added 86.52 points, after registering its first all-time high on Thursday since Jan 26. The rally was led by industrials, with shares of The Boeing Company (BA - Free Report) gaining 1.3%. Shares of Caterpillar, Inc. increased 0.2%. The S&P 500 gave up 1.27 points after rising as much as 0.4%. The S&P 500 had posted its first all-time high on Thursday since late August.
The tech heavy Nasdaq gave up 41.28 points, led by huge selloff in tech stocks. Shares all major tech companies took a hit. Shares of Apple, Inc. (AAPL - Free Report) declined 1.1%. Shares of Amazon, Inc. (AMZN - Free Report) and Alphabet, Inc. (GOOGL - Free Report) fell 1.5% and 1.6%, respectively. The Nasdaq is 2% below its record levels. Amazon has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Industrials Help Markets
Trade war fears have been rattling markets for a while. On Sep 17, the Trump administration announced that it would impose 10% tariffs on $200 billion worth of Chinese goods, which would rise to 25% by year end. In retaliation, China said too announced 10% tariffs on 5,000 U.S. products worth $60 billion. However, 10% tariffs were seen as a relief compared to a harsher 25% tariffs, as feared by analysts.
This somewhat helped markets since a rally in industrial stocks followed. Moreover, on Thursday, markets gained after strong economic data showed that jobless claims dropped to its lowest level since November 1969. Impressive economic data have been hinting at strong economic fundamentals. This seems to have somewhat overshadowed trade war fears and have been helping markets.
Tech stocks Slump
Tech stocks have been driving markets for a while. However, on Friday, tech stocks once again took a hit. Friday also saw trading volumes increase to its highest level since Feb 9, as investors braced for an S&P 500 reshuffle. The reshuffle will see Facebook, Inc. , Netflix, Inc. (NFLX - Free Report) , Twitter, Inc. and Google parent Alphabet, Inc. (GOOGL - Free Report) moving to the telecommunication services sector.
The sector will now be renamed communication services from Sep 24. Disney (DIS - Free Report) and CBS Corporation will also be added to the revamped sector. The reshuffle will see 21.4% loss in market capitalization for consumer discretionary stocks and a drop of 19.5% in value for tech stocks. This led to tech stocks declining on Friday, with FAANG stocks suffering the most.
Weekly Roundup
The week started on a low, with markets opening lower, as trade war fears once again weighed on investors after the Trump administration announced that it would impose 10% tariffs on $200 billion worth of Chinese goods. However, the 10% tariffs were seen as better than a harsher 25% tariffs. This once again saw stocks rally on Tuesday. Moreover, strong economic data also helped markets.
For the week, the Nasdaq declined 0.3%. The Dow gained 2.3%, registering its highest weekly percentage gain since July, while the S&P 500 increased 0.9%. Both the S&P 500 and Dow posted their second straight weekly gain.
Stocks That Made Headlines
Avon Announces Long-Term Financial Targets & Growth Strategy
Shares of Avon Products, Inc. rose after the company announced its long-term financial targets for 2021, backed by a new growth strategy. (Read More).
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>