Tag: Wall

Technology stocks drag Wall Street lower to end volatile week

US stocks closed lower for a third straight day as technology shares slipped, capping off another choppy week on Wall Street that included some unsettling central bank meetings.

The S&P 500 fell 1.1 per cent, extending losses that first began on Wednesday following the Federal Reserve’s meeting on monetary policy. For the week, the benchmark index was down 0.7 per cent — its third week of declines. Meanwhile, the tech-heavy Nasdaq Composite closed down 1.1 per cent.

“Stocks remain technically overbought in the short term and vulnerable to a further correction,” said analysts at BCA Research. Investors should pivot into cheaper areas of the stock market, such as financials, non-US stocks and value stocks, they added.

Earlier this week the Fed chairman Jay Powell provided fresh details on the US central bank’s plan to allow for inflation to run above its 2 per cent target in order to make up

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Wall Street posts third week of declines as tech slide drags on

(Reuters) – U.S. stocks fell on Friday as technology shares sold off for a third day in a row, while all three major U.S. indexes posted a third straight week of declines.

It was the Nasdaq’s first such weekly streak since August 2019, and S&P 500 and Dow’s first since early October 2019.

Apple Inc AAPL.O, Microsoft Corp MSFT.O, Amazon.com Inc AMZN.O and Alphabet Inc. GOOGL.O, which helped to fuel the market’s rally off the March lows, were among the biggest drags on the S&P 500 and Nasdaq on Friday, while the S&P 500 technology index .SPLRCT fell 1.7%, the biggest weight among the S&P 500 sectors. Apple was down 3.2%.

“We had a market peak on Sept. 2, and then we had a rapid decline and a lot of that came in technology and growth stocks that had done so well,” said Tom Martin, senior portfolio

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Wall Street struggles to rebound from tech rout; TikTok battle wages on

Stocks struggled in Friday’s session, closing out a rocky week on a quiet note following a volatile session that saw big tech stocks sell off sharply once again — which dragged down Wall Street in spite of encouraging developments in the economy.

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In recent sessions, high profile tech stocks like Amazon (AMZN), Facebook (FB) and Apple (AAPL) have slumped sharply after hitting record highs. On Thursday, the sector’s rout led the Nasdaq to its worst day in about a week, and Friday saw the bellwether shed nearly 2% intraday.

Price action reflects how investors, who have bid up stocks relentlessly since late spring, are now rethinking prospects for a sharp economic rebound in the wake of a still raging COVID-19 pandemic and no immediate fiscal boost on the table.

“The prospects for further fiscal stimulus have dimmed further, as another week has gone by without any progress,” Goldman

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Wall Street falls as tech sells off again, jobless claims still high

(Reuters) – U.S. stocks fell on Thursday as technology-related shares slid for a second day and as government data showed high levels of weekly jobless claims.

Amazon.com Inc AMZN.O dropped 2.3% and Apple Inc AAPL.O fell 1.6%, making them the biggest drags on the S&P 500 and Nasdaq. Last week, the Nasdaq’s losses put the index down 10% from its closing record, confirming a correction began on Sept. 2.

From the March market lows, “this has been an amazing recovery represented by a few good tech names,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

“They had an incredible last week of August, and I think this is a rational profit-taking scenario at the moment.”

Last week, all three major U.S. stock indexes posted a second straight week of declines as investors sold tech-related names that had powered the S&P 500 to record highs in

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Futures flat after tech rout drags down Wall Street

olatile session that saw big tech stocks sell off sharply once again — which dragged the broader market down with them in spite of encouraging jobless data.” data-reactid=”16″Stock futures hovered near breakeven in Thursday evening’s after hours trading, following a volatile session that saw big tech stocks sell off sharply once again — which dragged the broader market down with them in spite of encouraging jobless data.

AMZN), Facebook (FB) and Apple (AAPL), which led the Nasdaq to its worst day in about a week. Price action reflected how investors, who have bid up stocks relentlessly since late spring, are now rethinking prospects for a sharp economic rebound in the wake of a still raging COVID-19 pandemic and no immediate fiscal boost on the table.” data-reactid=”17″Thursday’s regular session sell-off was led by high profile tech stocks like Amazon (AMZN), Facebook (FB) and Apple

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Wall Street slumps as Big Tech once again leads decliners

Stan Choe, The Associated Press
Published 10:50 a.m. ET Sept. 17, 2020

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The U.S. economy just had its worse performance ever as businesses shut down across the country as well as much travel decline.

USA TODAY

U.S. stocks are lower Thursday as Wall Street continues to swirl after the Federal Reserve said it will keep interest rates at nearly zero for years to help nurse the wheezing economy.

The S&P 500 was 1% lower in morning trading, after trimming an earlier loss that reached 1.6%. It follows up on a volatile day, where the index at first rose following the Fed’s announcement before giving out in the last hour of trading to drop to its first loss in four days.

The Dow Jones Industrial Average fell 165 points, or 0.6%, to 27,866, as of 10:25 a.m. Eastern time, and the Nasdaq composite was down 1.7%. The selling was widespread,

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US STOCKS-Tech sell-off hits Wall St as jobless claims remain elevated

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)

* Weekly jobless claims stuck at high levels

* Fed vows to keep rates low until 2023

* Technology stocks sell off, big U.S. banks fall

* Indexes down: Dow 0.78%, S&P 500 1.30%, Nasdaq 2% (Updates prices to early afternoon)

Sept 17 (Reuters) – Wall Street’s main indexes fell on Thursday after data showed high levels of weekly jobless claims, while technology-related stocks resumed their slide with Apple Inc and Amazon.com Inc among the biggest drags on the Nasdaq.

Nine out of the 11 major S&P 500 sector indexes were lower, with technology stocks leading sectoral declines.

“A lot of this is retail investing. Everybody’s trying to book profits, but also trying not to spook markets either,” said William Herrmann, founder and managing partner at Wilshire Phoenix

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Tech sell-off hits Wall Street as jobless claims remain elevated

(Reuters) – Wall Street’s main indexes fell on Thursday after data showed high levels of weekly jobless claims, while technology-related stocks resumed their slide with Apple Inc and Amazon.com Inc among the biggest drags on the Nasdaq.

FILE PHOTO: The “Fearless Girl” statue is seen outside the New York Stock Exchange in the Manhattan borough of New York, U.S., May 26, 2020. REUTERS/Mike Segar/File Photo

Nine out of the 11 major S&P 500 sector indexes were lower, with technology stocks leading sectoral declines.

“A lot of this is retail investing. Everybody’s trying to book profits, but also trying not to spook markets either,” said William Herrmann, founder and managing partner at Wilshire Phoenix in New York City.

The Nasdaq, which entered correction territory earlier this month, slipped another 2% by midday trading with Facebook Inc, Apple, Amazon.com, Tesla Inc, Microsoft Corp, Alphabet Inc and Netflix

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Wall Street set to drop with tech stocks under continued pressure

BY THE NUMBERS

Dow futures were pointing to major declines at Thursday’s open after the Labor Department’s weekly report showed fewer than expected but persistently high new jobless claims.The Dow Jones Industrial Average was able to hold on to gains Wednesday, though it closed well off the highs after the Federal Reserve pledged to keep interest rates low for years. Tech stocks dragged the S&P 500 and Nasdaq lower, as they did last week. (CNBC)

Technology stocks were set to resume their recent sell-off with the so-called FANG block all dipping at least 1% in premarket. Apple (AAPL) and Amazon (AMZN) led the declines, both falling 1.5%. Meanwhile, Tesla (TSLA) dropped more than 3%. The tech-heavy Nasdaq last week dipped into correction territory, falling more than 10% from a record high. (CNBC)

The government said this morning that filings for initial unemployment benefits for the week ending Sept. 12 totaled

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Asian shares mostly higher after Wall Street gains

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People wearing face masks walk past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, Sept. 15, 2020. Asian stocks were mixed Tuesday after Wall Street rose on a flurry of corporate deals and China’s economic activity improved.

AP

Shares were mostly higher in Asia on Wednesday after advances for big technology companies carried Wall Street to further gains overnight.

Benchmarks rose modestly in Tokyo, Hong Kong and Seoul but the Shanghai Composite index was almost flat.

Investors are awaiting the outcome of the U.S. Federal Reserve policy meeting later Wednesday.

The Federal Reserve’s policymakers are expected to keep the benchmark rate at nearly zero for some time to help the economy recover and will release a statement that economists say might change some of the language around its existing pledge to buy bonds to support markets.

“Asian markets already have a quiet

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