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U.S. stocks plummeted once again on Friday, led by huge selloffs in technology and Internet shares, as markets continued to remain volatile. Moreover concerns that companies have witnessed peak earnings growth made investors even more jittery.
Disappointing earnings results from a few tech majors also overshadowed data indicating that the U.S. economy continues to grow at healthy pace. This saw the S&P 500 and the Dow turning red for the year. The Nasdaq posted its biggest weekly decline since end March after having entered correction territory earlier this week.
The Dow Jones Industrial Average (DJI) declined 1.2% to close at 24,688.31. The S&P 500 fell 1.7% to close at 2,658.69. Both the Dow and S&P 500 turned red for the year once again. The Nasdaq Composite Index closed at 7,167.21, declining 2.1%. A total of 10.2 billion shares were traded on Friday, higher than the last 20-session average of 8.3 billion shares. Decliners outnumbered advancers on the NYSE by a 2.68-to-1 ratio. On Nasdaq, a 2.13-to-1 ratio favored declining issues.
How did the Benchmarks Perform?
The Dow gave up 296.24 points, after dropping 539 points at one point of the day. The losses were once again led by tech stocks. Shares of Microsoft Corporation (MSFT - Free Report) fell 1.2%. Also, shares of Caterpillar, Inc. (CAT - Free Report) and The Boeing Company (BA - Free Report) declined 0.5% and 1.2%, respectively. Boeing has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 shed 46.88 points, briefly entering correction territory, trading more than 10% below its record high posted on Sep 20. Gains in chipmaker stocks helped the technology sector. Consumer discretionary and communication sectors were the biggest laggards. The Consumer Discretionary Select Sector SPDR (XLY) and the Communication Service Select Sector SPDR (XLC) declined 3.1% and 2.7%, respectively. All the 11 major S&P 500 sectors ended in negative territory.
The tech-heavy Nasdaq declined 151.12 points, after having fallen more than 3% at one time of the day. The Nasdaq also posted its biggest daily decline since Mar 23, after entering correction territory this week. Shares of Amazon.com, Inc. (AMZN - Free Report) declined 7.8% after posting quarterly results, which disappointed investors. Shares of Facebook, Inc. and Netflix, Inc. (NFLX - Free Report) declined 3.7% and 4.2%, respectively.
Global Growth Worries, Tech Stocks Weigh on Markets
Worries about slowing global economic growth have been denting investor sentiment all though the week. This has seen chipmakers suffering throughout October, with the S&P 500 and Dow erasing all gains for the year and the Nasdaq entering correction territory. Further, concerns of rapidly rising interest rates too have been making investors jittery.
The fears once again escalated on Friday, leading to huge selloffs. To add to the worries were disappointing results from a few big corporations like Amazon on Thursday. Although the e-commerce giant reported robust profits, it sales disappointed. Moreover, its forecast for fourth-quarter sales was below analysts’ expectations. Also, trade war fears once again came back to haunt bourses after U.S. officials, reportedly, said talks with China won’t resume until Beijing comes up with some concrete proposals over forced transfer of technology and other issues related to the economy.
Weak Investor Sentiment Overshadow Economic Data
On Friday, the Commerce Department said that the U.S. economy grew 3.5% in the third quarter, surpassing analysts’ expectations. This is an indication that the country’s economy is growing at a healthy pace. However, the robust figures were overshadowed fears about global economic growth and worries of rapidly rising interest rates.
Weekly Round Up
Markets remained volatile throughout the week, as stocks continued to take a beating owing to growing concerns of slowing global economic growth and rapidly rising interest rates. This saw the S&P 500 and the Dow giving up all gains for the year, while the Nasdaq entered correction territory. However, a brief lift in sentiment following impressive results from a string of major companies helped markets on Thursday. For the week, the Dow and the S&P 500 declined 3% each, while the Nasdaq gave up 3.8%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Stock Market News For Oct 29, 2018
U.S. stocks plummeted once again on Friday, led by huge selloffs in technology and Internet shares, as markets continued to remain volatile. Moreover concerns that companies have witnessed peak earnings growth made investors even more jittery.
Disappointing earnings results from a few tech majors also overshadowed data indicating that the U.S. economy continues to grow at healthy pace. This saw the S&P 500 and the Dow turning red for the year. The Nasdaq posted its biggest weekly decline since end March after having entered correction territory earlier this week.
The Dow Jones Industrial Average (DJI) declined 1.2% to close at 24,688.31. The S&P 500 fell 1.7% to close at 2,658.69. Both the Dow and S&P 500 turned red for the year once again. The Nasdaq Composite Index closed at 7,167.21, declining 2.1%. A total of 10.2 billion shares were traded on Friday, higher than the last 20-session average of 8.3 billion shares. Decliners outnumbered advancers on the NYSE by a 2.68-to-1 ratio. On Nasdaq, a 2.13-to-1 ratio favored declining issues.
How did the Benchmarks Perform?
The Dow gave up 296.24 points, after dropping 539 points at one point of the day. The losses were once again led by tech stocks. Shares of Microsoft Corporation (MSFT - Free Report) fell 1.2%. Also, shares of Caterpillar, Inc. (CAT - Free Report) and The Boeing Company (BA - Free Report) declined 0.5% and 1.2%, respectively. Boeing has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 shed 46.88 points, briefly entering correction territory, trading more than 10% below its record high posted on Sep 20. Gains in chipmaker stocks helped the technology sector. Consumer discretionary and communication sectors were the biggest laggards. The Consumer Discretionary Select Sector SPDR (XLY) and the Communication Service Select Sector SPDR (XLC) declined 3.1% and 2.7%, respectively. All the 11 major S&P 500 sectors ended in negative territory.
The tech-heavy Nasdaq declined 151.12 points, after having fallen more than 3% at one time of the day. The Nasdaq also posted its biggest daily decline since Mar 23, after entering correction territory this week. Shares of Amazon.com, Inc. (AMZN - Free Report) declined 7.8% after posting quarterly results, which disappointed investors. Shares of Facebook, Inc. and Netflix, Inc. (NFLX - Free Report) declined 3.7% and 4.2%, respectively.
Global Growth Worries, Tech Stocks Weigh on Markets
Worries about slowing global economic growth have been denting investor sentiment all though the week. This has seen chipmakers suffering throughout October, with the S&P 500 and Dow erasing all gains for the year and the Nasdaq entering correction territory. Further, concerns of rapidly rising interest rates too have been making investors jittery.
The fears once again escalated on Friday, leading to huge selloffs. To add to the worries were disappointing results from a few big corporations like Amazon on Thursday. Although the e-commerce giant reported robust profits, it sales disappointed. Moreover, its forecast for fourth-quarter sales was below analysts’ expectations. Also, trade war fears once again came back to haunt bourses after U.S. officials, reportedly, said talks with China won’t resume until Beijing comes up with some concrete proposals over forced transfer of technology and other issues related to the economy.
Weak Investor Sentiment Overshadow Economic Data
On Friday, the Commerce Department said that the U.S. economy grew 3.5% in the third quarter, surpassing analysts’ expectations. This is an indication that the country’s economy is growing at a healthy pace. However, the robust figures were overshadowed fears about global economic growth and worries of rapidly rising interest rates.
Weekly Round Up
Markets remained volatile throughout the week, as stocks continued to take a beating owing to growing concerns of slowing global economic growth and rapidly rising interest rates. This saw the S&P 500 and the Dow giving up all gains for the year, while the Nasdaq entered correction territory. However, a brief lift in sentiment following impressive results from a string of major companies helped markets on Thursday. For the week, the Dow and the S&P 500 declined 3% each, while the Nasdaq gave up 3.8%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>