US close: Markets mixed as tech stocks tumble
Wall Street finished mixed on Thursday as the Dow rose, while the Nasdaq Composite ended its four-day streak with technology declines sending the index lower.
Dow Jones I.A.
37,986.40
04:30 15/10/20
Nasdaq 100
17,037.65
12:15 19/04/24
The Dow Jones Industrial Average was up 0.38% at 25,241.41, while the S&P 500 lost 0.07% to 2,770.37 and the Nasdaq 100 slid 0.79% to 7,152.83.
Gains on the Dow were led by McDonald’s, which was ahead 4.39%, while among the biggest losers on the Nasdaq were Alphabet, Amazon, Facebook and Netflix, which declined 1.09%, 0.38%, 1.65% and 1.65% respectively.
It was a break from the sharp rise in technology plays over the last few weeks, with the sector outperforming the market in the last month by adding 5%.
Treasury yields bombed during the afternoon, with the 10-year benchmark rate sliding six basis points to 2.909%, from near 3% earlier, according to data from FactSet.
“The selloff in the tech sector today appears to be technical, as these stocks had rallied a lot over the previous sessions, with many shares setting all-time highs,” said Prudential Financial chief market strategist Quincy Krosby.
Krosby put the “skittishness” of the market down to important central bank meetings next week, as well as the G7 event - usually a market-neutral date, but different this year due to trade tensions.
On the economic front, initial jobless claims fell slightly in the first week of June, with the rate of layoffs in the US staying near a 50-year low.
Data from the Federal Reserve showed household wealth topped $100trn for the first time in the first quarter of the year, while consumer credit slowed in April to a seasonally-adjusted 2.9%, or $9.3bn.
That was down from a figure of 3.8% in March.
In corporate news, discount retailer Five Below surged 21.86% after its expectation-beating earnings report late on Wednesday, while furniture chain Conn’s was 24.56% higher after also reporting earnings that shot past forecasts.
Johnson & Johnson eked out gains of 0.02% after the consumer products giant agreed to sell its advanced sterilisation products unit to Fortive for $2.7bn.
Shares in Fortive were up 4.03%.
General Electric was up 1.03% after it took the wraps off a new company, AiRXOS, which it said would integrate airspace and ground space in an effort to manage unmanned vehicle traffic.
Twitter was off 0.15% after it announced plans to sell at least $1bn in convertible bonds on Wednesday.
Dow Jones - Risers
McDonald's Corp. (MCD) $169.48 4.37%
Chevron Corp. (CVX) $126.96 2.90%
Procter & Gamble Co. (PG) $75.76 1.90%
Home Depot Inc. (HD) $196.17 1.33%
Verizon Communications Inc. (VZ) $49.01 1.24%
General Electric Co. (GE) $13.78 1.03%
Exxon Mobil Corp. (XOM) $82.88 1.00%
Travelers Company Inc. (TRV) $129.77 0.78%
United Technologies Corp. (UTX) $127.58 0.60%
3M Co. (MMM) $205.07 0.59%
Dow Jones - Fallers
Intel Corp. (INTC) $55.88 -2.02%
Visa Inc. (V) $133.84 -1.79%
Microsoft Corp. (MSFT) $100.88 -1.57%
Cisco Systems Inc. (CSCO) $43.65 -1.38%
Dowdupont Inc. (DWDP) $69.42 -0.89%
Boeing Co. (BA) $368.53 -0.82%
Apple Inc. (AAPL) $193.46 -0.27%
Caterpillar Inc. (CAT) $156.29 -0.14%
Coca-Cola Co. (KO) $43.42 -0.05%
Nike Inc. (NKE) $74.76 0.01%
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $4.70 7.55%
Apache Corp. (APA) $41.75 5.48%
Allergan plc (AGN) $163.32 5.08%
McDonald's Corp. (MCD) $169.48 4.37%
Southwestern Energy Co. (SWN) $4.89 4.26%
Transocean Ltd. (RIG) $13.48 4.25%
FMC Technologies Inc. (FTI) $33.13 4.02%
Helmerich & Payne Inc. (HP) $66.61 3.69%
Mallinckrodt Plc Ordinary Shares (MNK) $18.72 3.31%
Anadarko Petroleum Corp. (APC) $71.62 3.17%
S&P 500 - Fallers
Seagate Technology Plc (STX) $55.23 -5.86%
Lam Research Corp. (LRCX) $188.83 -5.40%
J. M. Smucker Co. (SJM) $100.80 -5.37%
First Solar Inc. (FSLR) $53.28 -4.05%
Teradata Corp. (TDC) $41.08 -3.64%
Under Armour Inc. Class A (UAA) $23.57 -2.80%
Autodesk Inc. (ADSK) $134.14 -2.75%
Adobe Systems Inc. (ADBE) $247.51 -2.54%
Western Digital Corp. (WDC) $82.60 -2.50%
Applied Materials Inc. (AMAT) $51.25 -2.44%
Nasdaq 100 - Risers
Dish Network Corp. (DISH) $32.00 2.83%
Costco Wholesale Corp. (COST) $202.57 2.48%
Skyworks Solutions Inc. (SWKS) $102.49 2.17%
Express Scripts Holding Co (ESRX) $78.15 2.12%
Fastenal Co. (FAST) $52.94 1.63%
Liberty Global plc Series C (LBTYK) $28.50 1.46%
QUALCOMM Inc. (QCOM) $60.64 1.34%
Mylan Inc. (MYL) $41.01 1.31%
O'Reilly Automotive Inc. (ORLY) $282.76 1.30%
eBay Inc. (EBAY) $40.45 1.25%
Nasdaq 100 - Fallers
Mercadolibre Inc. (MELI) $288.85 -8.30%
Seagate Technology Plc (STX) $55.23 -5.86%
Lam Research Corp. (LRCX) $188.83 -5.40%
Vodafone Group Plc ADS (VOD) $25.18 -5.05%
Workday, Inc. (WDAY) $123.37 -3.85%
Asml Holdings N.V. (ASML) $207.56 -2.83%
Autodesk Inc. (ADSK) $134.14 -2.75%
Adobe Systems Inc. (ADBE) $247.51 -2.54%
Western Digital Corp. (WDC) $82.60 -2.50%
Applied Materials Inc. (AMAT) $51.25 -2.44%