Friday, March 22, 2019

IBD: "Key Stock Indexes Suffer Weekly Loss As Dow Dives 460 Points"

From Investor's Business Daily:
4:26 PM ET
Key market indexes gapped down at the open and closed at session lows in the stock market today as trade concerns, falling bond yields and weak manufacturing data from Europe weighed.

The Nasdaq tumbled 2.5%, the S&P 500 sank 1.9% and the Dow Jones Industrial Average shed 1.8%. Small caps lagged sharply, with the Russell 2000 off 3.6% at the close. Preliminary data showed rising volume on both the NYSE and Nasdaq vs. Thursday.

The indexes were poised for weekly gains heading into Friday, but finished with losses. The Nasdaq composite looked set to finish with a 0.6% weekly loss, the S&P 500 0.7% and the Dow Jones 1.2%.
Nike dropped more than 6% to stumble below its 50-day moving average in fast turnover. The athletic shoe and apparel giant late Thursday posted quarterly results that beat views on both the top and bottom lines. But Wall Street didn't like cautious guidance and weak sales growth in North America. Shares fell back below an 85.88 handle buy point.

JPMorgan (JPM), DowDuPont (DWDP) and Caterpillar (CAT) also weighed on the blue chip index with losses of more than 3% apiece.

Only four of the Dow 30 managed to buck the sell-off: Verizon (VZ), Coca-Cola (KO), Travelers Co. (TRV) and McDonald's (MCD).

Financials, Oil Skid In Stock Market Today
Steel, banks and energy stocks led the downside among industry groups in the stock market today. Related ETFs took big hits.

Financials sank as the yield on the benchmark Treasury 10-year note fell to 2.45% amid economic growth concerns....

Earlier from IBD (pre-close, 3:12 PM ET):
Nasdaq Slides More Than 175 Points But FANG Stocks Show This Promising Trend