US close: Markets finish lower as oil prices, tech concerns sting
Wall Street finished as it started on Monday, well into the red as oil prices came off their highs and Donald Trump's ongoing war with Silicon Valley weighed on tech stocks.
Dow Jones I.A.
38,239.66
04:30 15/10/20
Nasdaq 100
17,718.30
12:15 26/04/24
The Dow Jones Industrial Average ended the session down 2.32% at 25,387.18, the S&P 500 lost 1.97% to 2,726.22, and the Nasdaq 100 was down 2.98% at 6,829.10.
Energy shares were in focus after at the start of the week after Saudi Arabia announced over the weekend that it would cut production by 500,000 barrels a day from next month, initially prompting a big surge in oil prices.
Prices were well off their highs after New York closed, however, with West Texas Intermediate down 2.33% to $58.82 per barrel and Brent crude losing 1.75% higher to $68.97.
“Oil bears may well have seen the weekend headlines as an opportunity to top up positions, with the OPEC+ meeting at the start of December being of far more significance,” said Oanda analyst Craig Erlam.
“As of yet, there doesn’t seem to be much of a consensus on whether the market is as oversupplied as recent data suggests, despite the JMMC reporting so over the weekend and indicating that further cuts will be necessary.”
Bond markets were closed for trading in observance of Veterans Day, while the dollar jumped to its highest level in eighteen months early in the day, partly due to expectations for higher US interest rates in the future.
On the corporate front, tobacco company Altria Group was down 3.5% following reports that the US Food and Drug Administration is looking to ban menthol cigarettes.
Elsewhere, Lannett Company was up 2.99% after signing an agreement with Amneal Pharmaceuticals for its levothyroxine sodium tablets, a treatment for an underactive thyroid.
Amazon.com shares fell 4.41% despite having its target price raised above $2,000 per share by analysts at Instinet.
Apple shares dropped 5.04% after Lumentum Holdings, which provides technology for the iPhone maker, slashed its revenue and earnings outlook after confirming that "one of its largest" customers "materially" reduced shipments.
Eventbrite shares fell 4.74% and Focus Financial Partners lost 4.9%.
Dow Jones - Risers
Verizon Communications Inc. (VZ) $58.73 0.46%
Coca-Cola Co. (KO) $49.87 0.38%
Procter & Gamble Co. (PG) $92.70 0.31%
Johnson & Johnson (JNJ) $145.68 0.19%
Merck & Co. Inc. (MRK) $74.68 -0.23%
Pfizer Inc. (PFE) $44.11 -0.38%
Walgreens Boots Alliance, Inc. (WBA) $81.81 -0.70%
McDonald's Corp. (MCD) $184.42 -0.84%
Walt Disney Co. (DIS) $116.70 -1.10%
Exxon Mobil Corp. (XOM) $79.89 -1.21%
Dow Jones - Fallers
Goldman Sachs Group Inc. (GS) $206.05 -7.35%
Apple Inc. (AAPL) $194.17 -5.04%
Home Depot Inc. (HD) $179.61 -3.53%
Boeing Co. (BA) $356.99 -3.33%
Cisco Systems Inc. (CSCO) $45.62 -3.16%
Travelers Company Inc. (TRV) $127.04 -3.05%
Intel Corp. (INTC) $46.65 -3.03%
Visa Inc. (V) $139.72 -2.92%
Microsoft Corp. (MSFT) $106.87 -2.46%
JP Morgan Chase & Co. (JPM) $108.95 -2.10%
S&P 500 - Risers
NRG Energy Inc. (NRG) $39.80 3.97%
Spectra Energy Corp. (SE) $12.80 3.65%
ConAgra Brands Inc (CAG) $35.25 2.56%
Perrigo Company plc (PRGO) $65.57 2.36%
Mallinckrodt Plc Ordinary Shares (MNK) $31.60 2.30%
Frontier Communications Co. (FTR) $3.95 2.07%
Patterson Companies Inc. (PDCO) $24.31 2.06%
FirstEnergy Corp. (FE) $38.80 2.05%
Amer Water Works (AWK) $91.29 1.86%
American Airlines Group (AAL) $36.86 1.77%
S&P 500 - Fallers
PG&E Corp. (PCG) $32.98 -17.38%
Edison International (EIX) $53.56 -12.20%
Nvidia Corp. (NVDA) $189.54 -7.84%
Transocean Ltd. (RIG) $9.75 -7.41%
Goldman Sachs Group Inc. (GS) $206.05 -7.35%
General Electric Co. (GE) $7.98 -6.88%
Broadcom Inc. (AVGO) $223.63 -6.43%
Qorvo, Inc. (QRVO) $63.80 -6.38%
Diamond Offshore Drilling Inc. (DO) $13.79 -6.06%
Illumina Inc. (ILMN) $310.39 -5.73%
Nasdaq 100 - Risers
American Airlines Group (AAL) $36.86 1.77%
JD.com, Inc. (JD) $22.01 1.43%
DENTSPLY Sirona Inc. (XRAY) $36.54 1.33%
Wynn Resorts Ltd. (WYNN) $99.50 1.20%
Shire Plc Ads (SHPG) $181.95 0.91%
Charter Communications Inc. (CHTR) $323.35 0.70%
Mondelez International Inc. (MDLZ) $44.45 0.34%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $308.99 0.28%
PACCAR Inc. (PCAR) $58.38 0.03%
CA Inc. (CA) $44.44 0.00%
Nasdaq 100 - Fallers
Align Technology Inc. (ALGN) $217.29 -7.91%
Nvidia Corp. (NVDA) $189.54 -7.84%
Broadcom Inc. (AVGO) $223.63 -6.43%
Illumina Inc. (ILMN) $310.39 -5.73%
Tesla Inc (TSLA) $331.28 -5.49%
Intuitive Surgical Inc. (ISRG) $504.00 -5.36%
Apple Inc. (AAPL) $194.17 -5.04%
Skyworks Solutions Inc. (SWKS) $72.84 -4.98%
Western Digital Corp. (WDC) $43.46 -4.96%
Workday, Inc. (WDAY) $133.10 -4.88%