• 日. 12月 5th, 2021

    TRADEVIEW MARKET-INSIDER

    Market news from tradeview.tech

    Nasdaq ends lower as investors sell Big Tech By Reuters

    ByTRADEVIEW FOREX

    7月 16, 2021


    © Reuters. FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York, U.S., February 12, 2021. REUTERS/Brendan McDermid/File Photo

    By Noel Randewich and Devik Jain

    (Reuters) – The Nasdaq ended lower on Thursday, pulled down by Apple (NASDAQ:), Amazon (NASDAQ:) and other Big Tech companies as a fall in weekly jobless claims data fed investor concerns about a recent inflation spike.

    Amazon, Apple Tesla (NASDAQ:) and Facebook (NASDAQ:) all fell. Nvidia (NASDAQ:) tumbled around 4%.

    The technology sector index ended a four-day winning streak. Earlier this week, investors’ favor for heavyweight growth stocks pushed the S&P 500 and the Nasdaq to record highs.

    The S&P 500 energy sector index fell more than 1% and tracked a drop in crude prices on expectations of more supply after a compromise agreement between leading OPEC producers.

    Fresh data showed the number of Americans filing new claims for unemployment benefits fell last week to a 16-month low, while worker shortages and bottlenecks in the supply chain have frustrated efforts by businesses to ramp up production to meet strong demand for goods and services.

    Federal Reserve Chair Jerome Powell told lawmakers he anticipated the shortages and high inflation would abate. Yet many investors still worry that more sustained inflation could lead to a sooner-than-expected tightening of monetary policy.

    “People are very nervous and concerned about inflation, tax rates and the (2022 midterm) election. Those three things are very much on people’s minds,” said 6 Meridian Chief Investment Officer Andrew Mies, describing recent phone calls with his firm’s clients.

    S&P record high, jobless claims: https://tmsnrt.rs/3hFZMNC

    Unofficially, the rose 54.52 points, or 0.16%, to 34,987.75, the S&P 500 lost 14.29 points, or 0.33%, to 4,360.01 and the dropped 101.82 points, or 0.7%, to 14,543.13.

    Morgan Stanley (NYSE:) dipped as much as 1.2% after it beat expectations for quarterly profit, getting a boost from record investment banking activity even as the trading bonanza that supported results in recent quarters slowed down.

    Second-quarter reporting season kicked off this week, with the four largest U.S. lenders – Wells Fargo (NYSE:) & Co, Bank of America Corp (NYSE:), Citigroup Inc (NYSE:) and JPMorgan Chase & Co (NYSE:) – posting a combined $33 billion in profits, but also highlighting the industry’s sensitivity to low interest rates.

    Blackstone (NYSE:) said late on Wednesday it would pay $2.2 billion for 9.9% stake in American International Group (NYSE:)’s life and retirement business. AIG and Blackstone both rallied.

    Johnson & Johnson (NYSE:) dipped after it voluntarily recalled five aerosol sunscreen products in the United States after detecting a cancer-causing chemical in some samples.

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