After a fake breath of relief in the morning earning reports weigh down another market day. The global recession is day by day felt more around the corner which led investors to panic sell.
At the closure of the market session S&P 500 fell 2.9%, NASDAQ -4% and INDEXDJX: .DJI -2.4%
Tech stocks after the positive session experienced yesterday are again on the red side of the market. Investors’ belief of the upcoming quarterly earnings of these giants decided to leave room for uncertainty that the market screams in the last months. Hence, we saw Meta Platforms (-3.23%), Amazon (-4.58%), Twitter (-3.91%), Microsoft (+3.74%), Google (-3.59%). Another bad day for Netflix (-5.48%).
Investors fretted over the lack of microcomponents and chips due to the difficulties in the supply chain following the increment of positive cases to Covid-19 in China.
Thus, stocks of AMD and NVIDIA lost respectively -6.10% and -5.60%.
Raymond James cut the outlook for Zions Bancorporation which fell more than 8%. The shares are now switched to market perform from underperform. Due to weaker-than-expected first-quarter revenues.
General Electric among the top losers of the day for the NYSE which tumbled more than 10% after some issues with governance, even if the stock beat the expectations.
Air companies moved to the downside on the market, as United Airlines stock (-4.76%), Alaska Air Group (-4.57%) and American Airlines (-6.06%) all lost more than 4%. It seems that the tourism season is not going to start soon due to the difficulties and the fear of another Covid-wave.
Energy stocks yesterday had to deal with the rumors that demand for Gasoline, Diesel and aviation fuels in China could shrink by 20% YoY bringing the whole market down.
Today, instead, they ended mixed trying to recover some losses: Baker Hughes (+1.98%), APA(-1.18%), Devon Energy Corporation (+0.39%) Schlumberger NV (+2.20%), Halliburton (-0.59%).
Financial sector was again all in red, in a session which saw American Express (-2.96%), JPMorgan Chase (-2.96%), Visa (-4.22%) and Goldman Sachs (-2.58%).
Words said from Janney Montgomery Scott yesterday are now more prophetic than ever: “We do not see the daily, weekly, or monthly charts as necessarily ‘oversold’ at this point- which implies there is likely more downside ahead before current selling conditions hit extremes”.
Most traded stocks:
- Twitter Inc -3.93% 108.07M
- Apple -3.73% 92.95M
- AMD -6.10% 87.25M
- NVIDIA -5.60% 63.73M
- Tesla -12.18% 44.52M
Top Gainers of US Stocks
- Evoke Pharma 118.50%
- Nutex Health 73.76%
- Cyngn 52.07%
- Forge Global Holdings 36.73%
- GeoVax Labs 29.20%
Top Losers of US Stocks
- Protagonist Therapeutics -49.95%
- Enjoy Technology -29.95%
- LogicBio Therapeutics -25.74%
- Winc -24.02%
- Theseus Pharmaceuticals -23.80%
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