Finance Inquirer
No Result
View All Result
Friday, June 9, 2023
  • Login
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
Subscribe
Finance Inquirer
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
No Result
View All Result
Finance Inquirer
No Result
View All Result
Home Stock Market

U.S. Stocks Extend Sell-Off As S&P 500 Falls Back Into Bear Market; These IBD 50 Stocks Fall Below 50-Day Line

Tom Hagler by Tom Hagler
15.06.2022
in Stock Market
U.S. Stocks Extend Sell-Off As S&P 500 Falls Back Into Bear Market; These IBD 50 Stocks Fall Below 50-Day Line
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

stock-bear-7-adobe.jpg

U.S. stocks sold off Monday morning, extending last week’s rout while other major indexes around the world slid on growing fears of recession.

X

The S&P 500 fell nearly 3% and is back to a bear market after falling more than 20% from its prior high. The index is at the lowest point since March 2021.

The Nasdaq composite lost 3.5% as it undercut the year’s lows and sank to the lowest level since November 2020.  The Dow Jones Industrial Average was down 2.2% and still held above last month’s lows.

Volume rose sharply on the NYSE and Nasdaq compared with the same time on Friday. Breadth was massively bearish, with NYSE decliners over advancers by 27-to-1, and by 8-to-1 on the Nasdaq.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 30685.43 -707.36 -2.25
S&P 500 (0S&P5) 3785.98 -114.88 -2.94
Nasdaq (0NDQC ) 10943.34 -396.68 -3.50
Russell 2000 (IWM) 171.68 -6.91 -3.87
IBD 50 (FFTY) 29.78 -1.51 -4.83
Last Update: 10:18 AM ET 6/13/2022

The Innovator IBD 50 ETF (FFTY) came down 4.5% as all 50 stocks fell. More than a dozen fell below the 50-day moving average, including Graphic Packaging (GPK), Occidental Petroleum (OXY), Beacon Roofing Supply (BECN) and National Fuel Gas (NFG).

Global Indexes Fall Sharply

The mass selling in U.S. stocks was part of a global rout.

In Asia, the Tokyo Nikkei index tumbled 3%, its largest decline since Jan. 27, according to Dow Jones Market Data. The Shanghai Composite fell 0.9%  and the Hong Kong Hang Seng lost 3.4%. In afternoon trading in Europe, the Paris CAC 40 was down 2.3%, the German DAX down 2.2% and the London FTSE 100 lost 1.2%.

Treasury yields continued to climb. The benchmark 10-year yield was up 12 basis points to 3.28%, the highest in more than 11 years.  The Federal Reserve meets this week with its sights set on another half-point interest rate increase. Some futures traders see an even larger hike.

In one bit of relief, global recession fears helped bring the price of U.S. crude oil down 1.4% to $118.96 a barrel.

Big techs tumbled although some came off session lows. Microsoft (MSFT) and Apple (AAPL) reduced their morning losses to 1.9% each. Alphabet lost 2.6%. But Nvidia (NVDA) was down more than 5% and Meta Platforms (META) was at session lows, off 3.5%. The parent of Facebook on Thursday started trading under the symbol META.

Cryptocurrencies Routed

Cryptocurrency assets also were routed.

Bitcoin fell below $24,000, down about 16% from its price Saturday afternoon, according to Coinbase. Ethereum was down more than 15% in the past 24 hours. ProShares Bitcoin Strategy (BITO), an ETF that tracks Bitcoin futures, fell more than 18% to an all-time low. Coinbase Global (COIN) sank 15% in heavy volume. Riot Blockchain (RIOT) dropped more than 13%.

Celsius Network LLC, a lender to the crypto industry, said it is pausing all withdrawals and transfers between accounts. The firm cited “extreme market conditions,” The Wall Street Journal reported.

It wasn’t all bad news for U.S. stocks. In an acquisition that brings together two commercial real estate investment trusts, Prologis (PLD) agreed to acquire Duke Realty (DRE). The deal is valued at $26 billion, including debt.

Duke initially rejected a $24 billion bid from Prologis in May. But both companies’ boards have signed off on the new offer. Prologis stock fell 6.5%, while Duke shares rose 2% in big volume.

YOU MIGHT ALSO LIKE:

Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest

What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It

IBD Live: Learn And Analyze Growth Stocks With The Pros

MarketSmith’s Tools Can Help The Individual Investor

Looking For The Next Big Stock Market Winners? Start With These 3 Steps

The post U.S. Stocks Extend Sell-Off As S&P 500 Falls Back Into Bear Market; These IBD 50 Stocks Fall Below 50-Day Line appeared first on Investor’s Business Daily.

Categories

  • Business
  • Finance
  • News
  • Stock Market
  • Technology
  • Без рубрики

Site Navigation

  • Home
  • Contact Us
No Result
View All Result
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market

© 2021 financeinquirer.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In