Stocks declined as market wraps, S&P and the Dow pulled back from record levels
Stock market opened lower Monday morning followed by the bit by bit fall of major indexes. Technology shares took the brunt of changes and fell bigtime, dragging almost everything else.
By: Reliance Trading Co. Limited
As for the major index futures, the Dow, S&P, and NASDAQ futures all stayed above the green line ranging from 0.10% to less than 0.20%, which reflects the capability to recover some loses on the next session. Today, all three indexes suffered loses with S&P and the Dow pulling back from the records they had last Friday.
The Dow Jones Industrial Average lost more than 120 points or 0.36% closing at 34,078. This ended the Dow's three-day winning streak, but is still considered consolidation of its current position.
Here's an overview of today's market movements;
S&P 500 Index dropped to 4,163 after losing 22.21 points or 0.53%. S&P's technology shares dragged them down from record levels, with Tesla contributing the most with their shares losing value due to the incident where their electric car (which appears to be driven by 'no one') crashed and killed two passengers. This is considered their biggest drop in the last 4 weeks.
The high growth shares, NASDAQ Composite Index, also slumped by a bit short of 140 points or less than 1%. The 10 Year Treasury yield went up by 2.8 basis points which is now at 1.6010%. As for commodities, Gold lost almost $10 in value or a bit over 0.50% while Crude increased by almost 0.50%.
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