Stocks Struggle Again as Tech Gets Crushed

Social media stocks were deep in the red with execs answering questions in D.C.

Sep 5, 2018 at 4:24 PM
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It was another disappointing day for stocks, highlighted by a sharp drop in the Nasdaq Composite (IXIC). Social media stocks especially suffered heavy losses, as executives answered questions on Capitol Hill. The tech sector weakness also had the S&P 500 Index (SPX) in the red throughout the day, and while the Dow Jones Industrial Average (DJI) edged into positive territory, the gains were capped. Meanwhile, investors also monitored a rare pullback in the U.S. dollar, and a massive increase in the trade deficit for July.

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJI - 25,974.99) snapped a three-day losing streak, but only managed a 22.5-point, or 0.1%, win. Nineteen of the 30 Dow components closed higher, led by Caterpillar's (CAT) 1.7% climb. On the other end was Visa (V), dropping 3.5%.

The S&P 500 Index (SPX - 2,888.60) lost 8.1 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,995.17) shed 96.1 points, or 1.2%. 

The Cboe Volatility Index (VIX - 13.91) moved higher for a second straight day, adding 0.8 point, or 5.7%.

Closing Indexes Summary Sept 5

NYSE and Nasdaq Sept 5

5 Items on our Radar Today

  1. It may be time to begin monitoring Hurricane Florence, a Category 3 storm that could hit the U.S. East Coast. While forecasts vary, some models show the storm approaching North Carolina by late next week. (CNN)
  2. Twitter CEO Jack Dorsey and Facebook Chief Operating Officer Sheryl Sandberg were both grilled by members of Congress today. While Dorsey hinted at "massive shifts" that needed to take place in social media companies and Sandberg echoed previous comments from Facebook CEO Mark Zuckerberg by saying it's a "question of the right regulation," Alphabet's (GOOGL) Google was reprimanded for not sending a representative to the hearings. (USA Today)
  3. 3 stocks that sold off today.
  4. Why you should consider buying the Crocs stock dip.
  5. The transportation stock that's a prime target for option bulls.

Corporate Earnings Chart Sept 5

Unusual Options Volume Sept 5

Data courtesy of Trade-Alert

Oil Slides; Gold Prices Tick Higher

Oil prices fell today, with Tropical Storm Gordon weakened as it neared the U.S. Gulf coast. October-dated crude futures fell $1.15, or 1.7%, to $68.72 per barrel.

Gold prices moved back above the closely watched $1,200-an-ounce level, as the dollar slipped. Gold for December delivery closed up $2.20, or 0.2%, at $1,201.30 per ounce.

 

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