Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall Street posts third week of declines as tech slide drags on

share with twitter share with LinkedIn share with facebook
09/18/2020 | 04:46pm EDT
Health care workers walk with protective face masks on past the New York Stock Exchange, amid the coronavirus disease (COVID-19) pandemic, in the lower section of Manhattan in New York City

U.S. stocks fell on Friday as technology shares sold off for a third day in a row, while all three major U.S. indexes posted a third straight week of declines.

It was the Nasdaq's first such weekly streak since August 2019, and S&P 500 and Dow's first since early October 2019.

Apple Inc , Microsoft Corp, Amazon.com Inc and Alphabet Inc., which helped to fuel the market's rally off the March lows, were among the biggest drags on the S&P 500 and Nasdaq on Friday, while the S&P 500 technology index fell 1.7%, the biggest weight among the S&P 500 sectors. Apple was down 3.2%.

"We had a market peak on Sept. 2, and then we had a rapid decline and a lot of that came in technology and growth stocks that had done so well," said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta.

But even though the market has had a sell-off in technology and growth, "it doesn't mean the (valuation) extremes are fully worked off," he said.

Friday marked the quarterly expiration of U.S. stock options, stock index futures and index option contracts, known as "quadruple witching," bringing increased trading volume at the market close.

Volume on U.S. exchanges was 14.31 billion shares, the highest since this year's reconstitution by FTSE Russell of its indexes in June.

The Dow Jones Industrial Average fell 244.56 points, or 0.88%, to 27,657.42, the S&P 500 lost 37.54 points, or 1.12%, to 3,319.47 and the Nasdaq Composite dropped 117.00 points, or 1.07%, to 10,793.28.

The Dow ended just barely lower on the week, while the S&P 500 fell 0.7% and the Nasdaq dropped 0.6% for the week.

Strategists said investors appeared to be continuing a recent rotation out of high-flying tech-related stocks and into other sectors.

"It looks to be sentiment driven and, to some extent, it appears to be rotational to us," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.

"We're not sure this really indicates there's a problem with economic growth, but rather, it's some profit-taking, some adjustment and rotation" between sectors, he said. "You're moving from the biggest weights in the market to the smallest weights."

The S&P 500 materials is the best-performing sector so far this month, while S&P 500 technology is the worst.

Investors kept a close eye on rising coronavirus cases overseas. European countries from Denmark to Greece announced new restrictions on Friday to curb surging coronavirus infections in some of their largest cities, while Britain was reported to be considering a new national lockdown.

Tesla rose 4.4% as two analysts raised their price targets on the electric carmaker's shares ahead of its highly anticipated "Battery Day" event next week.

Declining issues outnumbered advancing ones on the NYSE by a 2.02-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favored decliners.

The S&P 500 posted 13 new 52-week highs and no new lows; the Nasdaq Composite recorded 67 new highs and 26 new lows.

By Caroline Valetkevitch


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.64% 1632.98 Delayed Quote.21.92%
AMAZON.COM, INC. 0.88% 3204.4 Delayed Quote.73.41%
APPLE INC. -0.61% 115.04 Delayed Quote.56.70%
DJ INDUSTRIAL -0.10% 28335.57 Delayed Quote.-0.71%
MICROSOFT CORPORATION 0.62% 216.23 Delayed Quote.37.11%
NASDAQ 100 0.25% 11692.571891 Delayed Quote.33.89%
NASDAQ COMP. 0.37% 11548.281629 Delayed Quote.28.71%
S&P 500 0.34% 3465.39 Delayed Quote.7.26%
TESLA, INC. -1.21% 420.63 Delayed Quote.402.75%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:03aIndonesian unions vow mass protests if president signs jobs law
RE
05:00aIndonesian unions vow mass protests if president signs jobs law
RE
04:51aChina says looking into unfair competition on e-commerce platforms - Xinuha
RE
02:20aNIOC NATIONAL IRANIAN OIL : Second Well in Solabdar Field Productive after 42 Years
PU
02:01aAnt Group IPO pricing 'history's largest', says Alibaba's Jack Ma
RE
01:55aJACK MA : Ant Group IPO pricing 'history's largest', says Alibaba's Jack Ma
RE
12:56aCroatia's Istria region producing some of the world's best olive oil, say experts
RE
12:07aRyanair, easyJet and others offer refunds after watchdog inquiry
RE
10/23EXCLUSIVE : Biden wins major union endorsement in final days of White House race
RE
10/23AmEx issues dismal outlook on business travel spending as profit slumps
RE
Latest news "Economy & Forex"