Spooked by Fed Chair Powell's testimony on Capitol Hill
The major US stock indices are ending the day at session lows. The markets were spooked by comments from Fed chair Powell during his testimony on Capitol Hill. He did not say the Fed was on a for tightening path in 2018, but he was more upbeat. Yields are higher too.
- The S&P index is ending down -35.32 points or -1.27% at 2744.28
- The NASDAQ composite index is ending down -91.10 points or -1.23% at 7330.35
- The Dow industrial average is ending down -299.24 points or -1.16% at 25410.03
The prior to trading days missing the major indices rise by over 1% each day. Today, it is the downsides turn to have >1% declines.
Some underachievers:
- Disney: -4.51%
- General Motors, -3.35%
- Pandora, -3.33%
- Alibaba, -3.03%
- Twitter, -2.64%
- Ford, -2.48%
- Phillip Morris, -2.43%
- Alphabets, -2.23%
- United Continental, -2.06%
- American Express, -2.03%
- Facebook, -1.88%
- Home Depot, -1.86%
Some overachievers for the day:
- Chipotle, +2.32%
- Intel, +1.63%
- Micron, +1.25%
- AMD, +0.89%
- Boeing, +0.30%
- Charles Schwab, +0.13%
- PepsiCo, unchanged
After the close, Amazon announced that it would be purchasing the privately held Ring, the maker of home security devices.
