[ad_1]
The Dow Jones Industrial Average fell amid a widespread equity market pullback as bears beat bulls. Walmart (WMT) fell on low profits, while 3M (MMM) was the best performing blue chip. GameStop (GME) fell during a Congressional hearing to kick off the short squeeze fueled by Reddit, while the marijuana stock Tilray (TLRY) was higher on income.
Among the EV actions, You’re here (TSLA), Nio (NIO) and General Motors (GM) all knocked back.
X
The Nasdaq was the worst performing major index, sliding around 1.2%. Baidu (BIDU) recorded the worst performance, dropping nearly 6%, while Kraft Heinz (KHC) was the strongest with a gain of almost 5%.
The S&P 500 was also negative, down about 0.7%. Westinghouse Air Brake Technologies (WAB) was the most late, with a drop of more than 10%. FirstEnergy (FE) had the best gain, increasing by over 9%.
The volume was lower than at the same time on Wednesday. It slipped around 16% on the Nasdaq and nearly 5% on the NYSE.
Snapshot of the US Stock Market Today |
||||
|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 31400.31 | -212.71 | -0.67 |
| S&P 500 | (0S and P5) | 3,901.76 | -29.57 | -0.75 |
| Nasdaq | (0NDQC) | 13,814.36 | -151.14 | -1.08 |
| Russell 2000 | (IWM) | 220.31 | -3.75 | -1.67 |
| IBD 50 | (FFTY) | 47.50 | -0.62 | -1.29 |
Last updated: 13:22 ET 18/02/2021 |
||||
S&P sectors were struggling, with only utilities showing positive. Energy and finance were the worst performers.
Small caps were also struggling. The Russell 2000 slipped about 1.7%.
Growth stocks were also beaten lower by the bears, with the Innovator IBD 50 ETF (FFTY) falling about 1.3%.
Walmart Stock collapses as Dow Jones slips
The Dow Jones Industrial Average is doing better than the other major indexes, but is still down around 0.7%.
Walmart stock lagged the furthest, dropping nearly 6%. It took a plunge after the company reported mixed fourth quarter results Thursday morning.
Walmart’s profit came in at $ 1.39 per share, lower than analysts’ opinions for EPS of $ 1.51. The company posted better-than-expected earnings, but Walmart also said it expects sales to slow in the coming quarters.
The big box retailer has also raised wages and shareholder income. Walmart said salaries for store workers in digital and storage jobs will drop from $ 13 to $ 19 an hour, although the starting minimum wage will remain at $ 11.
The best performing component was industrial giant 3M, with an increase of around 1.3%. He was followed closely by Coca Cola (KO).
GameStop Stock drops amid Senate hearing
GameStop stock was down around 3% to 44.67 as the House Financial Services Committee hearing on the massive stock price hike began. Its stock is set to decline for the third day in a row and is now below its 50 day line.
“We have speculation, we have headlines and we are pointing fingers, but we don’t have the facts. We need the facts,” said Patrick McHenry, the committee’s senior Republican.
Committee chair Maxine Waters (D., Calif.) Said she wanted to know how key players such as Robinhood and Reddit “contributed to the historic commercial events of January.”
The video game retailer saw its stock climb above the 480 mark during the recent spike, after starting the year at 18.84.
The spike was attributed to coordinated trading by retail investors using the WallStreetBets Reddit chat room. They aimed to oust hedge funds by bypassing stocks.
Tilray Stock higher on this
Tilray’s stock rose more than 1%, although it did not peak. The marijuana stock remains well away from its 50-day moving average. However, it has plunged from its recent high of 67, which came after being touted on Reddit.
The company got a boost after releasing fourth quarter results Wednesday night that exceeded some expectations. Tilray lost two cents per share, but it was better than Wall Street’s expected loss of 14 cents per share.
Tilray said it generated $ 2.2 million in adjusted EBITDA in the quarter. In November, he expected the same, saying he was “ready” to push the metric into positive territory in the fourth quarter.
Its cannabis sales increased 46% to $ 41.2 million, helped by international medical sales and Canadian recreational sales. Recreational sales in Canada increased 49%. International medical sales jumped 191%.
Tesla Stock, Nio Hit Reverse
The IBD Leaderboard Tesla stock fell almost 2%, although it was not low. It fell after the company announced that it was lowering the price of its base variants of the Model 3 sedan and the Model Y sport utility vehicle, while increasing the prices of higher mileage versions.
The company has made several models in its lineup more affordable, as traditional car makers such as General Motors, Ford (F) and Volkswagen (VWAGY) is taking a big step forward in the electric vehicle market.
Tesla’s Chinese rival Nio also hit the reverse, falling nearly 5%. A previous breakout of a cup base with a buy point of 57.30 failed.
GM stock also fell, slipping more than 1%. It already erupted from a cut base on Jan. 12 on positive news from EV. The buy point was 46.81.
Fertilizer stocks drop as investors smell the problems
Fertilizer stocks were low despite good earnings reports. Mosaic (MOS) fell almost 10%, while CF Industries (CF) fell more than 4%.
They were hammered after CF said bad winter weather on the plains would negatively affect fertilizer production.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
YOU MAY ALSO LIKE:
These are the best Robinhood stocks to buy or watch right now
Tesla slashes prices as rivals push big on electric vehicle market
Get full access to IBD’s stock listings and ratings
What’s new in the IBD ranking? Discover the best growth stocks here
These are the 5 best stocks to buy and watch right now
[ad_2]
Source link