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FANG shares were down today despite the good performance this year.
October
29 2018
3 min read
Opinions expressed by Contractor the contributors are theirs.
A morning recovery in the stock market gave way to a resumption of sales in the afternoon, with the Entrepreneur Index ™ index having lost 1.66% over the day.
The Dow Industrials index rose more than 300 points in the morning, but ended the day down 245, or 0.99%. The S & P 500 index fell 0.66%, while the Nasdaq 100 index, highly technology-driven, was down 2.02%.
The bloodbath has continued in the technology sector. The so-called FANG actions (Facebook, Amazon, Netflix and Google or Alphabet) that underpinned the bull of technology stocks and the broader market have been among the hardest hit today, with Amazon.com (-6, 31%), Netflix (-4.96%), Alphabet Inc. (-4.75%) and Facebook (-2.26%), all sharply down. NVIDIA Corp. chip maker recorded a new low of 52 weeks today, recording a 6.39% drop – the largest decline in the Entrepreneur ™ index today. Salesforce.com (-3.34%), Verisign (-2.52%) and Adobe Systems Inc. (-2.28%) also traded lower.
Analog Devices has been one of the few stocks to resist the downtrend in technology. Down nearly 20% since the end of August, the stock of chip manufacturers has gained 1.82% today. Cerner Corp., the healthcare IT company that lost 11% on Friday due to disappointing earnings, gained 5.09% today, the largest gain in the Entrepreneur Index. Index ™.
Ford Motor Co. also recorded a significant gain after an analyst at Goldman Sachs converted the title into a buy, mainly because of its 25% drop since the beginning of the year. The analyst expects the company's previously announced restructuring plan to start paying off next year and set a $ 12 target for the stock. Ford shares rose 3.34% today.
Defensive stocks performed much better than growth stocks. The REIT sector grew strongly, with Essex Property Trust (3.49%), Extra Space Storage (3.32%) and Equity Residential (2.13%) posting strong gains. Clothing manufacturers L Brands (2.99%), Ralph Lauren (2.88%) and Gap Inc. (2.07%) were also up for the day. Food manufacturers J.M. Smucker Company and Tyson Foods increased 2.23% and 1.8%, respectively. The Bed Bath and Beyond retailer also gained 3.25%.
Economically sensitive stocks fell that day. Home builder D.R. Horton Inc. fell 2.8%. The oil and gas producer Hess Corp. also lost 3.36% as the price of oil continued to fall. Casino operator Wynn Resorts, down 44% this year, dropped 6.3% – the largest decline in the Entrepreneur Index outside the tech sector. Brown-Forman Corp, whiskey maker Jack Daniels, also lost 0.9%. The Trump administration would intend to apply more tariffs on Chinese imports if trade negotiations with China do not improve and bourbon is the preferred target for retaliatory tariffs.
Alexion Pharmaceuticals was still down 3.45% today. Drug manufacturers lost a group on Friday after learning that President Trump was planning to link Medicare drug reimbursement rates to prices well below those paid in Europe.
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