It was a down day for the Dow, as the 30 stock index posted its 8th straight loss, along with the S&P 500 and the Nasdaq falling away following lingering trade worries along with a slump in technology stocks and retailers. From the major indices the Nasdaq slumped the most down 0.88% as GOOGL shares were down 1.24% followed by losses in Facebook (FB) -0.25% and Microsoft (MSFT) -0.72%. However, Intel Corp (INTC) was in the headlines as shares fell 2.38% coming from reports that CEO Brian Krzanich resigned over a ‘consensual relationship’ with an employee. Chief financial officer Robert Swan will step in as interim CEO, effective immediately.
Retailers also slumped after a U.S. Supreme Court which allows states to force online retailers to collect sales taxes. Amazon (AMZN) dropped as much as 1.9%, before paring losses to trade down 1.1%. Wayfair (W) lost 1.6%, Overstock.com (OSTK) tumbled 7.2%, Etsy (ETSY) declined 1.4% and Ebay (EBAY) dropped 3.2%.
U.S. automakers also fell on Thursday as Ford Motors (F) shares slipped 1.35%, General Motors (GM) fell 1.98% and Tesla (TSLA) shares dropped 4.06% after Daimler fell 4.32% in Europe on disappointing profits citing import tariffs and the trade war between the U.S and China would impact profits.
Oil fell overnight ahead of the OPEC meeting on Thursday, where members are looking to raise output. According to reports, Saudi Arabia is warning of shortages however Iran is holding out against a deal amid the prospect of lower exports due to U.S. sanctions on Tehran. Following the news, West Texas Intermediate settled at $65.78 a barrel and Brent crude settled at to $73.05 per barrel.
|Procter & Gamble||PG||0.78%|
|S&P 500||Darden Restauraunts||DRI||14.79%|
|Kimco Reality Corp||KIM||2.90%|
|Nasdaq||21st Century Fox||FOX||1.14%|
|S&P 500||Marathon Oil||MRO||5.41%|
|Advanced Micro Devices||AMD||5.27%|
|Nasdaq||Sirius XM Holdings||SIRI||4.66%|
|Tesla Motos Inc||TSLA||4.06%|
|Forex||Last Price||Yesterday High Price||Yesterday Low Price|
See Tesla (TSLA) daily chart attached