It was another turbulent sessions for US equities as stocks finished lower on Tuesday with the Dow down 0.99%, S&P 500 -0.66% and the Nasdaq down 1.63%. We saw the down trade a 900 point range and the S&P 500 close in correction territory.
Taking a look into the market movers Boeing shares had a shocker falling 6.6% on weighing on the Dow after it was reported that the US is planning on slapping tariffs on more Chinese products. IBM and Microsoft had similar stories falling 4.1% and 2.9% respectively. Shares Amazon got pounded falling 6.33% like a tech wreck along with Google -4.52% whose share price continued to fall following the disappointing earnings experienced last week.
Despite the losses we saw a bounce in Financials with the likes of JP Morgan shares, Wells Fargo and Goldman Sachs rising by more than 1%. Earlier in the session stocks did get a boost after IBM agreed to buy Red Hat in deal worth $34 billion. Shares of Red Hat surged a whopping 45.5% whilst IBM shares fell 4.13%.
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Chart of the Day: Red Hat Inc. (RHT) Weekly chart