DJIA Off, Amazon (NASDAQ:AMZN) Falls on Taxed Shopping Concern

DJIA Off, Amazon (NASDAQ:AMZN) Falls on Taxed Shopping Concern

DJIA Off, Amazon Falls on Taxed Shopping Concern


US stocks fell Thursday, with the DJIA (DIa) marking an 8th straight decliner, as industrials softened again on trade concerns while Amazon (NASDAQ:AMZN) and other online retailers weakened after a US Supreme Court ruling on state sales tax collection.

Amazon dropped as much as 1.9% after the ruling, which allows states to force online retailers to collect sales taxes, before paring losses to trade down 0.9%

“You have seen the tug of war as far as investors are concerned with the trading ranges since the announcement, it would appear it is still to be determined the absolute level of ramifications,” said a senior portfolio manager at US Bank Private Wealth Management in New York.

Intel (NASDAQ:INTC) weighed heavily on the S&P 500, down 2.0% after CEO Brian Krzanich resigned following a probe that revealed a past consensual relationship with an employee violated company policy.

Big US manufacturers and automakers were under pressure after Germany’s Daimler cut its Y 2018 profit forecast and BMW said it was looking at “strategic options” because of trade negotiations  between the US and China.

Thursday, the major US stock market indexes finished at: DJIA -196.10 at 24461.70, NAS Comp -68.56 at 7712.97, S&P 500 -17.56 at 2749.50

Volume: Trade on the NYSE came in at 791-M/shares exchanged

Decliniers outnumbered advancing ones on the NYSE by a 2.07-to-1 ratio; on the  NASDAQ, a 2.23-to-1 ratio favored decliners.

The S&P 500 posted 24 new 52-wk highs and 9 new lows; the NAS Comp recorded 118 new highs and 33 new lows

  • NAS Comp +11.7% YTD
  • Russell 2000 +10.0% YTD
  • S&P 500 +2.9% YTD
  • DJIA -1.0% YTD

Overall, the US major stock market indexes are in Neutral after Thursday action.

Stay tuned..

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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