DJIA Off, Amazon Falls on Taxed Shopping Concern
$DIA, $SPY, $QQQ, $RUTX, $VXX
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.
Latest posts by Paul Ebeling (see all)
- Commentary: Paul Ebeling on Wall Street - September 24, 2018
- Ferrari (NYSE:RACE) the Camilleri-era Begins - September 24, 2018
- Gold Down on Firm USD, as China Halts Trade Talks + Commodities - September 24, 2018