- Title: Nasdaq ends lower as investors sell Big Tech
- Date: 15th July 2021
- Summary: PORT WASHINGTON, NEW YORK, UNITED STATES (JULY 15, 2021) (REUTERS) (SOUNDBITE) (English) STOCKS BUZZ ANALYST AT THOMSON REUTERS, TERENCE GABRIEL, SAYING: "It may just be the point where the market is sort of, tired. And despite the fact that we are having relatively good earnings, that expectation, of course, is for a very big jump in Q2 earnings year over year. However, the market seems to be struggling here. Earlier today, the closely watched FANG index once again challenged its February highs, but it has reversed lower. So it's once again potentially failing to make a new closing high. And if you pull out the recent strength in some of these really big cap tech titans, the market really doesn't have a lot, which has been underpinning it recently. So there definitely is a need for the market to broaden, if it is going to weather concerns over the economy and concerns over the 10-year yield, which is falling back to the 1.30% area. So it does seem as if there is just anxiety building here and a sort of, risk-off mentality that definitely seems to be setting in today."
- Embargoed: 29th July 2021 21:09
- Keywords: COVID-19 Delta variant Dow Jones Nasdaq S&P 500 Wall Street coronavirus equities index indices markets shares stocks trading vaccine
- Location: NEW YORK, AND PORT WASHINGTON, NEW YORK, UNITED STATES
- City: NEW YORK, AND PORT WASHINGTON, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002ELYDHL3
- Aspect Ratio: 16:9
- Story Text: The Nasdaq ended lower on Thursday (July 15), pulled down by Apple, Amazon and other Big Tech companies as a fall in weekly jobless claims data fed investor concerns about a recent inflation spike.
Amazon, Apple Tesla and Facebook all fell. Nvidia tumbled around 4%.
The S&P 500 technology sector index ended a four-day winning streak. Earlier this week, investors' favor for heavyweight growth stocks pushed the S&P 500 and the Nasdaq to record highs.
The S&P 500 energy sector index fell more than 1% and tracked a drop in crude prices on expectations of more supply after a compromise agreement between leading OPEC producers.
Fresh data showed the number of Americans filing new claims for unemployment benefits fell last week to a 16-month low, while worker shortages and bottlenecks in the supply chain have frustrated efforts by businesses to ramp up production to meet strong demand for goods and services.
Federal Reserve Chair Jerome Powell told lawmakers he anticipated the shortages and high inflation would abate.
The Dow Jones Industrial Average rose 53.79 points, or 0.15%, to 34,987.02, the S&P 500 lost 14.27 points, or 0.33%, to 4,360.03 and the Nasdaq Composite dropped 101.82 points, or 0.7%, to 14,543.13.
(Production: Hyeongmi Kim, Fred Katayama, Roselle Chen)
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