The global stock futures are trying to erase some of their losses after an intense sell-off experienced on Wall Street. The NASDAQ index plummeted yesterday. Tesla (NASDAQ:TSLA)’s stock took most of the beating, with their share price plunging 21% yesterday, the biggest one-day loss in the company’s trading history.
Traders are also concerned that the coronavirus vaccine trial has been halted because one person involved in the trial has become ill. We are not, as of yet aware of what is wrong with the participant. The fear is that if we hear similar news from other companies, then it means we may not see a coronavirus vaccine as early as anticipated.
Stocks in Asia took a heavy beating today. The Shanghai index declined 1.8%. The Hang Seng stock index also moved lower by 0.6%, while the Korean Kospi fell 0.86%. The Japanese Nikkei Index declined by 1.04%.
Dow Index and S&P500 Index: Market Breadth
The U.S. stock market's breadth experienced some serious weakness yesterday. 63% of the Dow Jones stocks traded above their 200-day moving average.This is a change of -10% from a day earlier,
The S&P 500 stock breadth also confirmed that bulls lost more ground yesterday. 57% of the shares traded above their 200-day moving average. This represents a change of -4% from a day earlier.
Stock Market Rally
The S&P 500 stock index continued its losses yesterday and fell 2.78%. The information technology sector led the index lower, and all of the eleven sectors closed lower.
General Motors Company (NYSE:GM) stock contributed the biggest gain, soaring 7.93%. Apache Corporation (NASDAQ:APA) stock was the largest drag; it fell by 10.7%. The S&P 500 stock index is up 7.5% during this quarter.
The Dow index declined 632 points yesterday, and the Dow stocks moved the index lower by 2.25%. Four stocks of the Dow Jones Index increased in value, and 26 shares of the Dow index moved lower. Disney stock advanced higher by 1.67%, and was the biggest mover for the Dow, while Salesforce stock dropped 5.27%, the biggest drag for the Dow Jones industrial average index.
The NASDAQ composite, a tech-savvy index, plunged 4.77% yesterday.