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Cisco, Tesla, Kohl's Fall Premarket; Grab, Canada Goose Rise

S&P 500, Dow Close Lower, But Media Stocks Support Bullish Bets

Stock MarketsDec 30, 2021 06:32PM ET
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© Reuters

By Yasin Ebrahim

Investing.com – The S&P 500 and Dow closed lower after hitting intraday records Thursday, as a Micron-induced drag on tech and weakness in energy weighed on stocks.

The S&P 500 closed down 0.3% after earlier hitting a record of 4,808.52 intraday, while the Dow Jones Industrial Average fell 0.3%, or 90.5 points, after hitting an all-time high of 36,679.44. The Nasdaq closed down 0.2%.

Micron Technology (NASDAQ:MU) fell more than 2%, forcing chip stocks and broader tech to end the day in the red, after the chipmaker warned that Covid-related shutdowns in Xi’an, China, would hurt output.

Big tech also weighed on the broader market as Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), and Alphabet (NASDAQ:GOOGL) ended the day lower, while Facebook (NASDAQ:FB) and Amazon (NASDAQ:AMZN) were higher. 

Communication services kept downside in check, however, underpinned by a gains in ViacomCBS (NASDAQ:VIAC), Discovery (NASDAQ:DISCA) and other video streaming stocks following expectations that U.S. video content spending is set to ramp up in 2022.

The top eight U.S. media groups including Netflix (NASDAQ:NFLX) plan to spend at least $100 billion on new movies and television shows, the Financial Times reported.

Twitter (NYSE:TWTR), meanwhile, led the sector higher, up more more than 3% as the social media remained on track to snap four straight monthly losses.

Tech, meanwhile, was weighed down by a stumble in chip stocks, paced by a decline in Micron.

In health care, Johnson & Johnson's booster shot was found to be 85% effective in preventing hospitalizations in a South African study. Johnson & Johnson (NYSE:JNJ) was up about 0.4%.

The positive news comes a health experts warned of disruptions in coming weeks as the omicron Covid-19 variant continues to rip through the U.S. The U.S. set a one-day record on Wednesday as new daily case total topped 488,000.

Biogen (NASDAQ:BIIB) gave up its gains from a day earlier, down more than 7% after Samsung (KS:005930) denied reports that it was in talks to buy the health care company for $42 billion.  

Cruise line companies including Carnival (NYSE:CCL), and Royal Caribbean Cruises (NYSE:RCL) were on the back foot after after the U.S. Centers for Disease Control and Prevention on Thursday said travelers should avoid going on cruises even if they’re vaccinated

On the economic front, meanwhile, the number of people filing for unemployment insurance in the week ended Dec. 25, fell to 198,000 from 206,000. That beat expectations for a fall to 206,000, with claims remaining at a 52-year low.

Jefferies, however, warned that the jobless claims, which tend to deteriorate this time of the year, still  isn’t showing any impact from the Omicron surge.

S&P 500, Dow Close Lower, But Media Stocks Support Bullish Bets
 

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Comments (11)
Jussi Puhakka
Jussi Puhakka Dec 30, 2021 6:05PM ET
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nobody notices china stocks shooting up 10%? 🤔
Ronald Warren
Ronald Warren Dec 30, 2021 6:05PM ET
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Chinese markets are finishing the year 25 to 30% down. I don't pay them much attention.
William Bailey
William Bailey Dec 30, 2021 6:01PM ET
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Smokin crack ? Its gonna collapse like the apartment building in Florida did a few months back
Jack Zydron
Jack Zydron Dec 30, 2021 5:19PM ET
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40k on the way. Mild cases, sore throats and headaches. Daily deaths at the lowest ever. have we lost our sanity or media and governments. This will explode in next days. all in green!!! This is exactly like flu now and we should be glad that we are dealing with mild symptoms. We should be reaching herd immunity fairly quickly.
Ronald Warren
Ronald Warren Dec 30, 2021 5:19PM ET
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When did the market start tracking headlines. It'll run opposite most of the time. Your theory will turn into a bull trap. Proceed with caution.
Critical Riff
Critical Riff Dec 30, 2021 5:19PM ET
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lol I don't understand this reasoning. I agree with your CV assessment of omicron, but why should that be bullish when there has been no genuine recovery since the start of the pandemic outside money printing and fed asset purchases?
Mario tragik
Mario tragik Dec 30, 2021 5:03PM ET
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santa rally not over until next year so buying this dip on this joke of a market.
Matias Marquez
Matias Marquez Dec 30, 2021 4:34PM ET
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trash news . hunt more Bears before the party of new year . tomorrow coming a Big candle green .
Stan Smith
Stan Smith Dec 30, 2021 4:24PM ET
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Every asset bubble has a last chance to get out before the crash point that becomes obvious in the aftermath. But at the time, this last opportunity to exit before the wipeout is difficult to identify for a number of reasons....DYOD
Matt Novakovich
Matt Novakovich Dec 30, 2021 4:22PM ET
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I'm only down 87% since I started shorting S&P 3400 haha
Steven Collar
Steven Collar Dec 30, 2021 4:22PM ET
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Market seems tightly controlled by AIs that know the pattern of people and how to keep market strong.
Barani Krishnan
Barani Krishnan Dec 30, 2021 4:22PM ET
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It's probably the biggest rigged but legal casino. Someone on the inside who designs black boxes for the quants told me that trading platforms actually provide the hedge funds they are in bed with real time data on buying/selling intentions even as the keystrokes are being logged by their customers. These platforms apparently save keystrokes, and while they aren't a perfect composition of market positioning, it gives those funds a pretty good aggregate of which way people are leaning and how heavy they might go in that direction. How about that, huh?
Barani Krishnan
Barani Krishnan Dec 30, 2021 4:22PM ET
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The congressional hearing on Robinhood did unearth some of these allegations but nothing was ultimately proven.
carl stremmel
carl stremmel Dec 30, 2021 4:19PM ET
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sec needs to revamp this stupid market. no company should be allowed to go public without making money, no more meme bs 30% limit up or down and finally have better representation of stocks in index. not fang or all technology.
carl stremmel
carl stremmel Dec 30, 2021 4:18PM ET
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sec needs to revamp this stupid market. no company should be allowed to go public without making money, no more meme bs 30% limit up or down and finally have better representation of stocks in index. not fang or all technology.
Srey Ra
Srey Ra Dec 30, 2021 4:16PM ET
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