Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Wall Street closes lower in rocky session on Amazon losses

Stock MarketsMar 28, 2018 04:53PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York

By Stephen Culp

NEW YORK (Reuters) - Wall Street closed lower after a rocky session on Wednesday as gains in consumer staples and healthcare were offset by a sharp drop in Amazon shares and a continuing slide in technology stocks.

All three major U.S. indexes ended the day in negative territory following Tuesday's late-session tech-driven sell-off following Monday's rally as traders moved to defensive stocks after recent weeks' heightened volatility.

"People should expect what's happening given the kind of volatility we've seen as well as the fact that we're kind of in a news vacuum prior to quarterly earnings," Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana, said. "It's a market that's really looking for the next leadership."

The Dow Jones Industrial Average fell 9.29 points, or 0.04 percent, to 23,848.42, the S&P 500 lost 7.62 points, or 0.29 percent, to 2,605 and the Nasdaq Composite dropped 59.58 points, or 0.85 percent, to 6,949.23.

Online retailer Amazon.com (NASDAQ:AMZN) was down as much as 6.7 percent, losing more than $53 billion in market value after a report that President Donald Trump indicated he wanted to rein in the company. The stock later pared its loses to end the day down 4.4 percent.

Shares of automaker Tesla (NASDAQ:TSLA) slumped 7.7 percent, extending recent losses, following a credit downgrade and news that officials are investigating a fatal crash and fire in California.

Countering those losses were gains for consumer staples, real estate, telecom, and healthcare.

The S&P Energy index posted the biggest loss of the 11 major S&P sectors, ending 1.99 percent lower as crude prices fell after data showed a surprise build in U.S. stocks.

The markets shrugged off a report from the U.S. Commerce Department that the U.S. economy slowed less than previously reported in the fourth quarter as consumer spending grew at its fastest quarterly pace in three years. GDP expanded at a 2.9 percent annual rate in the last three months of 2017, ahead of the previously reported 2.5 percent.

Strong economic data could invite a more hawkish approach by the U.S. Federal Reserve this year with respect to further interest rate hikes.

"I'm not surprised by the economic data," said Carlson. "But the market right now is looking past that from a valuation standpoint."

Stocks had jumped earlier in the week as trade war fears ebbed following comments from officials in the United States and China that implied the world's two largest economies would renegotiate tariffs and trade imbalances.

China is expected to announce a list of tariffs on U.S. imports in retaliation against the expected tariff proposals from the U.S. on Chinese goods.

Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.22-to-1 ratio favored decliners.

Volume on U.S. exchanges was 6.96 billion shares, compared to the 7.36 billion average for the full session over the last 20 trading days.

Wall Street closes lower in rocky session on Amazon losses
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email