Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks - S&P 500 Closes Lower as Tech Wreck Weighs

Stock Markets Jul 30, 2018 04:06PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Twitter tumbled more than 8% on Monday.

Investing.com - The S&P 500 closed lower Monday as a tumble in Facebook and Twitter triggered a wider selloff in the tech sector, offsetting gains in telecoms and energy.

The Dow Jones Industrial Average fell about 0.57%. The S&P 500 fell 0.58%, while the Nasdaq Composite fell about 1.39%.

The fallout from both Facebook's and Twitter's disappointing earnings last week continued to weigh on risk sentiment as investors fled tech stocks.

Facebook (NASDAQ:FB) stock closed 2.2% lower, while Twitter (NYSE:TWTR) stock tumbled more than 8%. Plunges in both Netflix (NASDAQ:NFLX) and Amazon.com (NASDAQ:AMZN) stock exacerbated downside momentum in the broader market.

Mixed second-quarter earnings from some notable corporate heavyweights did little to lift sentiment on equities. Yet the trend of strong second-quarter earnings remained intact, data from FactSet showed.

Caterpillar (NYSE:CAT) stock fell despite delivering above-forecast second-quarter results and raising its full-year outlook. Seagate Technology (NASDAQ:STX) stock closed lower after topping earnings and revenue estimates, while First Data (NYSE:FDC) stock closed higher as quarterly profit beat consensus.

As of Friday, 83% of the companies in the S&P 500 that had reported results posted stronger-than-expected earnings and 73% beat estimates on revenue, according to FactSet.

The decline in tech stocks and mixed earnings offset gains in telecoms and energy as the latter was supported by rising oil prices on investor concerns over global crude supplies.

On the New York Mercantile Exchange crude futures for September delivery gained 2.13% to settle at $70.13 a barrel. Crude prices eased modestly after settlement, however, as U.S. President Donald Trump said he would be prepared to meet with Iranian counterpart Hassan Rouhani at "any time," without restrictions.

In other the corporate news, American Express (NYSE:AXP) came under pressure following a Wall Street Journal report that the company’s foreign exchange department increased currency conversion rates without informing customers.

CBS (NYSE:CBS) stock extended its slump from Friday as some board members reportedly considered whether CEO Les Moonves should step down as the New Yorker reported late Friday that six women have said that he had sexually harassed them.

In economic news, the National Association of Realtors’ pending home sales measure rose 0.9% to 106.9 in June, ending two consecutive months of declines, but contract signings fell 2.5% year over year.

The mixed housing data come ahead of the Federal Open Market Committee's rate decision due Wednesday, which analysts expect will likely be "non-event."

"Wednesday's FOMC meeting is going to be a non-event as the Committee is not expected to raise rates or alter the balance sheet normalization schedule next week, though there's a risk of a change in language contained within the statement," BMO said last week.

Top S&P 500 Gainers and Losers Today:

Franklin Resources (NYSE:BEN), Affiliated Managers Group (NYSE:AMG) and Invesco (NYSE:IVZ) were among the top S&P 500 gainers for the session.

Twitter (NYSE:TWTR), Take-Two Interactive Software (NASDAQ:TTWO) and Tyson Foods (NYSE:TSN) were among the worst S&P 500 performers of the session.

Stocks - S&P 500 Closes Lower as Tech Wreck Weighs
 

Related Articles

Israel stocks higher at close of trade; TA 35 up 1.71%
Israel stocks higher at close of trade; TA 35 up 1.71% By Investing.com - Aug 10, 2022

Investing.com – Israel stocks were higher after the close on Wednesday, as gains in the Insurance, Financials and Real Estate sectors led shares higher. At the close in Tel Aviv,...

Russia's Evraz looking to sell North American units
Russia's Evraz looking to sell North American units By Reuters - Aug 10, 2022

(Reuters) - Russian steel producer Evraz said on Wednesday it was launching a process to solicit proposals for the acquisition of its North American subsidiaries. The sale will...

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.
Comments (1)
Kevin Ryan
Kevin Ryan Jul 30, 2018 7:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The US government has spent $21 trillion dollars they don’t have of your hard earned money...they gave it to corporations who then used it for share buybacks not much spent on jobs or social programs. This debt payment is due in 60 days. We are broke and they are about to try and raise the debt limits again and still can’t afford to pay what we already owe....
Ding Donglong
Ding Donglong Jul 30, 2018 7:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Actually, if you do some research you would know that around 60% of federal spending goes towards social programs.
 
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
Continue with Google
or
Sign up with Email