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Stocks - S&P, Nasdaq Notch Another Record Close Despite Late Stumble in Tech

Stock Markets Feb 11, 2020 04:10PM ET
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By Yasin Ebrahim

Investing.com – The S&P and Nasdaq eked out record closes despite giving up some gains on Tuesday as a regulatory probe into previous deals by large-cap tech companies soured investor sentiment on stocks.

The S&P 500 rose 0.17%, Nasdaq Composite added 0.11% and the Dow Jones Industrial Average was flat.

The Federal Trade Commission issued special orders to five tech giants - including Alphabet's Google (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) – requesting information on historical mergers to gauge reporting practices to antitrust authorities.

The request was for research purposes, but FTC Chairman Joseph Simons reportedly said "hundreds" of deals under scrutiny could lead to some "unwinding" of mergers.

The move raised fears over a more aggressive regulatory crackdown on big tech at a time when U.S. authorities are already investigating Google, Facebook, Amazon and others over potential anti-competitive behavior.

Also adding pressure on tech, Facebook fell 2.8% after Pivotal Research downgraded the stock to sell from hold and lowered its target price to $180 from $215.

In telecoms, T-Mobile (NASDAQ:TMUS) and Sprint (NYSE:S) surged after winning approval to go ahead with their merger. U.S. District Judge Victor Marrero concluded the deal was unlikely to lessen competition.

As sentiment on tech stocks turned sour, the broader market gave up some gains, following Federal Reserve Chairman Jerome Powell's testimony early Tuesday.

Powell expressed confidence in central bank's current monetary policy measures and reiterated that the economy remained in a good place in the wake of the coronavirus outbreak.

"We’ll be watching this (coronavirus impact) carefully," Powell told lawmakers on the House Financial Services Committee. "'What will be the effects on the U.S. economy?' 'Will they be persistent?' 'Will they be material?' That’s really the question."

But with the death roll in China rising above 1,000 and those infected topping 40,000, corporate earnings are reflecting the threat of the virus to the bottom line.

Under Armour (NYSE:UAA) slumped 19% after reporting mixed earnings and warning that sales would come under pressure from the coronavirus.

Hasbro (NASDAQ:HAS), meanwhile, fell nearly 1% after the toymaker reported earnings that topped Wall Street estimates.

Boeing (NYSE:BA) gave up gains early-day gains to end flat, after the aircraft maker said that it booked no new jetliner orders in January, as it continues efforts to restore its reputation following the 737 MAX crisis.

Energy, meanwhile, rebounded from recent weakness amid an upswing in oil prices on rising hopes that Russia would support OPEC+ proposals for deeper production cuts to offset the impact of the coronavirus on Chinese oil demand.

Stocks - S&P, Nasdaq Notch Another Record Close Despite Late Stumble in Tech
 

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Comments (6)
Marco Somo
Marco Somo Feb 12, 2020 3:50AM ET
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Yep its gonna go down, question is when? I say Feb will close lower than January
Jacky Lee
Jacky Lee Feb 11, 2020 10:30PM ET
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Trade with care.. prepare to stuck with your investment for decades if u buy at this sky high irrationale level and not able to exit in time. Its all the baits to lure your money in at now
Adamo Nals
Adamo Nals Feb 11, 2020 8:50PM ET
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If the economy is so strong why are they flushing it with repo money? Systemic risk is the answer. There is an incoming 10% correction coming no matter what anybody wants to say. It’s totally normal to have corrections, it is abnormal in backwards to never have a correction. Especially trading at 24X. With -8% PPS earnings growth. It’s irrational exuberance worse than I’ve seen in four decades.
Dee Mehta
DMFINANCE Feb 11, 2020 6:04PM ET
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False s with the two jokers in pic
Matthew VS
Matthew VS Feb 11, 2020 5:07PM ET
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How is S&P at +5.66 and NASDAQ at +1.02 a record when we barely made par? Anyone?
James William
James William Feb 11, 2020 5:07PM ET
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It hit record during the day and then back down again.
Lebohang Mpiko
Lebohang Mpiko Feb 11, 2020 4:50PM ET
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hence the behavior
 
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