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Wall Street Opens Lower on Profit-Taking After Strong Week; Dow Down 140 Pts

Stock MarketsApr 30, 2021 09:39AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened lower on Friday, retreating from record highs that were hit earlier in the week as Big Tech lived up to ambitious expectations for the first quarter.

Amazon (NASDAQ:AMZN) rounded off a vintage quarter for Silicon Valley on Thursday evening, posting profits that were over three times the level of a year ago, the embodiment of how the pandemic has accelerated long-term trends toward online shopping and remote working. As with Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL) earlier in the week, Amazon also profited from rapid growth in its advertising business. Amazon stock rose 0.8% in early trade, defying the broader trend

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was down 140 points, or 0.4%, at 33,920 points. The S&P 500 was down 0.6%, as was the Nasdaq Composite

The main indices are still all on course to end the week higher, and some analysts have already revised up their year-end targets after a better-than-expected first quarter: Credit Suisse (SIX:CSGN) analysts raised their S&P target for the year to 4,600, implying another 10% upside from current levels. They raised their aggregate earnings per share estimate for the index to $200 from $185.

Data published earlier offered a reminder of how much the current rally – and the economic recovery from the pandemic in general – owes to the vast scale of stimulus measure. U.S. personal income rose 21.1% in March as stimulus checks reached households across the country. Personal spending, meanwhile, rose by 4.2%. There was a frisson of excitement among inflation hawks after other numbers showed core personal consumer expenditures rising by 0.4% in March, more than expected and matching their highest increase in 20 years.

Twitter (NYSE:TWTR) was the standout performer in early trading, albeit for the wrong reasons. The stock fell 12.7% after management warned of slowing user growth in the second quarter, as well as rising costs.  

Apple (NASDAQ:AAPL) stock was also in focus early, falling 0.7% after EU antitrust authorities said in a preliminary ruling that it had abused a dominant market position in the streaming business. 

Big Oil, meanwhile, failed to impress with its quarterly updates: Exxon Mobil (NYSE:XOM) stock fell 0.4% and Chevron (NYSE:CVX) stock fell 1.6%, as the former broadly met expectations while the latter missed, thanks to the cold snap that disrupted almost all of the U.S. oil and gas complex in February. Chevron's earnings are more exposed to the U.S. geographically, since its acquisition of Noble last year.

 

 

 

 

 

Wall Street Opens Lower on Profit-Taking After Strong Week; Dow Down 140 Pts
 

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Comments (9)
TL Chan
TL Chan May 01, 2021 11:07AM ET
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All the Fund house robots dump shares together, and buy all the shares on news, our retail investors can just stand asides watching their robots working together and fighting with each other, no more value stocks to buy! Or retail investor can buy , but buy with asymmetric risks, because we are just not fast enough vs the fund house robots.
TL Chan
TL Chan Apr 30, 2021 11:31AM ET
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I believe most of profit taking are from European stock market, since US sentiment is still very strong ! After European stock closed at US time 1:00 , you will see!
michael engel
michael engel Apr 30, 2021 10:49AM ET
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SPX gap lower and cont lower towards Apr 16 close to takeout SL. Short covering will send SPX higher for day traders, to take profit before the weekend. Apr bull run last candle will be a thud..
michael engel
michael engel Apr 30, 2021 10:13AM ET
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Yesterday QQQ crossed Feb 16 fractal and bounced back off the open. Yesterday was a black candle with a large selling (!!!) tail at the top. Yesterday new all time high was a Biden bump. Today QQQ gap lower to takeout SL, but today rise so far is a thud. QQQ will go away in May.
Kaveh Sun
Kaveh Sun Apr 30, 2021 10:13AM ET
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Possibly, that candle has 50% chance to fail but it is nice to short because the risk/reward skews short.
okota barrack
okota barrack Apr 30, 2021 10:00AM ET
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can you subscribe to cooking with beast the one with liverpool logo it is very nice
sara yamamoto
sara yamamoto Apr 30, 2021 9:49AM ET
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Bitcoptions is making it happen... hit up dudes
Xer Zuproc
Xer Zuproc Apr 30, 2021 9:48AM ET
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thats the impact!
Kaveh Sun
Kaveh Sun Apr 30, 2021 9:46AM ET
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According to the news: Yesterday it was up because ‘Biden’, today down because profit taking. Looks like Biden plan is a very short life, shorter than an atomic decay.
Rao Imran Ali
Rao Imran Ali Apr 30, 2021 9:44AM ET
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nice
 
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