The Usual Culprits Send Stocks Lower

0
446
Outperforming Tech Stocks of December 5

Another trading session ended in the red.

The S&P 500 index finished Thursday’s trading session lower than when it started for the eighth straight day and investors have the same culprits to blame, including: uncertainty and continued turmoil in the U.S. presidential election race, oil’s continued rut and headline risk.

For starters, Wikileaks Tweeted towards the end of the trading session that it will soon be releasing its newest batch of e-mails connecting the Hillary Clinton campaign with the Department of Justice.  Meanwhile, several polls are predicting that Donald Trump could win the presidential race or at the very least make it too-close-to-call.

Moving on to oil, the commodity lost around two percent and a barrel of oil is now trading closer to $40 than $50.  In this case, investors are likely more convinced than they were before that talks among OPEC members to freeze or cut their collective oil output remains exactly that – talks.

Generic drugs were smacked hard on Thursday after a Bloomberg report suggested that U.S. authorities have actually been conducting a multi-year long investigation into potential price collusion among some of the largest names.

Few generic drug makers were spared mercy and many lost 10 percent or more during their trading session and hit new 52-week lows following the report.

Facebook’s (NASDAQ: FB) earnings report on Wednesday also spooked investors as the social media giant called for incremental investment and spending in 2017 at a time when its advertising revenue is expected to decline.  Shares lost more than five percent during the trading session even though its third quarter report came above Wall Street’s expectations.

If Facebook’s platform with a user base that continues gravitating towards two billion users can’t impress investors than what can?

Facebook’s concerning outlook helped drag the Technology sector lower by 0.48 percent – the most of any sector.  Shares of Apple (NASDAQ: AAPL) lost more than one percent and closed below the $110 per share mark while Alphabet (NASDAQ: GOOG) lost nearly one percent and Microsoft (NASDAQ: MSFT) saw its shares lose close to 0.50 percent.

The best performing sector on Thursday was Basic Materials, led by a surge of 13 percent in Ternium, (NYSE: TX) the $5-billion steel producer who reported a better-than-expected earnings print and shares gained more than 13 percent.  Shares of U.S. Steel (NYSE: X) also finished the day higher by nearly eight percent.

Published on 03/11/2016 – www.stockmarketdaily.co – Follow us on Twitter: @SMDailyCo and Facebook: @StockMarketDaily

Another trading session ended in the red, Facebook, Apple, iPhone 7, iPhone8, Google, Alphabet, Microsoft, Ternium, US Steel,

NYSE:X, NYSE:TX, NASDAQ:MSFT, NASDAQ:GOOG, NASDAQ:AAPL, NASDAQ:FB