NEW YORK, NY / ACCESSWIRE / September 6, 2018 / Major U.S. equities were mixed on Wednesday with tech stocks posting worst daily drop since July dragging Nasdaq lower. The Dow Jones Industrial Average was up 0.09 percent to close at 25,974.99, while the S&P 500 Index decreased 0.28 percent to close at 2,888.60. The Nasdaq Composite Index dropped 1.19 percent to close at 7,995.17.
“I don’t see any specific catalyst pushing tech lower, and it’s pretty quiet from the perspective of news about these stocks, which makes me think this is a classic sector rotation,” said managing director for trading at Evercore ISI, Douglas DePietro. “These groups have been outperforming, and this could be an example of investors taking profits, particularly since September is a historically turbulent month and a lot of big banks and brokerage houses have been encouraging their clients to lighten up on their tech exposure,” DePietro said.
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Cloudera's stock moved 4.38% lower Wednesday, to close the day at $14.41. The stock recorded a trading volume of 4,928,364 shares, which was above its three months average volume of 1,723,835 shares. In the last year, Cloudera's shares have traded in a range of 12.57 - 22.42. The share price has gained 14.64% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $14.13 is below its 200-day moving average of $15.83. Shares of Cloudera have gained roughly 6.11 percent in the past month and are down 12.77 percent year-to-date.
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On Wednesday, shares of MongoDB recorded a trading volume of 1,778,045 shares, which was above the three months average volume of 907,131 shares. The stock ended the day 2.19% lower at $72.04. The share price has fallen 3.21% from its 52 week high with a 52 week trading range of 24.62 - 74.43. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $62.82 is above its 200-day moving average of $48.48. Shares of MongoDB have gained roughly 24.44 percent in the past month and are up 142.72 percent year-to-date.
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