NEW YORK, NY / ACCESSWIRE / May 18, 2018 / A selloff in technology stocks and elevated bond yields combined to pressure U.S. equities lower on Thursday. The Dow Jones Industrial Average dropped 0.22 percent to close at 24,713.98, while the S&P 500 Index declined 0.09 percent to close at 2,720.13. The Nasdaq Composite Index fell 0.21 percent to close at 7,382.47.
"Interest rates and bond yields are the elephant in the room for equity markets. As they move higher, equities will become increasingly volatile, especially since valuations are stretched and on the high side," said Bill Kornitzer, portfolio manager at Buffalo Funds, which has about $7.5 billion in assets.
RDI Initiates Coverage on:
PayPal Holdings, Inc.
Riot Blockchain, Inc.
PayPal's stock moved 1.76% higher Thursday, to close the day at $79.19. The stock recorded a trading volume of 5,794,333 shares, which was below its three months average volume of 8,316,164 shares. In the last year, PayPal's shares have traded in a range of 49.06 - 86.32. The share price has gained 61.41% from its 52 week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $76.47 is below its 200-day moving average of $77.10. Shares of the company are trading at a Price to Earnings ratio of 53.87. Shares of PayPal have fallen roughly 1.05 percent in the past month and are up 7.57 percent year-to-date.
Access RDI's PayPal Holdings, Inc. Research Report at:
On Thursday, shares of Riot Blockchain recorded a trading volume of 1,804,483 shares, which was above the three months average volume of 877,066 shares. The stock ended the day 11.88% higher at $9.51. The share price has fallen 79.42% from its 52-week high with a 52-week trading range of 3.45 - 46.20. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $7.24 is below its 200-day moving average of $13.21. Shares of Riot Blockchain have gained roughly 30.27 percent in the past month and are down 66.51 percent year-to-date.
Access RDI's Riot Blockchain, Inc. Research Report at:
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