NEW YORK, NY / ACCESSWIRE / January 29, 2019 / U.S. equities plunged on Monday following Caterpillar’s weaker-than-expected earnings report that dragged the tech sector lower. Additionally, fears over slowdown in China’s economic growth were reignited after Nvidia shrink its revenue forecast for the fourth quarter from $2.7 billion to $2.2 billion. The Dow Jones Industrial Average dropped 0.84 percent to close at 24,528.22, while the S&P 500 declined 0.78 percent to settle at 2,643.85. The Nasdaq was down 1.11 percent to close at 7,085.68.
“The Nvdia profit warning is [hurting market sentiment] more than the Caterpillar earnings miss,” said chief executive of the Opportunistic Trader, Larry Benedict. “Slowing demand in China hit them hard,” he added, causing the market to be anxious that Chinese “demand has slowed more than people imagine.”
The Market Wealth Report Initiates Coverage on:
Advanced Micro Devices, Inc.
NVIDIA’s stock moved 13.82% lower Monday, to close the day at $138.01. The stock recorded a trading volume of 62,788,169 shares, which was above its three months average volume of 17,341,467 shares. In the last year, NVIDIA’s shares have traded in a range of 124.46 - 292.76. The share price has gained 10.89% 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 $143.46 is below its 200-day moving average of $214.51. Shares of the company are trading at a Price to Earnings ratio of 18.44. Shares of NVIDIA have gained roughly 5.21 percent in the past month and are up 3.38 percent year-to-date.
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On Monday, shares of Advanced Micro Devices recorded a trading volume of 135,164,064 shares, which was above the three months average volume of 99,632,191 shares. The stock ended the day 7.98% lower at $20.18. The share price has fallen 40.89% from its 52 week high with a 52 week trading range of 9.04 - 34.14. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $19.37 is below its 200-day moving average of $22.16. Shares of the company are trading at a Price to Earnings ratio of 65.31. Shares of Advanced Micro Devices have gained roughly 15.38 percent in the past month and are up 9.32 percent year-to-date.
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SOURCE: The Market Wealth Report