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There is a shift in the tone at the Fed during speeches over the last week. Yahoo Finance's Julie Hyman, Adam Shapiro, Andy Serwer and Gabriela Santos Gabriela Santos - JPMorgan Global Market Strategist discuss.
Stifel analyst Scott Devitt cut his rating on American depository shares of JD.com Inc. to hold from buy midday Monday, after the Chinese e-commerce company reported a mixed third quarter and delivered a disappointing holiday-quarter outlook. "We believe the slowing macroeconomic backdrop in China coupled with intense e-commerce competition will continue to pressure core operating results, working against the long path to margin expansion," he wrote. "JD.com trades well below comparable eCommerce companies at 0.3x enterprise value to 2020 revenue, though limited visibility stemming from the macro, the ongoing investment cycle, and current uncertainty surrounding key person risk cause us to move to the sidelines." Devitt highlighted a 3% sequential drop in the number of annual active customers on JD's platform though noted that the company's margins came in ahead of expectations. JD.com's ADSs are off nearly 6% in Monday afternoon trading, and they're down 46% over the past 12 months. The S&P 500 has gained 4.4% in that time, while the KraneShares CSI China Internet ETF has fallen 29%.
The Nasdaq is on pace for its third decline in four sessions. This is the first time all three major indices are in the red. Nvidia continued its downward slide, falling another 7% in morning trading.
Share of Google parent Alphabet Inc. has dropped into bear market territory for the first time in seven years in afternoon trade Monday, amid a broad and sharp selloff in the technology sector. The stock was down 3.6%, on track for the lowest close since May 3, as the SPDR Technology Select Sector ETF shed 3.7%, with all 65 of its components trading lower. The S&P 500 was down 1.8%. Alphabet's stock's intraday low of $1,026.86, it was 20.1% below its July 26 record close of $1,285.50; many on Wall Street define a bear market as a decline of 20% or more from a bull-market peak. A close at or below $1,028.40 would mark the end of the current bull market, and start of a new bear market, since it came out of the last bear market on Oct. 14, 2011. The stock was last down 3.7% at 1,029.23. The other three original FANG stocks--Facebook Inc. , Amazon.com Inc. and Netflix Inc. --are already in bear markets, while the honorary FAANG stock--Apple Inc. also dipped into bear market territory intraday Monday before bouncing back out.
The financial instrument has an average 4.4% spot rate according to the Federal Reserve Bank of St. Louis. Warning! GuruFocus has detected 2 Warning Signs with ED. The screener generated one result that met the criteria :Consolidated Edison Inc. (ED), which is one of the U.S.'s largest investor-owned energy companies.
A slide in Apple's shares to their lowest since July 6 battered the technology sector on concerns about iPhone demand, with mixed signals over the state of play between the United States and China on their trade dispute adding to the weakness. Johnson & Johnson has had a strong quarter and it’s the largest non-FAANG stock in the S&P 500, but yet it’s less than half the size (of Apple). JPMorgan Chase, another stock that happens to be up.
Pot stocks are volatile on normal days, but when the market is suffering a dismal day of trading like it is Monday, the fledgling stocks don't have a chance.
The Nasdaq 100 Index plunged almost 3 percent on renewed concern that trade fights will tamp down global demand and disrupt supply chains for the major technology companies that have carried the bull market for almost 10 years. “The easiest way to stop the selloff would be for Trump and [China President] Xi to reach some kind of agreement, even if it’s just no new tariffs and/or keeping the rate at 10 percent through Jan. 1,” said Max Gokhman, head of asset allocation for Pacific Life Fund Advisors.
While technology stocks have borne the brunt of the blame for dragging on the market, the worst performers in the index are a utility and a dental company. PG&E Corp., facing questions of liability related to California’s deadliest wildfires, has seen its market value cut in half this month, while Align Technology Inc. has tumbled 46 percent. Advanced Micro Devices Inc. and Nvidia Corp., among the hottest stocks earlier this year, have slumped amid disappointing forecasts.