70.38 -0.21 (-0.30%)
After hours: 6:12PM EDT
|Bid||0.00 x 1300|
|Ask||0.00 x 1400|
|Day's Range||69.92 - 71.05|
|52 Week Range||60.25 - 76.27|
|PE Ratio (TTM)||23.64|
|Beta (3Y Monthly)||0.99|
|Expense Ratio (net)||0.14%|
Banks led the broad slide in U.S. stocks for the later part of today’s trading session as traders gear up for a busy week of company earnings reports, while tech was led by gains in chipmakers such as Advanced Micro Device and Intel.
Top strategist Jonathan Golub, Credit Suisse, is extremely bullish on tech stocks and says buy the dip. With CNBC's Melissa Lee and the Fast Money traders, Dan Nathan, Brian Kelly, Karen Finerman and Guy Adami.
Early Facebook investor Roger McNamee, Elevation Partners, breaks down his take on the sell-off hitting the tech sector and high-growth names like Facebook and Google.
The tech stocks get slammed. Is the market losing momentum? With CNBC's Bob Pisani and Melissa Lee, and the Fast Money traders, Dan Nathan, Brian Kelly, Karen Finerman and Guy Adami.
Shares of Apple Inc. rallied 1.3% in premarket trade Friday, after Wedbush Securities started covering the technology giant with a bullish stance, citing the company's services "gold mine" and positive iPhone cycle. Analyst Daniel Ives initiated Apple at outperform and added Apple to Wedbush's "best ideas list." He set a stock price target of $310, which is 44% above Thursday's closing price of $216.02 and 34% above the Oct. 3 record close of $232.07. "With positively trending ASPs and gross margins heading into this 2019 product cycle showing no signs of abating and could translate into upside for the upcoming quarter, we believe many of the growth fears on the Street have been alleviated, however this upcoming product cycle remains a linchpin for Cupertino," Ives wrote in a note to clients. Apple's stock has rallied 12.6% over the past three months, while the SPDR Technology Select Sector ETF has lost 3.4% and the Dow Jones Industrial Average has gained 1.3%.
Stocks were whipped in late trading on Thursday, as we head towards another big market close. PayPal is also reporting earnings after the bell, and we’ll be live with the results.
In October, fund managers rotated to energy and material stocks while divesting growth and cyclical stocks. The overweight position in technology stocks declined significantly. As we highlighted in As Tech Leads the Market Decline, What are Investors Eyeing, tech stocks were the frontrunners in the sell-off as they are the same companies that have seen huge upward runs in 2018.
Shares of Google parent Alphabet Inc. rose 0.2% in premarket trade Thursday, bucking the broad selloff in the technology sector, after Wedbush Securities started coverage of the internet and search giant with a bullish rating a week before the company reports results, citing "compelling" valuation and an "unrivaled collection" of products and platforms. The SPDR Technology Select Sector ETF dropped 0.9% ahead of the open. Analyst Michael Pachter initiated the stock at outperform and a stock price target of $1,350, which is 20% above Wednesday's closing price of $1,127.59. "Google remains the global leader in the digital advertising market," Pachter wrote in a note to clients. "Google's dominant presence in search should help it maintain positive ad momentum for the foreseeable future." He said Alphabet's Android phone also positions Google to be a "key player in the expanding mobile ad market." Alphabet is scheduled to report third-quarter results after the Oct. 25 close. The stock has shed 7.0% over the past three months, while the technology ETF has slipped 1.9% and the S&P 500 has eased 0.2%.
Shares of International Business Machines Corp. dropped 4.8% in premarket trade Wednesday, after the technology company reported third-quarter earnings that beat expectations but revenue that missed. The stock's price decline would shave about 48 points off the Dow Jones Industrial Average's price, and Dow futures were down 88 points. Stifel Nicolaus analyst David Grossman reiterated his buy rating, saying there was some good, some bad news in IBM's results. "We remain constructive on the stock as a defensive holding with catalysts, but acknowledge that while our positive thesis on services is playing out, stronger than expected software headwinds (higher margin/growth) may postpone broader shifts in sentiment and most likely underlies the relative weakness post close," Grossman wrote in a note to clients. The stock has gained 1.1% over the past three months through Tuesday, while the SPDR Technology Select Sector ETF has lost 1.6% and the Dow Jones Industrial Average has advanced 2.7%.
All of the S&P 500 index sectors on Tuesday were trading in positive territory, and 10 of those sectors boast gains of at least 1%, led by 2.3% surge in the information technology sector. The S&P 500 index was up 1.6% at 2,794, trading at around session highs, with the tech sector up 2.5%, and health-care stocks rallying by 2.2%. The tech-heavy Nasdaq Composite Index , meanwhile, was up 2.1% at 7,589 and the Dow Jones Industrial Average climbed by more than 400 points or 1.6% at 25,656. A day earlier technology and internet-related shares led U.S. stocks to modest losses. On Tuesday, Wall Street stocks, after a mostly downbeat stretch for equity benchmarks, were rising on the back of a strong round of quarterly corporate resulst from banks Goldman Sachs Group Inc. , Morgan Stanley , and health-care names UnitedHealth Group Inc. and Johnson & Johnson .
The technology sector's bounce Tuesday was practically unanimous, as the SPDR Techology Select Sector ETF rose 1.6% with all 65 equity components gaining ground. The top gainer was Adobe Inc.'s stock , which rose 7.1% after the software company provided an upbeat outlook. The other top gainers are shares of Arista Networks Inc. , up 2.8%, and Autodesk Inc. , up 2.7%. Among the most active components, Advanced Micro Devices Inc.'s stock tacked on 0.4%, Micron Technology Inc. shares rose 1.2% and Microsoft Corp. shares advanced 2.0%. The technology ETF was still down 2.2% over the past three months, while the Nasdaq Composite has lost 3.6% and the S&P 500 has slipped 0.7%.
Stock indexes were mixed Monday afternoon, with the technology sector acting as a major drag and retail stocks mixed after weak September sales.
Stocks (^DJI, ^GSPC, ^IXIC) drop as Apple slips, Saudi issues flare up. The real estate (XLRE) sector is the most in the green, and the technology (XLK) sector is the most in the red. Yahoo Finance’s Scott Gamm joins us live from the floor of the New York Stock Exchange to talk markets. To discuss the other big stories of the day, Yahoo Finance’s Seana Smith and Zack Guzman are joined by Yahoo Finance editor-in-chief Andy Serwer, Myles Udland, Brian Sozzi, and Emily McCormick. ...
A level of 9.75% means that the outsized selling is likely overdone, which should trigger a reversal. This morning, I went through our data to see what the forward returns were for the Technology Select Sector SPDR ETF ( XLK) in each instance in which the ratio spikes through 8% (big selling).
Gold, Miners Have Surged on the Market Rout—What’s the Upside? In the current sell-off, technology companies (XLK) (SMH) are leading the decline. Investors’ stretched valuation concerns have been especially acute in the US tech space, meaning that tech stocks are much more vulnerable to higher interest rates.