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Markets Down All Day on Thursday

Markets opened lower Thursday morning and were down all day.

 

By Harry Boxer

 

Unfriendly talks that continue between the US and China have stirred fears of a prolonged trade war, which is being called a technology “cold war’ by some. Indices fell more than 1% on Thursday as investors sold off industrial, energy, and technology stocks on fears that this trade war will hinder global growth. Stocks consolidated nearly all day, reaching Thursday’s highs midmorning at 2836.70 S&P 500 (NYSEARCA:SPY) and 7337.47 Nasdaq 100. The lows came early afternoon at 7261.46 Nasdaq 100, and with just an hour to close at 2805.49 S&P 500. At that point, both indices ascended 5 waves, rolled over, came down, and then popped and closed to the upside.

Net on the day, the Dow (NYSEARCA:DIA) was down 286.14 at 25,490.47. The S&P 500 was down 34.03 at 2822.24. The Nasdaq 100 was down 112.72 at 7307.93.

Advance-declines were nearly 3 1/2 to 1 negative on the New York Stock Exchange, and 3 3/4 to 1 negative on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 2 1/4 to 1 negative on New York, total volume 3.7 billion shares traded. The Nasdaq traded 2.1 billion shares and had almost a 4 to 1 negative volume ratio.

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TheTechTrader.com board was lower on Thursday, but we did have a few gainers on our board. Point-plus gainers included Tesla, Inc. (TSLA) up 2.76 to 195.49, Roku, Inc. (ROKU) up 1.96 to 89.98, Gravity Co., Ltd. (GRVY) 1.07 to 91.85, Copart, Inc. (CPRT) 5.15 to 69.94, Advanced Drainage Systems, Inc. (WMS) 2.46 to 29.90, and Luckin Coffee Inc. (LK) 1.04 to 15.79.

To the downside, Amazon.com, Inc. (AMZN) was down 44.20 to 1815.48 (2.3%), Alphabet Inc. (GOOG) down 10.65 to 1140.77 (1%), Apple Inc. (AAPL) 3.12 to 179.66 (1.7%), Facebook, Inc. (FB) 4.45 to 180.87 (2.4%), and Netflix, Inc. (NFLX) 7.52 to 352.21 (2%).

NVIDIA Corporation (NVDA) lost 4.88 to 147.32, Intuitive Surgical, Inc. (ISRG) fell 11.59 to 473.78, Baidu, Inc. (BIDU) gave back 4.94 to 113.46, and First Solar, Inc. (FSLR) dropped 1.73 to 57.33. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) closed down 1.32 to 42.00.

Nutanix, Inc. (NTNX) was down 1.91 to 34.70, QUALCOMM Incorporated (QCOM) down 1.06 to 68.25, Best Buy Co., Inc. (BBY) down 3.35 to 65.82, Agios Pharmaceuticals, Inc. (AGIO) 2.26 to 49.09, Twitter, Inc. (TWTR) 1.39 to 37.19, Splunk Inc. (SPLK) 7.39 to 128.73, and Twilio Inc. (TWLO) 4.88 to 132.96 were among many other losers on Thursday.

Checking TheTechTrader.com percent-gain leaderboard, Netshoes (Cayman) Limited (NETS), on earnings, exploded 86 cents, or 44%, to 2.82, on 4.3 million shares.

On a day when technology companies were facing challenges due to unfriendly talks between US and China, Maxar Technologies Inc. (MAXR), selected by NASA to build its Gateway platform in lunar orbit, jumped 1.92, or 28%, to 8.85, on 12.6 million shares.

There were quite a few ETF’s that did well on Thursday. The VelocityShares 3x Invrs Crude Oil ETNNew (DWT) was up 92 cents, or 15%, to 7.07, the ProShares UltraShort Bloomberg Crude Oil (SCO) up 1.59 to 17.59, and the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares (DRIP) 1.91 to 12.99.

The VelocityShares Daily 2x VIX ST ETN (TVIX) bounced 2.60 to 23.54, and the ProShares Ultra VIX Short-Term Futures (UVXY) 3.36 to 37.35.

The Direxion Daily FTSE China Bear 3X Shares (YANG) ran 2.17 to 58.07.

Among other gainers, American Tower Corporation (REIT) up 2.25 to 202.92, MercadoLibre, Inc. (MELI) up 11.18 to 580.67, and Atlassian Corporation (TEAM) 1.01 to 127.26.

Let’s see what happens tomorrow.

Good Trading!