360° Coverage : Nasdaq Closes With More Than 2% Drop As Momentum Stocks Lose...

2 Updates

Nasdaq Closes With More Than 2% Drop As Momentum Stocks Lose Steam

Apr 4 2014, 4:18pm CDT | by

If it initially looked like the markets would shake off Friday’s disappointing jobs report — which showed the U.S. added 192,000 jobs in March, slightly below the 200,000 economists expected, and...

Filed under: news

 
 
 

28 weeks ago

Nasdaq Closes With More Than 2% Drop As Momentum Stocks Lose Steam

Apr 4 2014, 4:18pm CDT | by

If it initially looked like the markets would shake off Friday’s disappointing jobs report — which showed the U.S. added 192,000 jobs in March, slightly below the 200,000 economists expected, and the unemployment rate remains steady at 6.7% — the early-morning green was quickly replaced with red as momentum stocks slowed to a crawl and the S&P volatility index surged more than 6% Friday afternoon. Even popular tech names like Netflix, Priceline, Amazon and Facebook weren’t immune to the sea of red, failing to catch an upswing off of GrubHub’s immensely successful market debut and ranking among the day’s biggest losers.

After early morning gains on the weaker than expected jobs report, all three major indexes took a beating throughout Friday trading, but none more so than the Nasdaq, which was pummeled throughout the day and eventually closed with a 110-point drop, or a 2.6% decline, one of its worst performances of 2014 so far. Nearly every Nasdaq 100 component traded in the red on Friday, with the lone gainers a motley list of names:  networking storage company NetApp, security software company and Norton anti-virus creator Symantec, pharmaceutical company Mylan, and, inexplicably, struggling retailers Sears and Staples.

The S&P volatility index, one of the best gauges of investor fear, jumped more than 6% to a level of 14.22. Spurred by this fear, and possibly an investor movement to rebalance portfolios, popular tech names that have been thought of as momentum stocks lost their steam Friday, weighing down the Nasdaq 100. Travel booking company The Priceline Group closed the day with a $59 or 4.8% drop; video streaming service Netflix closed with a 4.9% decline; Facebook finished the day with a 4.66% drop and Amazon closed with a 3.18% decline.

The Nasdaq’s losses hit the other indices, too, leading the S&P to close 23.6 points, or 1.25%, in the red; the Dow, whose 30 components also traded largely in the red on Friday, closed with a 159-point drop, a decline amounting to a nearly 1% drop.

The bad economic and equity news proved good news for gold, which popped 1.5% on the bad jobs numbers and crossed back above the $1,300-mark. It closed at $1,303.50 an ounce, its biggest weekly gain since March 12. Silver and platinum futures also traded in the green on Friday, while copper ticked down 0.18%.

The one success story of the day was online food ordering service GrubHub, which, as Forbes’ Brian Solomon reported, priced shares above the expected range at $26, but they reached $39 a share at 10:42am ET — pushing the market capitalization over $3 billion. The market newbie — which operates Seamless.com, a Gen Y favorite — ultimately closed at $34.00, a 30.8% gain.

 
Update
2

7 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

8 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedies of MH370 and ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Boom in dam construction threatens freshwater biodiversity
London, Oct 24 (IANS) An unprecedented global boom in the construction of hydropower dams, spearhead by developing and emerging economies, could reduce the number of rivers by about 20 percent and pose a serious threat to freshwater biodiversity, says a study.
 
 
Beetroot boosts athletes' performance
New York, Oct 24 (IANS) Forget energy drinks, athletes may now rely on a more organic drink to enhance their performance - beetroot juice.
 
 
Dark shadow of Ebola now a global threat: Trinidad PM
Port-of-Spain, Oct 24 (IANS) The dark shadow of the Ebola has now become "a real and imminent global threat", Trinidad and Tobago's Prime Minister Kamla Persad-Bissessar has said.
 
 
Google doodle celebrates one month of India's Mars mission
New Delhi, Oct 24 (IANS) Google Friday celebrated one month of India's Mars Orbiter Mission (MOM), the Mangalyaan, by putting up a special doodle on its home page for India.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla