Indexes opened lower Monday as technology shares led the sell-off, with Twitter (TWTR) rising after Elon Musk returned to plans to join the company's board.
The Nasdaq compound, which weighs more than 50% in technology, is 1% smooth. Technology Select Sector SPDR (XLK) decreased by about 2%.
The S&P 500 fell 0.7%. Dow Jones Industrial Average fell 0.2% as technology components Apple (AAPL), Microsoft (MSFT), Cisco Systems (CSCO) and Salesforce (CRM) fell more than 1.5%.
But smaller caps went better, with Russell 2000 up 0.1%.
Volume increases on the NYSE and Nasdaq compared to the same period on Friday.
Profits from the Treasury's 10-year budget increased by about 4 points to 2.75%, as bond sales continued. Last week, the benchmark crop jumped more than 30 points.
Energy Sector Leads Stock Market Losses.
U.S. Stock Market Today Overview | ||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34542.96 | -178.16 | -0.51 |
| S&P 500 | (0S&P5) | 4435.65 | -52.63 | -1.17 |
| Nasdaq | (0NDQC ) | 13455.52 | -255.48 | -1.86 |
| Russell 2000 | (IWM) | 197.64 | -0.23 | -0.12 |
| IBD 50 | (FFTY) | 36.34 | -0.26 | -0.71 |
Last Update: 11:50 AM ET 4/11/2022 | ||||
While the technology sector was struggling, energy stock was a very poor morning industry. Energy Select Sector SDPR (XLE) fell 2.5%, closing almost all of Friday's gains. The ETF of the sector remains close to the record high.
The price of US crude oil prices dropped by about 4% to $ 94.44 a barrel. Covid-related land closures in China and the extraction of fixed oil quantities have put pressure on oil prices.
Twitter has been postponed after it opened slightly after Tesla CEO Elon Musk decided not to join the Twitter board of directors. Twitter chief executive Parag Agrawal has announced Musk's decision, though no specific reason has been given. The stock experienced a 200-day moving average after last week's surgery.
Twitter shares met last week after Musk disclosed 9.2% of the company, then named as a Twitter board. Over the weekend, Musk posted a series of tweets about the social media company, some of which were critical.
IBD 50 Underperforms Stock Market
Innovator IBD 50 ETF (FFTY) decreased by 1.6%. IBD 50 stock Costamare (CMRE) is down 3.6% and is now trading below its 50-day moving average. With 12% of the stock below the 16.75 cup buying point with a handle, the shipping stock is in a position to sell.
Chinese stocks are being traded as the country continues its closure of targets aimed at reducing the rise in Covid-19 cases. Shanghai combination dropped by 2.6% and Hong Kong Hang Seng dropped by 3%. In Japan, the Nikkei 225 dropped 0.6%.
Shares China Large-Cap ETF (FXI) lost 1.3%. But KraneShares China Internet ETF (KWEB) has risen 0.4%.
Wells Fargo (WFC) is up 2.3% as it continues to operate in the cup area with a purchase point of 60.40. Citigroup today upgraded the bank to buy neutrality ahead of the company's earnings report on Thursday. Wells Fargo is one of the few major banks starting the lead season this week.
Nvidia (NVDA) is down by about 5% and is on its way to a fifth straight drop. Nvidia is now in its worst five-day state since March 2020, when it dropped by 20%.
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Courtesy Grizler.com
