Stock Indexes Fall; Why Losing In One Niche Might Be Good For Market | Stock News & Stock Market Analysis

U.S. stock indexes stepped backward midday Friday as food- and oil-related stocks took hard hits.

The small-cap Russell 2000 dropped 0.3%, while the S&P 500 and the Nasdaq lost 0.3% and 0.1%, respectively. The blue chip Dow Jones industrial average trimmed 0.1%.

XAutoplay: On | OffVolume in the stock market today was running higher on the NYSE and lower on the Nasdaq compared with the same time Thursday.

In the meat group, Sanderson Farms (SAFM) gapped down to a 7% loss but appeared to be finding support at its 50-day moving average. JPMorgan Chase downgraded the midcap stock from neutral to underweight.

The weakness among meat stocks wasn’t necessarily a bad thing for the overall market. It’s is a defensive play, so it could be a sign of money heading to more aggressive instruments.

Oil stocks fell as West Texas intermediate crude oil fell 3% to $49.27. The price of crude oil retook the $50 price level in mid-September but now looks primed to close below it. Concerns rose about tropical storm Nate. The storm is expected to become a hurricane and hit the Gulf Coast over the weekend.

On the positive side, fiber optics stocks posted the best gain among 197 industry groups. Lumentum Holdings (LITE) surged 5% as it retook its 50-day line. The stock is working on a 26%-deep base but has work to do on the right side of the pattern.


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Originally posted 2017-10-08 02:39:05.


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