Stock Sell-Off Led By Nvidia, Tesla; Dow Stock Rises On Buffett Speculation

The stock market ended lower Monday, with the Nasdaq composite taking the biggest hit, down 2.9%, hurt by weakness in shares of Tesla (TSLA) and Nvidia (NVDA).


Blue-chip stocks outperformed for much of the session, helped by strength in Dow component General Electric (GE), which jumped more than 4% on speculation that Warren Buffett could be ready to take a stake in the troubled manufacturer. But the Dow gave back a 1% intraday gain, falling 1.4%.

The S&P 500 lost 1.7%. Preliminary data showed volume on the Nasdaq coming in a tad lower than Monday. NYSE volume rose a bit.

Investors bought bonds in spades, sending the yield on the 10-year Treasury note lower by 8 basis points to 2.78%.

Tesla Falls On Citigroup Note

In the stock market today, shares of Tesla plunged 8% on news that the National Transportation Safety Board is investigating the fatal crash of a Tesla vehicle in California last week. Negative comments from Citigroup didn’t help matters.

Nvidia reversed lower below the 50-day moving average, falling nearly 8%, on news that the company is suspending its own self-driving-car tests on the heels of an Uber crash last week in Arizona where a pedestrian was killed by a self-driving car.

Adobe Systems (ADBE) also took a hit, falling nearly 7%. It flashed a bearish outside day, where the stock’s intraday high and low today exceeded those of yesterday.

Facebook (FB) reversed lower after reversing higher Monday in strong volume. Shares fell nearly 5% after Bank of America cut Facebook’s price target for the second time in five days to 210 from 230.

Other top growth stocks took hits as about 20 names in the IBD 50 ended with losses of 4% or more.


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Originally posted 2019-09-19 23:11:49.


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