Sellers swarmed around two FANG stocks in the stock market Wednesday as tech stocks in general faced another round of selling.
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At the close, the Nasdaq composite lost close to 0.9%, the S&P 500 slipped 0.3%, and the Dow Jones industrial average fell less than 0.1%. Preliminary data showed volume on the NYSE and Nasdaq coming in well above Tuesday’s levels.
Merck (MRK) and Walmart (WMT) were top gainers in the Dow, up 2% to 2.5%.
Chip names in the Nasdaq 100 lagged again as names like Microchip (MCHP), Broadcom (AVGO), Intel (INTC) and Lam Research (LRCX) ended with losses of 2% or more.
The bond market was quiet as the 10-year Treasury yield was mostly unchanged at 2.77%.
FANG Stocks Pressured Again
In the stock market today, FANG stock Amazon.com (AMZN) recovered off lows but still lost 4% on renewed reports that President Trump is considering additional taxes and other regulations for the internet retailer that’s become a formidable rival to brick-and-mortar retailers, including department stores and sporting goods chains.
Fellow FANG name Netflix (NFLX) also took heat, falling 5%. It’s testing support at the 50-day moving average for the first time after a breakout from a flat base in early January.
Retail stocks turned in solid performances, helped by strong earnings from Leaderboard name Lululemon Athletica (LULU). Shares jumped 9%. Other retail names holding up well in a weak market tape include Urban Outfitters (URBN), American Eagle (AEO) and Ollie’s Bargain Outlet (OLLI). Results from Ollie’s are due April 4 after the close.
In merger news, oil and gas producer Concho Resources (CXO) plunged nearly 9% on news that it’s acquiring RSP Permian (RSPP) for around $8 billion in stock. Shares of RSP Permian soared nearly 16%.
Top-rated growth stocks faced selling pressure again in the IBD 50 as 20 components fell 2% or more.
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