The fallout from the disappointment of the FANG stocks from last week continued as trading unfolded today. After a feeble attempt to stage an early morning rally, Facebook, Amazon, Google and Netflix all headed south and continued to show signs of deterioration into the close. Yes, some value oriented sectors did do better, including energy, financials, and some staples, but for the most part stocks are limping into the end of the month.
As for the market, by the close the Dow Jones Industrial Average was down 144 points to finish the day at 25,306. The S&P 500 was down 16 points to close at 2,802. Gold was down $2 to trade at $1,220 per ounce, while oil was up $1.31 to trade at $70 per barrel WTI.
We have one more busy week of earnings including the release from Apple tomorrow. Despite earnings growth of more than 20% for the quarter and a nearly 9% gain in revenues, stocks haven’t exactly been in a celebratory mood. Will the direction change after the month end tomorrow? Let’s see how the week unfolds.
Have a nice evening everyone.