Stock Market Couldn't Claw Back Up; Dow Sheds Nearly 300 Points

Stock Market Couldn't Claw Back Up; Dow Sheds Nearly 300 Points

The stock market closed sharply lower on Friday, with the Nasdaq and small caps posting the biggest losses. The Dow Jones Industrial Average fell nearly 300 points as investors considered the Fed's next move. 

The Nasdaq composite sank 2% for the day and 2.5% since Monday's open, ending a four-week winning streak. The S&P 500 dropped 1.3% while the Russell 2000 small-cap ETF (IWM) led the downside, slumping 2.1% for the day and 2.8% for the week.

NYSE volume rose 19.3% while Nasdaq volume fell 4.4%, compared to the same time on Thursday.

The SPDR Select Energy ETF (XLE) was unchanged. Crude oil closed down 0.3%, to $89.78 per barrel, while natural gas remains strong, gaining 1.1%.

Bitcoin futures dropped a whopping 9% to $21,245.

Yield on the 10-year Treasury note rose to 2.98%.

Stock Market Today: Chip And Solar Stocks Drop On Earnings

Applied Materials (AMAT) pulled back 3.4% after beating top and bottom line estimates for fiscal Q3 2022. Shares fell below their 21-day exponential moving average.

Maxeon Solar Technologies (MAXN) beat on Q2 sales but dropped 18.3% after reporting a bigger-than-expected dip in EPS. Shares fell below the 21-day line.

Foot Locker (FL) soared 20% after a positive Q2 report. The stock gapped up on the news, pushing it above its 200-day moving average.

The retail shoe giant named Mary Dillon, former Ulta Beauty (ULTA) CEO, as its new chief executive, replacing the retiring Richard Johnson.

Meme Stocks Lose Big

Bed Bath & Beyond (BBBY) sank 40.5% after GameStop (GME) Chairman Ryan Cohen sold his BBBY shares, which totaled 11.8% of ownership. The decline marked the worst two-day stretch on record for the troubled retailer.

GameStop, the original meme stock, lost 3.8% in sympathy with BBBY's drop.

AMC Entertainment (AMC) sold off 6.6% on the reignited meme stock craze, following the carnage in Bed Bath & Beyond.

Furniture and home-goods company Wayfair (W) stock plummeted 20.1% after reporting plans to lay off 5% of its workforce, or approximately 870 employees.

Stock Market Today: IBD 50 Stocks On The Move

The IBD 50 ETF (FFTY), a measure of growth stocks, lost 1.7%, in line with major indexes.

IBD 50 energy stocks showed strength, with Norwegian-based Equinor (EQNR) up 1.1%, closing within 2% of the 39.25 buy point of an undefined choppy base.

Devon Energy (DVN) gained 0.9% and is building the right side of a cup base with a 79.50 buy point.

Southern U.S. homebuilder Green Brick Partners (GRBK) plunged 9.3% after a JPM Securities downgrade.

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Last modified on Wednesday, 24 August 2022 02:05
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