You can blame losses on Facebook (FB) today.
The stock was slammed after news of a data breach involving up to 50 million users.
After a big drop at the open, Facebook continued to slide. And by the end of the day, Facebook was sitting on a 6.8% loss. There hasn’t been a day this ugly for the company since around the time it IPO’d.
Data concerns spilled over to other data sensitive stocks like Google (GOOGL), which lost 3.0%. And in a domino-like fashion, the major indices went as well.
Mimicking Facebook’s move, the major indices opened lower and continued to slide for most of the day. There was a bounce and small rally into the close, but the damage had already been done.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.4% loss. Down 39 points, the S&P ended at 2,713.
- The DOW ended 1.4% lower. Dropping 336, the DOW closed at 24,611.
- The NASDAQ was down 1.8% With a 138 point loss, the NASDAQ finished at 7,344.
- Bitcoin ended 9.7% higher. Adding $753, Bitcoin is trading at $8,553.
Crude Oil (CL) finished lower. Down 0.5%, CL ended at $62.12 a barrel.
If you think the recent volatility has been a little tricky, you’re not alone…this was the worst months in two years for hedge funds.
News that Apple (AAPL) is developing their own screens didn’t help Universal Display Corporation (OLED). The latter was smoked today, with a 12.1%).
Opiant Pharmaceuticals (OPNT) went bonkers after Trump said Narcan, an emergency opioid overdose drug sold by Opiant, will be available for free to all high schools and colleges in America. OPNT was up 27.6% at the close.
We don’t have any major reports tomorrow. But there’s a lot of political noise out there. Rumors of a Mueller firing are intensifying as he seems to be crossing a line that POTUS doesn’t like.
The Fed starts their 2-day policy meeting tomorrow. The meeting convenes on Wednesday with the Fed Statement at 2:00pm ET followed by a Press Conference at 2:30pm ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link