Tech stocks led further declines in the stock market on Wednesday, as the Nasdaq composite slipped more than 2%.
X.
The Nasdaq was down 2.5% and below the 14,000 level. Invesco QQQ Trust (QQQ) is down 2.4%. The Nasdaq 100-tracking ETF has encountered resistance over the past few days at its 200-day moving average, just as it did in early February.
The S&P 500, which has a small percentage of technology, fell 1.3%. The Dow Jones Industrial Average fell 0.8%. Russell 2000 lost 1.8%.
The volume on Nasdaq and NYSE increased compared to the same period on Tuesday. The breadth was weaker than the nearly 4-to-1 advance on the NYSE and Nasdaq.
Bond yields increase, pressure stocks
US Stock Market Today Overview |
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|---|---|---|---|---|
| Indicator | Symbol | Price | Profit loss | % Change |
| Dow Jones | (0DJIA) | 34354.67 | -286.51 | -0.83 |
| S&P 500 | (0S & P5) | 4465.01 | -60.11 | -1.33 |
| Nasdaq | (0NDQC) | 13855.66 | -348.51 | -2.45 |
| Russell 2000 | (IWM) | 199.25 | -3.74 | -1.84 |
| IBD50 | (FFTY) | 36.66 | -1.12 | -2.96 |
Last updated: 10:10 AM ET 4/6/2022 |
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A stock market uptrend that looked even stronger is stumbling this week. Part of the reason is an increase in Treasury yields and a reversal of the yield curve. On Tuesday, investors had more reason to fear rising interest rates when Fed Governor Lel Brennard said he hoped the central bank would quickly return its balance sheet as it took aggressive steps to fight inflation.
The 10-year yield rose 2.63% this morning to 7 basis points and has risen about 18 basis points so far this week.
Inventor IBD 50 ETF (FFTY) decreased by 2.3%. IBD 50 stock Favorite ingredient (DAR) fell below its 81.22 by-point after hesitating around that level for several weeks.
Jim Integrated Shipping (ZIM) is now below its 50-day line. New castle power (NFE) 9% immersed in large volume. The stock cut a good chunk of its profit from its 35.80 buy point.
The technology select sector SPDR has slipped 2.3% and was among the weakest S&P sector ETFs after falling below its 50- and 200-day moving averages. The consumer-friendly sector also fell more than 2% and the SPDR S&P Transportation ETF (XTN) was down 2.5% as airline stocks fell sharply.
JetBlue After the airline offered to buy (JBLU) the heavy volume decreased by about 7% Spirit Airlines In a deal worth $ 3.6 billion (save). Spirit Frontier Airlines agrees to buy from parents in February Frontier Group Holdings (ULCC) valued at 2.9 billion.
Shares of Spirit Airlines, which rose more than 22% on Tuesday on news of the JetBlue offer, fell 2.4% in morning trading. Frontier Group fell more than 8% in heavy trading.
In other shopping news, Dave & Buster Entertainment (PLAY) Family Entertainment Company has agreed to acquire Main Event for 835 million. Dave & Buster’s stock has fallen several times the average by 8%. The stock is recovering a choppy this year as the omicron variant of the Covid-19 faded and reached a 52-week high last week.
Acquisition of Digital World (DWAC) is on pace for its ninth consecutive fall, down 7% in morning trading. The SPAC that the public plans to take over Donald Trump’s social media company fell 29% this week from last week’s 11.5% Tumble.
Among the few pitfalls for Truth Social is the acquisition of a minority portion of Elon Musk Twitter (TWTR) and his appointment to the company’s board has sparked speculation that Twitter could ease restrictions on users. Truth Social bills itself as a platform without censorship.
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