Stock Market News For Feb 7, 2019
Zacks Investment Research | Feb 06, 2019 09:30PM ET
U.S. stocks closed lower on Wednesday following disappointing earnings results from videogame companies. Moreover, investors failed to get any clear cut picture about the government’s future course of action from President Trump’s State of The Union address. All three major stock indexes finished in the red.
The Dow Jones Industrial Average (DJI) closed at 25,390.30, declining 0.1%. Meanwhile, the S&P 500 Index (INX) decreased 0.2% to close at 2,731.62. The Nasdaq Composite Index (IXIC) closed at 7,375.28, losing 0.4%. A total of 6.70 billion shares were traded on Wednesday, lower than the last 20-session average of 7.50 billion shares. Decliners outnumbered advancers on the NYSE by 1.50-to-1 ratio. On the Nasdaq, decliners had an edge over advancers by 1.09-to-1 ratio. The CBOE VIX decreased 1.2% to close at 15.38.
How Did the Benchmarks Perform?
The Dow ended in negative territory ending a three-day winning streak. Notably, 15 stocks of the 30-stocks blue-chip index finished in the green, fourteen ended in the red and one remained unchanged. The tech-heavy Nasdaq Composite finished in the red after two-straight days, due to weak performance by large tech stocks.
The S&P 500 closed in negative territory reversing its five-day winning run. The Communications Services Select Sector SPDR (XLC) declined significantly by 2.24%. Notably, seven out of 11 sectors of the benchmark index closed in the red while the remaining four finished in the green.
Disappointing Earnings Results
Wall Street witnessed a disappointing day on the earnings front on Wednesday, especially due to big videogame makers.
Take-Two Interactive Software Inc. (NASDAQ:TTWO) reported third quarter fiscal 2019 adjusted earnings per share of $1.57, lagging the Zacks Consensus Estimate of $2.75. Net revenues were $1.25 billion, missing the Zacks Consensus Estimate of $1.49 billion. (Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.