Stocks - Wall Street Remains in Red on Profit-Taking
Investing.com
Published Mar 27, 2020 09:29AM ET
Updated Mar 27, 2020 11:12AM ET
By Geoffrey Smith
Investing.com -- U.S. stocks remained lower Friday morning, amid profit-taking after a blistering three-day rally that some said could mark the start of a new bull market.
By 11:05 AM ET (1505 GMT), the Dow Jones Industrial Average was down 854 points, or 3.8%, while the S&P 500 was down 3.3% and the Nasdaq Composite was down 3.3%.
The House of Representatives was debating the $2.2 trillion economic support package, with a voice vote still expected to bring final passage to the bill. But there were still some reports of holdout lawmakers looking for a roll-call vote, which would delay passage.
In addition, the near-term trajectory for the virus itself continues to look negative, with the total number of cases in the U.S. overtaking those in China at over 86,000 according to Johns Hopkins data. Elsewhere, U.K. Prime Minister Boris Johnson reported that he had tested positive for the virus, while the death toll in Spain and Italy accelerated.
And shortly after the opening bell, the University of Michigan said its final measure of March consumer sentiment saw the biggest drop since the financial crisis in 2008.
Among individual stocks, Boeing (NYSE:BA) was down 10.7% after Treasury Secretary Steven Mnuchin reinforced impressions that a government injection of equity into the airplane maker was unlikely, while Carnival (NYSE:CCL) stock led the cruise liner sector lower with an 18.6% drop, amid concerns that the sector will be at the back of the line when it comes to government support.
Walt Disney (NYSE:DIS) stock retreated 5% after sharing in the market's rapid gains this week, while Netflix (NASDAQ:NFLX) edged up 0.4%
Oil and gas stocks remained under pressure as crude prices tumbled again, collateral damage from the price war between Russia and Saudi Arabia. Pioneer Natural Resources (NYSE:PXD) stock was down 4.9% after chief executive Scott Sheffield complained to CNBC that companies such as his were being squeezed between the likes of Exxon (NYSE:XOM) and financially stressed producers such as Marathon and Ovintiv.
Get The News You Want
Written By: Investing.com
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.