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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (83355)	5/23/2019 9:31:43 PM
From: Return to Sender	Respond to of 95572

Stocks, oil, and Treasury yields drop amid growth concerns 23-May-19 16:15 ET Dow -286.14 at 25490.47, Nasdaq -122.56 at 7628.26, S&P -34.03 at 2822.24 briefing.com [BRIEFING.COM] U.S. stocks sold off on Thursday, sending the S&P 500 down 1.2%, as trade tensions and growth concerns produced a risk-off mindset. Oil prices fell nearly 6%, and U.S. Treasury yields dropped as investors flocked to the safe-haven asset. The Dow Jones Industrial Average fell 1.1%, the Nasdaq Composite fell 1.6%, and the Russell 2000 fell 2.0%. The major averages, however, did close off their session lows. Shares of energy and technology companies were hit the hardest on Thursday following some unfavorable developments. Trade rhetoric out of the U.S. and China remained negative, more companies outside the U.S. reportedly began cutting ties with China's Huawei Technologies, and the preliminary manufacturing PMI for May for the eurozone remained weak. The persisting uncertainty in the outcome, and duration, of the U.S.-China trade dispute fed into concerns about economic growth and corporate earnings prospects. In turn, fears of weakening demand for oil contributed to the 5.8% drop in WTI crude ($57.83/bbl, -$3.57). The cyclical S&P 500 energy (-3.1%), information technology (-1.7%), industrials (-1.6%), and materials (-1.5%) sectors led the retreat. The rate-sensitive utilities (+0.8%) and real estate (+0.5%) sectors were the lone sectors in the green amid steep declines in U.S. Treasury yields. Defensive positioning in U.S. Treasuries sent the 2-yr yield down 11 basis points to 2.11% and the 10-yr yield down ten basis points to 2.30%. This was the lowest level in the 10-yr yield since late 2017. The U.S. Dollar Index declined 0.2% to 97.88. In earnings news, Best Buy (BBY 65.82, -3.35) lost 4.8% despite providing upbeat results and in-line guidance. NetApp (NTAP 61.66, -5.44) fell 8.1% after providing disappointing results and guidance. L Brands (LB 24.26, +2.76) climbed 12.8% after its positive results overshadowed its downside Q2 guidance. Reviewing Friday's economic data, which included New Home Sales for April and the weekly Initial and Continuing Claims report: New home sales declined 6.9% m/m in April to a seasonally adjusted annual rate of 673,000 (Briefing.com consensus 665,000) from an upwardly revised 723,000 (from 692,000) in March. On a yr/yr basis, new home sales were up 7.0%. The key takeaway from the report is that the yr/yr growth in home sales was led by higher-priced homes ($400,000 and up), which speaks to the reluctance among builders to absorb profit-margin pressure by building lower-priced homes. Initial claims for the week ending May 18 decreased by 1,000 to 211,000 (Briefing.com consensus 218,000). Continuing claims for the week ending May 11 increased by 12,000 to 1.676 million. The key takeaway from the report is that the low level of initial claims is consistent with a labor market that should still be producing solid nonfarm payroll gains. Looking ahead, investors will receive the Durable Orders report for April on Friday. Nasdaq Composite +15.0% YTD S&P 500 +12.6% YTD Russell 2000 +11.3% YTD Dow Jones Industrial Average +9.3% YTD