March 13, 2018

The major indices sold off today after an initial move higher at the open, led by a turnover in the tech sector after news the President Trump will block the proposed buyout of Qualcomm by Broadcom.  Elsewhere in Washington, Rex Tillerson will give up his duties as Secretary of State at the end of the day, being replaced by CIA Director Mike Pompeo.  And in economic news, the US consumer price index rose .2% in February, in line with expectations, easing concerns over rising inflation and interest rates.  At the end of the day, the major averages closed lower across the board:

DOW  -171 at 25007
SP500   -17 at 2765
NASDAQ    -77 at 7511

10 Year Treasury closed down 2 basis points to yield 2.84%
Oil prices closed -.71 at 60.62 a barrel
Gold prices closed +6.20 at 1327.00 an ounce

In the days’ stock news:

  • Qualcomm was the worst-performing stock in the SP500 tech sector, falling more than 5%.  The stock fell after President Trump shut down Broadcom’s proposed buyout of Qualcomm, citing concerns based on national security.  QCOM closed -3.11 at 59.70.