Stocks fell sharply today and turned negative for the year as a decline in Target shares pressured retailers, while the most popular tech shares dropped again. Target fell over 10% after reporting weaker than expected earnings for the previous quarter while also posting lighter same-store sales, which is a key metric for retailers. The decline sent the SPDR Retail ETF down over 3%, with other major companies such as Kohl’s, L Brands and Macy’s all under pressure. Investors continue to show concern over rising interest rates, slowing economic growth around the world and global trade tensions. At the end of the day, the major indices closed sharply in the red across the board:
DOW -552 at 24465
SP500 -48 at 2641
NASDAQ -119 at 6908
The 10 Year Treasury yield closed flat yielding 3.05%
Oil prices closed -3.89 at 53.31 a barrel
Gold prices closed -3.80 at 1221.60 an ounce
In the days’ stock news:
- Boeing fell over 1% after the company canceled a conference call with airlines to discuss the systems on the 737 MAX model. Last month, MAX crashed and killed all 189 people on board.
- Apple officially fell into bear territory today, trading 10% below its 52 week high.