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Wall Street Ends Lower, Led by Drop in Nasdaq, with Tech, Banks Falling ...
Technology shares declined amid Chinese cybersecurity restrictions while bank stocks fell after mixed earnings and concerns over a credit-card interest rate cap, analysts said.
- On Jan 14, U.S. stocks finished lower as the Nasdaq Composite dropped 238.12 points, with the Dow Jones Industrial Average down 42.36 points and the S&P 500 losing 37.14 points.
- Investors rotated out of megacaps into value and defensive names, pressuring technology shares, while banks including Wells Fargo, Citigroup and Bank of America faced mixed results and credit-card rate cap concerns.
- Trading volume surged to 22.54 billion shares, with 518 new highs and 69 new lows on the NYSE, while Broadcom and Fortinet shares dropped after Reuters reported Chinese authorities banned certain U.S. and Israeli cybersecurity software.
- S&P 500 financials and the technology sector fell while more defensive groups, including consumer staples, rose; energy shares climbed and oil prices settled higher amid worries about Iranian supply disruptions.
- Interest-Rate expectations point to steady policy through the first half, with traders pricing in at least two cuts before year-end ahead of the Federal Reserve January meeting; investors digested producer prices matching forecasts, retail sales topping expectations, and the December consumer prices report showing projected rises.
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Nasdaq leads Wall Street lower as tech and bank shares tumble | Honolulu Star-Advertiser
NEW YORK >> U.S. stocks finished lower today, led by a drop in the Nasdaq, with technology shares declining as investors moved into more defensive areas, while bank stocks extended recent losses following some mixed quarterly results. The S&P 500 bank index dropped, with shares of Wells Fargo down 4.6% after the company missed fourth-quarter profit expectations.
·Honolulu, United States
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Against a backdrop of geopolitical tensions and concerns about the Fed, Wall Street recorded a second falling session - Losses in technology and banks, mixed picture from macroeconomic data
Coverage Details
Total News Sources17
Leaning Left0Leaning Right3Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
C 57%
R 43%
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