Tech leads stock retreat from records
2 min readMacroMavens president Stephanie Pomboy discusses her outlook for the market throughout 2021, warning that a ‘disappointing’ economic rebound and inflation pressures may have a negative impact.
U.S. equity markets slipped off record highs Friday morning as modest selling took hold in early trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 31370.32 | -60.38 | -0.19% |
| SP500 | S&P 500 | 3916.83 | +0.45 | +0.01% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14034.072271 | +8.30 | +0.06% |
The Dow Jones Industrial Average was trading lower by 21 points, or 0.07%, while the S&P 500 and the Nasdaq Composite were weaker by 0.21% and 0.4%, respectively.
All three of the major averages finished in record territory on Thursday and are on pace for modest weekly gains.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | WALT DISNEY COMPANY | 187.47 | -3.58 | -1.87% |
In stocks, Dow component Walt Disney Co. reported quarterly earnings and revenue that exceeded Wall Street estimates as its Disney+ streaming service added 21 million subscribers. Disney+ now has 94.9 million subscribers and the company believes it could reach 260 million users by 2024.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| EXPE | EXPEDIA GROUP, INC. | 148.73 | -1.18 | -0.79% |
Expedia Inc. said full-year revenue fell 57% year over year as the COVID-19 pandemic snarled demand for travel bookings. Both quarterly earnings and profit were below Wall Street estimates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BMBL | BUMBLE INC | 79.93 | +9.62 | +13.68% |
Meanwhile, Bumble Inc. was in focus a day after soaring 64% in its Nasdaq debut. Shares of the dating-app developer settled at $70.31 apiece on Thursday after pricing at $43 the prior evening.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IIVI | II-VI INC | 91.00 | -8.58 | -8.62% |
In deals, optoelectronic component maker II-VI Inc. is planning a nearly $6.5 billion bid for laser manufacturer Coherent Inc., according to a report from The Wall Street Journal. The offer, which would pay a mix of cash and stock equating to $260 per share, greater than offers made by MKS Instruments Inc. and Lumentum Holdings Inc.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORPORATION | 50.28 | +0.48 | +0.96% |
| CVX | CHEVRON CORP. | 91.79 | -0.17 | -0.18% |
Oil majors Chevron Corp. and ExxonMobil Corp. pulled back as West Texas Intermediate crude oil dipped 23 cents to $58.01 per barrel.
Elsewhere in commodities, gold lost $11 to $1,815.80 an ounce while silver ticked up 4 cents to $27.09 per barrel.
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European markets were mixed with Germany’s DAX 30 down 0.48% while Britain’s FTSE 100 and France’s CAC 40 were higher by 0.08% and 0.1%, respectively.
In Asia, Japan’s Nikkei 225 slipped 0.14%. China’s Shanghai Composite index and Hong Kong’s Hang Seng index were closed for the Chinese New Year.
