Dow Comes Off Session Lows, Finishes Day Down More Than 400 Points - TheStreet
Here Are 3 Hot Things to Know About Stocks Right Now
The S&P 500 entered correction territory on Monday, down 10% from its all-time high, and traded lower for the sixth time in eight sessions.The Nasdaq on Monday also fell into correction territory as stocks in the technology sector slumped. The tech-heavy index turned negative for the year. It has fallen in 11 of the past 15 sessions.The Dow Jones Industrial Average and S&P 500 ended the first quarter down 2.5% and 1.2%, respectively.Wall Street Overview
Stocks plunged on Monday, April 2, the first trading day of the second quarter, with the S&P 500 and Nasdaq tumbling into correction territory after China's Ministry of Finance announced new tariffs of up to 25% on U.S. products such as pork, fruit, nuts and wine.
The Dow Jones Industrial Average came off its session lows but still declined 459 points, or 1.91%, to 23,644. The Nasdaq was Monday's biggest loser, falling 2.74%, while the S&P 500 declined 2.23%. Facebook Inc. (FB) tumbled 2.75%, Apple Inc. (AAPL) was down 0.66%, Netflix Inc. (NFLX) declined 5.1% and Alphabet Inc. (GOOGL) was off 2.36%.
Leading the Dow lower were Intel Corp. (INTC) , Walmart Inc. (WMT) , Nike Inc. (NKE) and Cisco Systems Inc. (CSCO) .
China's Finance Ministry said it was responding to U.S. tariffs on aluminum and steel that went into effect on March 23.
The tariffs from China come amid trade war rumblings between Washington and Beijing.
Asian stocks finished the session mixed. Japan's Nikkei 225 and the Shanghai Composite Index in China closed lower after erasing earlier gains. Markets in the U.K., France, Germany were closed Monday for Easter.
Walmart, the world's largest retailer, reportedly has begun early stage talks to buy health insurer Humana Inc. (HUM) , The Wall Street Journal reported on Thursday, March 29.
It isn't clear what terms the companies may be discussing, and there was no guarantee they would reach a deal, the Journal noted. But if they strike a deal it would be big: Humana currently has a market value of about $37 billion.
Walmart fell 3.38%, while Humana rose 4.46% on Monday.
It Could Cost Walmart More Than $50 Billion to Buy HumanaAmazon.com Inc. (AMZN) fell 5.2% on Monday after Donald Trump renewed his attacks on the the e-commerce giant.
"While we are on the subject, it is reported that the U.S. Post Office will lose $1.50 on average for each package it delivers for Amazon. That amounts to Billions of Dollars," Trump tweeted over the weekend. He added, quoting the New York Times, that if the post office "increased its parcel rates, Amazon's shipping costs would rise by $2.6 Billion."
"This Post Office scam must stop. Amazon must pay real costs (and taxes) now!" Trump tweeted.
President Trump Rips Amazon Again on TwitterAmazon, Apple, Alphabet and Facebook are holdings in Jim Cramer's Action Alerts Plus charitable trust portfolio. Want to be alerted before Cramer buys or sells the stocks? Learn more now.
Amid the fresh attacks from Trump, Amazon's stock shed more than 6% over the past five sessions prior to Monday.
Saks Fifth Avenue and Lord & Taylor suffered data breaches, with information stolen for more than 5 million credit and debit cards used at the department stores.
The chains' parent company, Canada-based Hudson's Bay Co. (HBAYF) , announced the breach of its store payment systems on Sunday, April 1. The company said it "identified the issue, and has taken steps to contain it."
Tesla Inc. (TSLA) confirmed Friday that the Model X's Autopilot system was engaged before a fatal crash last month in California, and added that the car's driver "had received several visual and one audible hands-on [warnings] earlier in the drive and the driver's hands were not detected on the wheel for six seconds prior to the collision."
A local media report indicated the driver previously had complained about Autopilot working improperly on the stretch of road where the crash occurred.
The National Transportation Safety Board expressed displeasure with the disclosure from Tesla that its semiautonomous driving system was activated before the crash on March 23.
Tesla shares declined 5.13%.
Tesla's Stock Now Looks Like a Show-Me StoryShares of Alkermes PLC (ALKS) plunged 21.96% after the Food and Drug Administration said it had insufficient evidence for the effectiveness of the company's drug for depression treatment and was "unable to complete a substantive review," the company said.
Alkermes Surprised, Angered by FDA Rejection of AntidepressantAs for U.S. economic data, the Institute of Supply Management's index of manufacturing activity was 59.3 in March, down from a reading of 60.8 during the prior month. Construction spending in February, meanwhile, rose 0.1%, after being unchanged in January, the Commerce Department said Monday.
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