Tech stocks weigh heavily on NASDAQ on Thursday
By Yashasvini on Jan 14, 2022 | 04:34 AM IST
• A drop in tech stocks brought down the tech-heavy Nasdaq
• US stocks cut off a three-day winning streak on Thursday after the rebound in technology shares paused
US stocks cut off a three-day winning streak on Thursday after the rebound in technology shares paused.
The Dow Jones Industrial Average closed down 176.70 points, or 0.5%, to 36,113.62. The S&P 500 fell by 67.32 points, or 1.4%, to settle at 4,659.03. The NASDAQ Composite was down by 381.58 points, or 2.5%, to finish at 14,806.81.
Read more: US stock indices advance as inflation rises
A drop in the share prices of tech giants such as Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT) weighed heavily on the Nasdaq ending its three-day winning streak, today. EV manufacturer Tesla (NASDAQ: TSLA) sold more than 5% of its stock.
Winners and losers
Virgin Galactic (NYSE: SPCE) slid nearly 18% after the space exploration company announced a debt offering, while shares of Snap dropped roughly 8%.
Shares of Snap dropped roughly 8%, while Virgin Galactic slid nearly 18% after the space exploration company announced a debt offering.
At the beginning of the year, the market maintained its bullish outlook even after Federal Reserve Chair Jerome Powell reiterated that the central bank might have to tighten financial conditions soon to combat surging inflation from new variants of COVID such as omicron, on Tuesday.
Also Read: Powell reiterates his stance regarding interest rate hikes
Analysts interviewed by MarketWatch hoped that the earnings season would bring some welcome normality to the markets after a period of fear, relief, and speculation.
Shares of Delta Air Lines Inc. (NYSE: DAL) closed up 2.1% after the air carrier reported fourth-quarter adjusted profit and revenue that beat expectations.
Oil futures fell by 52 cents, or 0.6%, to settle at $82.12 a barrel after ending Wednesday at a two-month high.
Also Read: US inflation reaches 7% in December, highest since 1982
(Inputs from MarketWatch)
Picture Credits: ET