Stocks fall as tech rally takes a breather
All three major landmarks are well below noon
The three main indexes are ready to break their four days of consecutive victories, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) down triple digits at noon, while the S&P 500 Index (SPX) sits firmly in the red as well. Facebook’s parent meta-platforms (FBs) are at the forefront of investors’ minds today, as the the tech giant is collapsing after its fourth quarter results, leaving confidence in the tech sector shaken. Meanwhile, U.S. jobless claims for the past week were slightly lower than expected, as Wall Street eagerly awaits tomorrow’s nonfarm payrolls data.
Keep reading to learn more about the current market, including:
- The biotech stock hit its lowest level in five years after a low forecast.
- 2 social media actions in shock after Meta’s report.
- Additionally, options traders broadcast SPOT; MOD jumps after gains; and SITM slides.
One of the top performers on the New York Stock Exchange (NYSE) today is Modine Manufacturing Co (NYSE:MOD), last seen up 14.7% to trade at $10.60. The company reported better-than-expected fiscal third quarter results before the bell this morning, along with an upbeat outlook for 2022. Still, long-term pressure from the 100-day moving average appears to be limiting gains.
Conversely, SiTime Corp (NASDAQ:SITM) is down despite its bullish Q4 report, down 15.5% to trade at $198.60 at last check. Two analysts stepped in with price target adjustments, Needham cutting its price target to $300 from $330 while Stifel raised it to $310 from $300 – with both premiums remaining high at levels current. Since the start of the year, shareholders’ equity is down 32.1%.