Selling Activity Carries Over Into the New Week as Stocks Continue to Fall

Michael Teague |

The broad selling activity that finished off the previous week’s trading activity extended itself into Monday’s action, with stocks once again taking substantial losses across the board. Concerns over a relatively slower Chinese economy in 2014, along with fears of further reductions to Treasury spending on the part of the Federal Reserve seem to have become significant enough to prompt investors to head for the exits at least in the short-term.

Economic Data: New home sales for December fell 7 percent, but the housing market in 2013 still had its best year since 2008 according the the Department of Commerce.

  • Dow Jones Industrial Average: -0.26 percent to 15,837.88

  • S&P 500: -0.49 percent to 1,781.56

  • NASDAQ: -1.08 percent to 4,083.61

On the Dow:

The benchmark Industrials didn’t finish the day higher, but industrial goods companies posted strong gains, with Caterpillar (CAT) bouncing back 6 percent on strong earnings, followed by United Technologies Corp. ($UTX), up nearly 2 percent. Financials and blue-chips were an insurmountable counterweight, however, with Visa (V) , Goldman Sachs (GS) , American Express (AXP) , as well as Microsoft (MSFT) and IBM (IBM) down at least 1.50 percent each.

On the S&P 500:

Social media techs had a bad day on the S&P, with Facebook (FB) and Yahoo! (YHOO) down significantly, and Xerox Corp. (XRX) shedding nearly 6 percent of its share price by the closing bell.

Apple Inc. (AAPL) was up nearly 1 percent ahead of its much anticipated earnings report.

On the NASDAQ:

The sell-off was the most brutal on the NASDAQ, with Ariad Pharmaceuticals (ARIA) tanking 12 percent on the heaviest trading of the day after concerns emerged about the stock being overbought. Otherwise, techs were most responsible for sending the index lower. Intel (INTC) , Vodafone Group (VOD) , Plug Power Inc. (PLUG) , and Groupon (GRPN) were just some of the companies who saw shares drop significantly.

Out Top Stories:

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
FB Facebook Inc. 119.68 0.77 0.65 17,464,736
INTC Intel Corporation 35.76 0.06 0.17 16,326,925
IBM International Business Machines Corp 166.52 1.16 0.70 3,146,930
ARIA ARIAD Pharmaceuticals Inc. 12.68 -0.30 -2.31 4,387,448
AAPL Apple Inc. 113.95 1.83 1.63 34,402,627
AXP American Express Company 74.77 -0.14 -0.19 2,566,883
TWTR Twitter Inc. 19.65 0.01 0.05 15,956,083
UTX United Technologies Corporation 109.79 1.36 1.25 3,429,005
VOD Vodafone Group Plc 25.20 0.17 0.68 5,329,470
V Visa Inc. 79.14 -0.14 -0.18 10,728,310
GS The Goldman Sachs Group Inc. 241.85 0.40 0.17 5,456,047
XRX Xerox Corporation 9.46 -0.06 -0.63 10,839,298
YHOO Yahoo! Inc. 41.76 0.35 0.85 6,836,112
GRPN Groupon Inc. 3.87 -0.02 -0.51 14,430,059
CAT Caterpillar Inc. 95.53 -0.74 -0.77 6,550,220
MSFT Microsoft Corporation 61.97 0.96 1.57 27,349,356
PLUG Plug Power Inc. 1.43 -0.10 -6.54 4,702,993
AUEEF Aura Energy Ltd Ord 0.02 0.00 0.00 0

Comments

Private Markets

BioSculpture Technology, Inc.

BioSculpture Technology, Inc. (“BST”) is a commercial-stage medical device manufacturer of liposuction surgical instruments for surgeons. It offers the FDA-cleared Twin Cannula Assisted Liposuction ("TCAL") Airbrush Liposculptor II® controllers, Airbrush®…

Ozobot by Evollve Inc

Ozobot is a world leader in compact super intelligent robots that entertain and educate through fun interactive gaming.