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. 128.34 1.72 1.36 24,885,190
INTC Intel Corporation 36.79 0.08 0.22 15,072,235
IBM International Business Machines Corp 167.34 -0.61 -0.36 2,875,449
ARIA ARIAD Pharmaceuticals Inc. 23.69 -0.02 -0.08 14,657,842
AAPL Apple Inc. 119.04 -0.21 -0.18 26,112,408
AXP American Express Company 76.62 -0.26 -0.34 3,456,338
TWTR Twitter Inc. 17.25 -0.13 -0.75 11,401,694
UTX United Technologies Corporation 110.22 -0.60 -0.54 2,880,618
VOD Vodafone Group Plc 26.53 -0.12 -0.45 5,875,999
V Visa Inc. 81.17 -0.20 -0.25 7,291,220
GS The Goldman Sachs Group Inc. 244.30 0.46 0.19 4,186,076
XRX Xerox Corporation 7.05 0.11 1.59 10,081,345
YHOO Yahoo! Inc. 42.27 0.16 0.38 4,513,029
GRPN Groupon Inc. 3.58 0.01 0.28 12,646,900
CAT Caterpillar Inc. 94.48 0.49 0.52 2,609,480
MSFT Microsoft Corporation 62.70 0.09 0.14 19,422,848
PLUG Plug Power Inc. 1.25 0.02 1.63 997,033
AUEEF Aura Energy Ltd Ord 0.02 0.00 0.00 0

Comments

Emerging Growth

MGX Minerals Inc.

MGX Minerals is a diversified Canadian mining company listed on the Canadian Securities Exchange. MGX is engaged in the acquisition and development of industrial mineral deposits in western Canada that…

Private Markets

Almond Smart Home Router by Securifi

Securifi sells user friendly touch screen routers that also have support for IoT/home automation.Securifi’s Almond revolutionized wireless router setup with its easy to use Touchscreen Interface in 2012. Now our…

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®…