Thursday, 25 March 2021: US equity markets retreated, fading in the closing hour of trading amid a fresh sell off for technology stocks
Mar 25, 2021 ·
4m 10s
US equity markets retreated, fading in the closing hour of trading amid a fresh sell off for technology stocks – Dow dipped -3-points or -0.01%, paring an earlier climb of...
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US equity markets retreated, fading in the closing hour of trading amid a fresh sell off for technology stocks – Dow dipped -3-points or -0.01%, paring an earlier climb of ~370-points. The broader S&P500 lost -0.55%, fading in the final hour of trading for a sixth straight session and unwinding an earlier gain of ~0.8%. Communication Services (down -1.66%), Consumer Discretionary (-1.52%) and Information Technology (-1.21%) all fell over >1% to be the worst performing primary sectors. The Energy sector (up +2.52%) comfortably led the upside, with Chevron Corp up +2.68% and Exxon Mobil Corp +2.03%. General Motors Co (down -0.62%) extended production cuts in North America due to a worldwide semiconductor chip shortage. Shares of cruise operators fell to session lows after Centers for Disease Control and Prevention said the sailing order limiting cruises will stay in place until 1 November. Norwegian Cruise Line Holdings Ltd dropped -4.9% following the news, while Royal Caribbean Cruises Ltd and Carnival Corp fell -2.77% and -1.89%, respectively. The Nasdaq dropped -2.01%, with Apple Inc (down -2.0%), Facebook Inc (-2.92%) and Netflix Inc (-2.67%) all slid more than >2%. The small capitalisation Russell 2000 index fell for a third straight session, down -2.40%.
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