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Live Market Updates: Nasdaq Composite Slides & Warren Buffett's Newest Buy
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NVIDIA Shares Now Down More Than 4%
As of 2:20 p.m. ET, the Nasdaq Composite is now down 2.54%. Amazon (Nasdaq: AMZN) is now down 4.8% while NVIDIA (Nasdaq: NVDA) has slipped 4.2%.
Rotation continues to shift into industries like utilities and financial stocks. 22 out of 23 regulated utility stocks in the S&P 500 are up. Every S&P 500 stock in diversified banking is also up today.
Another area of strength is consumer defensive stocks, with money flowing into Procter & Gamble and Clorox.
Market Sell-Off Accelerates
As of 11:15 a.m. ET, the market sell-off has accelerated:
- Nasdaq: Down 1.99%
- S&P 500: Down 1.16%
- Dow Jones Industrial Average: Down .59%
Tech-heavy sectors like Information Technology and Communication Services are leading the sell-off. Information Technology stocks are down 2.18% today.
Most tech megacaps are down a similar amount today:
- Microsoft: Down 2.43%
- NVIDIA: Down 2.52%
- Apple: Down 1.62%
- Amazon: Down 3.22%
- Alphabet: Down 2.32%
- Meta Platforms: Down 2.46%
There’s no specific news backing today’s sell-off, but investors are rotating their holdings post-election. Financial stocks are once again doing well.
On the other hand, the post-election sell-off of healthcare stocks continues. Eli Lilly is down 4.39%, Merck is down 2.68%, and Pfizer is down 3.96%.
Economic Data Shaping the Markets Today
Here’s a rundown of economic data points released this morning.
US Retail Sales
Came in at a .4% growth versus October, which was slightly ahead of expectations of a .3% jump. Quite a bit of the jump came from auto sales.
Fed Remarks
Remarks from Austin Goolsbee, the President of the Federal Reserve Bank of Chicago were worth monitoring this morning.
Goolsbee said the Fed is closely monitoring the movement of 10-year Treasuries but “feels good” about a 12-18 month path to neutral interest rates. He added that rates are likely to “need to fall” across the next year.
One note – Goolsbee also said he doesn’t think rates will move back to where they were before the pandemic and the Fed remains in a more restrictive posture.
Markets are ending the week with a slide. As of 9 a.m. ET, Nasdaq futures are down 199 points, or .95%. Other indexes are down as well with Dow Futures implying a .38% drop at the open and S&P 500 futures off .58%.
- Nasdaq Futures: Down 199 points (-.95%)
- Dow Futures: Down 171 points (-.38%)
- S&P 500 Futures: Down 38.50 (-.58%)
Let’s take a look at some of the major stories shaping the market today.
Semiconductor Equipment Stocks Under Pressure
Stocks of the companies that build the equipment to make semiconductors have performed excellently the past decade. However, ongoing trade restrictions with China have crimped sales for many of the largest companies in this industry. Applied Materials (Nasdaq: AMAT) reported earnings last night that came in below expectations for next quarter.
The company expects revenue of $6.75 to $7.55 billion. The midpoint of that g uidance comes in below Wall Street expectations of $7.25 billion. That miss was enough to send shares down 9% in premarket trading.
Buffett Goes Pizza Shopping
What is Warren Buffett buying? Filings from Berkshire Hathway (NYSE: BRK.B) reveal an investment in Domino’s Pizza (NYSE: DPZ) and Pool Corp. (Nasdaq: POOL). The news that Berkshire has bought shares of each company has sent their prices soaring in premarket. Pool Corp. is up 4% while Domino’s is up more than 5% in premarket trading.
Berkshire now owns more than 1.3 million shares of Domino’s Pizza, which is roughly a $600 million position after its jump in trading this morning.
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