The Dow Jones Industrial Average undercut a key level as stocks suffered a Fed hangover. Tesla (TLSA) dived after CEO Elon Musk made a Twitter (TWTR) move. Apple (AAPL) and Nike (NKE) were big blue chip losers.
A trio of stocks stood out by continuing to build bullish bases despite the negative action. Meridian Biosciences (VIVO), Nordstrom (JWN) and Johnson & Johnson (JNJ) are potential watchlist candidates.
Volume was higher on both the Nasdaq and the New York Stock Exchange, according to preliminary data. This is a negative on a down day.
Meanwhile, the yield on the benchmark 10-year Treasury note skidded 15 basis points to 3.24%. West Texas Intermediate crude oil rose more than 1% to trade at just under $117 per barrel.
Nasdaq Plunges As Bears Maul Small Caps
Indexes were smacked down as Wednesday’s Fed meeting gains evaporated. With stagflation worries rising it was a tough environment for securities.
The tech-heavy Nasdaq ended the day down 4.1%. Lucid Motors (LCID) plunged, dropping more than 11%.
The S&P 500 dipped 3.2%. Cruise lines stocks sank, with Norwegian Cruise Line (NCLH) and Carnival (CCL) both plunging more than 11%.
The S&P 500 sectors were all negative. Technology, energy and consumer discretionary suffered most. Consumer staples and health care gave up the least ground.
The hungry bears feasted on small caps. The Russell 2000 fell 5.1%.
Growth stocks were also given a drubbing. The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, ended the session down 5.8%.
Dow Jones Today: Apple Stock Slammed
The Dow Jones Industrial Average also plummeted, shedding more than 700 points as it closed down 2.4%. It fell below the key 30,000 level.
Apple stock was one of the worst performers, giving up 4%. It now sits about 15% below its 50-day moving average, according to MarketSmith analysis.
But it was sportswear giant Nike and American Express (AXP) that suffered most on the Dow Jones today. Both fell nearly 6%.
Walmart (WMT) was one…
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