Weak earnings reports from a number of big-name technology companies finally took its toll on the stock market Thursday, and rising commodity and energy prices sent the broader market to its biggest one-day decline since January.
Disappointing results in recent weeks from the likes of Intel , Dell
, Microsoft
and Cisco
have kept the tech sector under pressure. On Thursday, techs led the broader market lower, losing 2% on the day.
Rising commodity and bond prices raised fears that the Federal Reserve may continue to raise interest rates, which could slow the economy — and earnings — more than investors are hoping for.
The Nasdaq tumbled 48 to 2272, the S&P 500 lost 17 to 1305, and the Dow fell 142 to 11,500. Volume rose to 2.53 billion shares on the NYSE, and 2.5 billion on the Nasdaq. Decliners led 25-7 on the NYSE, and 24-6 on the Nasdaq. Downside volume was 83% on the NYSE, and 88% on the Nasdaq. New highs-new lows were 191-140 on the NYSE, and 134-97 on the Nasdaq.
Applied Micro fell 7% on news that it will be removed from the S&P 500.
Lam Research fell 5% after American Technology Research downgraded the chip sector.
Affiliated Computer lost 4% after delaying its quarterly filing.
Comsys and Aeroflex
rose on their results, while Autobytel
fell on its results.
JDSU and Merix
fell on convertible offerings.
