Stocks erase gains to trade lower as tech shares extend the week's declines

[BlueWavePsych]

Source: Yahoo Finance

Stocks were mostly lower Friday as the three major indices struggled to find their footing after a week of volatility. The S&P 500 and Nasdaq each fell, while the Dow held in just slightly positive territory shortly after 1 p.m. ET. At the highs of the session, the 30-stock index had been higher by nearly 300 points.

The Nasdaq sank 1.4%, as the index was pressured by an ongoing rout in some of their most heavily weighed big tech shares. Apple (AAPL) shares dropped 2.5% and tracked toward a weekly loss of more than 8%.

Better than expected quarterly earnings results temporarily send some individual, smaller tech names higher before the selloff broadened out and dragged them lower. Shares of Peloton (PTON) jumped more than 13% in pre-market trading before erasing gains during the regular session, after the connected fitness company topped fourth-quarter expectations and grew revenue 170% over last year, as demand for the firm’s at-home fitness equipment exploded during the pandemic. Oracle (ORCL) also reported a solid top-line beat, with demand for its cloud-computing services seeing strong uptake as more individuals work and go to school from home.

Read more: https://finance.yahoo.com/news/stock-market-news-live-september-11-2020-222950011.html

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Feels like a 'dead cat' bounce. If few traders hold over the weekend, then likely more pain on Monday.

[Iliyah]

1. 1929 crash . . .

where everyone was at the same level. Approx. 91 years later, nothing has been learned, they are still greedy as ever.

[empedocles]

2. Seemed like there was a strong effort in the pre-markets to open NY trading levels high.

The decline has been definite, with over 2 hours to ago before the close.

[Easy to imagine trump raging and screaming at his flunkies to do something, - anything! - Hard to imagine any criminal act trump would not order to help his own cause. Such questions may have apparent answers over the next couple of weeks. The new highs in the S&P seem suspicious in light of the devastating economy. Given the huge capital flows daily in the markets, and diverse interests, powerful forces will be at work].

[bucolic_frolic]

3. FOMC meets next week

sure to give the markets some juice

[IronLionZion]

4. GOP will issue trillions more in stimulus

since doing that in March has helped end this pandemic so quickly already.

[ck4829]

5. Kick