CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
The growth in net interest income, a main engine of the industry's profit, looks to slow to a halt in the back half of this year.Banksread more
Amazon also said that on Monday and Tuesday it sold more Amazon devices — like the Echo Dot, the Fire TV Stick and Alexa Voice Remote — over a two-day period than it ever has...Retailread more
The news comes after eBay announced a strategic portfolio review on March 1.The Faber Reportread more
If the S&P 500 climbs another 4%, it will have doubled the peak reached in the previous bull market, Michael Santoli notes.Trading Nationread more
Ascending triangle patterns have been appearing across the stock market, and they tend to be precursors to higher prices, says Miller Tabak's Matt Maley.Trading Nationread more
Netflix reports earnings Wednesday as it loses licensed shows to rivals launching their own streaming services.Technologyread more
Hedge fund manager Kyle Bass reportedly thinks that U.S. interest rates will plummet toward zero in 2020 as the economy heads for recession.Hedge Fundsread more
Shares of beauty and wellness products company Nu Skin tanked on Wednesday after the company said China's crackdown on health products is weighing on sales.Investingread more
Buying stocks when they are this expensive has historically led to lower returns, data compiled by Ned Davis Research shows.Marketsread more
The Nasdaq Composite Index on Thursday became the first major U.S. stock market benchmark to dip into a correction, dragged down by losses across all the major technology-related companies.
A correction on Wall Street is defined as down more than 10 percent from its high. The Nasdaq closed down 1.3 percent at 7,329.06. The technology-based index fell as low as 7,274 in intraday trading, down more than 10 percent from the most recent 52-week trading high of 8,133.30.
The S&P 500 and the Dow Jones Industrial Average have further to fall to be in a correction with both down about 6 percent from recent all-time highs.
Amazon, Netflix and Alphabet are all in correction territory after taking big hits this week. Rising interest rates are hitting the whole stock market this week, but especially tech stocks as investors worry their rich valuations won't be justified in a higher interest rate environment. These names are also the biggest winners this year and during the whole bull market so some investors may be taking profits amid the broader market sell-off.
Micron and Tesla are off 35 percent from their 52-week highs. Facebook has fallen more than 30 percent. Netflix is down by 25 percent from its high and down nearly 10 percent this week alone. Amazon is off 17 percent from its high and by nearly 10 percent this week alone.
Nvidia, Intel, Alphabet are also all down more than 10 percent from one-year highs.
Many of those stocks were higher as trading began Thursday, but dropped again as the massive selling returned to the Street.