Strong earnings from Boeing boosted the Dow Jones industrial average to an early gain of 0.5% Wednesday, but it didn’t take long for sellers to come back into the market. In stock news today, technology shares remained under pressure after chipmaker Texas Instruments reported earnings and gave weak guidance.
In stock news today, technology stocks faced another round of selling, knocking the Nasdaq composite to a loss of more than 3% in late trading. The Nasdaq 100 was down 2.9%, hurt by weakness in semiconductor stocks like ASML (ASML), Nvidia (NVDA), Microchip Technology (MCHP) and Micron (MU).
The S&P 500 took a hit, falling 2%, and the Dow Jones industrial average gave back 1.3%. Preliminary data showed volume on the NYSE and Nasdaq tracking about 15% to 20% below Tuesday’s levels. (For updates on this story and other market coverage, visit the Stock Market Today.)
In stock news today, FANG stock Amazon.com (AMZN) was under pressure ahead of its earnings report Thursday after the close. It’s highly likely Amazon will report another strong quarter of growth, but whether or not it will help the stock price remains to be seen. Like many other growth stocks, Amazon has been hit pretty hard by institutional selling this month.
Meanwhile, earnings were better than expected at Texas Instruments (TXN), but lukewarm sales and sluggish guidance fueled negative sentiment. Shares were down 4.5% in afternoon trading.
Stock News Today: IBD 50 Names On The Move
After the close, watch for earnings from auto parts retailer O’Reilly Automotive (ORLY). Its chart is a bit of an anomaly in the stock market today because it’s near highs and forming a healthy base.
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