Hourly In Play (R)
Updated: 25-Aug-19 00:00 ET
|17:20||WRAPX This week's biggest % gainers/losers|
|The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).
This week's top % gainers
|17:20||UHAL AMERCO announces special cash dividend of $0.50/share (340.35 -2.80)|
|16:31||QCOM Qualcomm announces retirement of interim CFO Dave Wise, effective today (73.52 -3.63)|
|Mr. Wise retires after a 23-year tenure at the company. As part of the transition plan, Qualcomm's Board of Directors has unanimously approved the appointment of Akash Palkhiwala, SVP of Finance, as interim CFO while the company seeks a permanent replacement. Mr. Wise will remain in a consulting capacity.|
|16:27||DXCM Dexcom announces Court ruling that patents asserted against Dexcom CGM Systems are invalid (173.55 -0.82)|
|16:23||WRAPX Closing Stock Market Summary|
The stock market sold off on Friday after President Trump ordered companies to find an alternative to China in response to Beijing announcing retaliatory tariffs against the U.S. The S&P 500 (-2.6%) and Dow Jones Industrial Average (-2.4%) lost around 2.5%, while the Nasdaq Composite (-3.0%) and Russell 2000 (-3.1%) lost at least 3.0%.
The day started with investors looking forward to Fed Chair Powell's speech from Jackson Hole, Wyoming. Attention quickly shifted to trade, however, after China announced tariffs on $75 billion of goods imported from the U.S on Sept. 1 and Dec. 15, which are the same dates the U.S. has planned for its tariffs on China. The tariff rate will range from 5-10%, including a separate 5-25% on autos and auto parts starting Dec. 15.
Modest selling ensued, but stocks quickly recouped losses after Mr. Powell reiterated comments that upheld the market's view for further economic stimulus. The day had barely begun, though, and President Trump took to Twitter to lash out against both the Fed Chair and China. Stocks fell noticeably on the president's declaration that companies find alternatives to China.
A steady broad-based retreat transpired during the day amid worries that escalated trade tensions will exacerbate slowing global growth and, by extension, affect corporate earnings. All 11 S&P 500 sectors finished in negative territory, which saw the energy (-3.4%) and information technology (-3.3%) sectors losing over 3%. The utilities sector (-1.1%) declined the least.
Shares of Apple (AAPL 202.64, -9.82) fell 4.6% and other trade-sensitive areas like the Philadelphia Semiconductor Index (-4.4%) and Dow Jones Transportation Average (-3.3%) also posted steep losses. Shares of Foot Locker (FL 34.00, -7.93, -18.9%) plunged nearly 20% after the company missed top and bottom-line estimates.
Amid the uncertainty and growth concerns, investors flocked to safe-haven assets like gold ($1537.25/oz, +$28.75, +1.9%), the Japanese yen, and U.S. Treasuries. In addition, expectations for further downside in equities contributed to a 17.8% spike in the CBOE Volatility Index (19.65, +2.97).
The 2-yr yield dropped seven basis points to 1.53%, and the 10-yr yield dropped eight basis points to 1.53%. The U.S. Dollar Index fell 0.5% to 97.73. WTI crude fell 2.0%, or $1.12, to $54.16/bbl.
President Trump also indicated he would officially respond to Beijing's actions in the afternoon. No response was announced by session's close, which may have contributed to some reservations to step into the action during the day.
Friday's economic data was limited to New Home Sales for July:
Looking ahead, investors will receive Durable Goods Orders for July on Monday.