The technology sector gained while other stocks declined.
4 minutes read
The views expressed Pioneer Shareholders are their own.
It was another day of ups and downs.
A lukewarm rally in the stock market, after yesterday's drop, was over 2 per cent this afternoon. The S & P 500 closed up 0.01 percent, down from last year's low. The Dow and Nasdaq Composite Index closed 0.35 percent higher and 0.45 percent respectively.
The Entrepreneur index rose 0.63%, led by the technology sector.
Oil & Gas Corp (HSE: Quote, Profile, Research) was the biggest decliner on the day, falling 4.92 percent. Things had been looking at Hesse for two months. With the price of oil above $ 70 a barrel and the company pushing up production in the fields of shale all over the United States, the future looked bright.
But things are changing rapidly in the oil industry. Combined crude oil production in the United States and Russia, and a decline in global growth expectations, drove the president out of the price of oil. Has fallen about eight percent today, and has now fallen more than 40 percent in the past 10 weeks, analysts believe it may fall further.
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As in 2015 – 2015, when the price of oil fell in the 1930s, industry could be heading for another shake if the decline continues. However, Hesse, one of the largest producers who attract capital in the country, feels pain. The stock has fallen 36 per cent since early October and is now down 0.34 per cent this year.
The technology sector led this morning's advance as FANG shares were all in good shape. Buying declined slightly in the afternoon, but Alphabet Inc. rose. And Amazon.com rose 1.2% and 2.01% respectively while Facebook rose 2.48%. Netflix rose 3.1 per cent – the biggest gain in the Entrepreneur index today. The rest of the technology sector was generally with NVIDIA Corp. (2.34%) and Adobe Systems Inc. (2.17%) that made some big gains.
The shares of clothing manufacturers are still swinging. Fell more than 3 percent yesterday, and rose under Armor Corp. 2.23 percent today. The Ralph Lauren index (1.51 per cent) also rose. Brands closed down 1.69 per cent. Tesla fell again today. Global sales chief Dan Kim, who only joined the company in January, left Tesla to work for Airbnb. The company did not announce the departure. Scores of senior executives have left the company in the last two years. Tesla fell 3.27 percent today, more than 10 percent in the last three trading sessions.
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The shares of pharmaceutical companies Alicion Pharmaceuticals and Regeneron Pharmaceuticals fell 3.23 percent and 1.73 percent, respectively. FedEx Corp. recorded another significant gain during the day, up 1.55%, Horton Inc. up 2.1 percent. All of the sensitive stocks of the economy have been under pressure recently. Fedex will report profits after market closure.
Investors will wait for news from the Fed meeting tomorrow. The bond market is pushing central banks to some extent to raise rates by another quarter point. Long and short-term interest rates fell again today. It declined last month as the signs of global economic slowdown and volatility in financial markets gathered. Future markets are still setting the odds for a 70% rate hike tomorrow, but the Federal Reserve is expected to issue a more pessimistic tone on raising interest rates next year.
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