The stock market needs Santa to come and offer a Christmas miracle.
3 minutes read
The views expressed Pioneer Shareholders are their own.
Unless Santa Claus comes to town next week, the stock market is headed for one of the worst Decembers ever.
Stock prices fell again today, with stocks of high-growth technology and high risk. The Nasdaq Composite Index fell 2.99 percent, while the Dow and the S & P 500 fell 1.81 percent and 2.06 percent respectively.
The Entrepreneur ™ Index dropped 2.68% as the shares of both Twitter and Fang fluctuated. Facebook, now down 43 per cent from its peak in July, fell 6.33 per cent. Netflix, which has lost 35 percent since the start of October, lost 5.45 percent on Tuesday and Amazon shares plunged 33 percent from their early September high of 5.71 percent. Alphabetic Inc. Today down 2.96%.
Twitter continued his free fall after he described "Harvey Weinstein for social networking" yesterday by a short salesman because of the spread of abusive tweets of women on the podium. The stock fell 6.76 percent today after falling 11 percent yesterday, both the biggest drop in the two-day index.
The rest of the technology sector was not a little better. Shares of NVIDIA Corp. And Adobe Systems Inc. By 4.09 per cent and 4.5 per cent, respectively. Akamai Technologies fell 4.01% and shares fell. By 4.6 per cent. The Nasdaq composite was at a 52-week low today and is now in a technically bearish market – down more than 20% from its peak at the end of August.
The large drop in pharmaceutical companies, Alicion Pharmaceuticals (-6.51 per cent) and Regenerone Pharmaceuticals (-3.26 per cent), has declined.
Oil prices fell again sharply from the oil and gas company Hess Corp. (-4.69%), despite oil prices falling only 1.07%. Home Building Company d. Horton, which fell 34 per cent this year, fell 4.11 per cent today. Clothing manufacturers L Brands (-3.07%) and Under Armor Inc. (-4.13 per cent).
Investors seem to be attracted to stocks with defensive value. JM Smoker rose 0.71 percent and Estee Lauder rose 0.73 percent. Cintas Corp, a consolidated shoe company, beat both profit and profit estimates in the third quarter results announced today and increased guidance for the future. He received a 0.58 percent bonus from the market.
Tesla (1.39%) achieved the biggest gain in the Entrepreneur ™ index today, ending a week of positive weakness. The stock has fallen 13 percent in the past five trading sessions.
The last week of the year may be volatile. While the market briefly rebounded in cautious comments from New York Fed Chairman John Williams this morning, the flare was short-lived. The government is about to close its doors at midnight and the administration is in chaos after the resignation of Defense Secretary James Matisse yesterday.
Entrepreneur ™ brings together a list of over 60 publicly traded companies managed and managed by entrepreneurs. Entrepreneurship is a valuable asset for any business, and this indicator recognizes its importance, regardless of the company's growth. These inspirational works can be tracked in real-time on Entrepreneur.com.