Stocks Turn Negative for the Year, Dow Drops Triple Digits for Second Session
New York (Nov 20) U.S. stocks are looking at significant losses for the second straight session with all three major indices falling more than 1% in morning trading Tuesday, November 20, pushing all three indices into the red for the year with just six weeks left in 2018.
The Dow Jones Industrial Average shares were down 1.3%, or 328 points to 24,689, while the S&P 500 declined 1% and the Nasdaq fell 0.68%.
Shares of Facebook Inc. (FB) were falling sharply after users in the U.S. and Europe reported outages on Facebook and Instagram.
FAANG stocks -- Facebook, Amazon Inc. (AMZN) , Apple Inc. (AAPL) , Netflix Inc. (NFLX) , Alphabet Inc. (GOOGL) -- have collectively lost $952 billion in value since the group reached its 52-week high between July and October, with Amazon's $255 billion decline topping the list of losses.
Retailers were getting hit across the board with major retailers like Target Corp. (TGT) , Kohl's Corp. (KSS) and Ross Stores Inc. (ROST) are all falling sharply following their earnings releases before the opening bell Tuesday.
Target shares are down more than 9%, while Kohl's shares are down 8.3%, Macy's Inc. (M) fell 2.6%, and Ross Stores fell 4.5%.
Campbell Soup Company (CPB) was one of the few stocks making gains, rising 6.2% in morning trading after reporting first quarter earnings and revenue that topped analyst expectations. The company reported net sales of $2.7 billion, yielding earnings of 79 cents per share.
The strong results come ahead of an investor vote that pits activist investor Daniel Loeb's Third Point LLC against the company for board seats and the strategic direction of the company.
Global oil prices were also under pressure, despite the weaker U.S. dollar, as slowing growth signals and robust production rates continue to offset reports that Saudi Arabia will push OPEC members to trim output targets at their meeting next month in Vienna.
Brent crude contracts for January delivery, the global benchmark, were seen $1.22 lower from their Monday close in New York and changing hands at $65.57 per barrel while WTI contracts for January, which are more tightly liked to U.S gas prices, were marked 96 cents lower at $56.24 per barrel and more than 25% from the October 4 peak of $76.41.
TheStreet
