Wall Street tumbled this week, with consumer discretionary and information technology stocks leading the retreat.
Concerns over peak earnings growth continued to linger, and a further breakdown in oil prices also weighed on investor sentiment. Brexit reentered the mix this week, and, as always, U.S.-China trade headlines were plentiful. The S&P 500 lost 1.6%, the Dow lost 2.2%, the Nasdaq lost 2.2%, and the Russell 200 lost 1.4%.
Within the tech space (-2.5%), Apple (AAPL) got off to a rough start after two more suppliers, Lumentum (LITE) and Qorvo (QRVO), cut their guidance. Disappointing guidance from chipmakers NVIDIA (NVDA) and Applied Materials (AMAT) also weighed on the sector, with NVIDIA plunging nearly 20% on Friday.
Meanwhile, a host of retailers reported earnings this week, including Walmart (WMT), Macy's (M), Home Depot (HD), and Nordstrom (JWN) to name a few. The reports generally showed better-than-expected profits, but shares sold off in response nonetheless. The SPDR S&P Retail ETF (XRT) lost 4.5%, while the consumer discretionary sector lost 3.8%.
The oil-sensitive energy space (-2.1%) fell in tandem with WTI crude, which dropped 6.1% to $56.52/bbl and extended its losing streak to 12 sessions before bouncing back.
Macro :
- Fed’s Harker ‘Not Convinced’ A Dec. Rate Rise Is Prudent: WSJ
- Italy’s Di Maio Stands Firm on Reforms Planned in 2019 Budget
Keep an eye on :
- ABBN SW : Hitachi in talks to buy ABB’s power grids business
- ACX GY : Bet-at-Home Co-CEO Aims to Return to Sdax in Medium Term: BZ
- AZN LN : AstraZeneca Started Succession Planning for Soriot, Times Says
- BAB LN : Babcock Decided Against Splitting Itself Up, Sunday Times Says
- BCP PL : BCP’s Maya Reaffirms He Wants to Pay Dividends, Expresso Reports
- COPN SW : Cosmo Pharma Wins FDA Approval for Drug for Travelers’ Diarrhea
- COTY US : Coty CEO Laubies Buys $20.1 Million of Shares
- FLYB LN : Top investors continue to dump Flybe shares, Chief’s stock options lose £1.2m in value - FT
- GAM SW : GAM Said to Offer Star Fund Managers Special Retention Bonuses
- JPR LN : Johnston Press Says It Intends to File for Administration
- NOVN SW : Novartis’ Promacta Gets FDA Label Expansion
- SUN SW : Sulzer CEO Expects Vekselberg to Remain an Investor, SamW Says
- TIT IM : Telecom Italia Is Said Ready to Name Luigi Gubitosi Chief
- TCH FP : Technicolor SA Exploring Options, Including Sale: Reuters
- FP FP : French Minister Says Fuel Tax Reform Has to Be Carried Out
This week's top 20 % gainers
- Healthcare: TSRO (34.96 +39.28%), CHRS (12.27 +22.03%), OPK (3.56 +15.21%), ARNA (41.68 +14.92%), BABY (33.93 +13.29%),COLL (17.38 +12.71%), NKTR (38.23 +12.38%)
- Materials: TAHO (3.29 +42.42%), HCLP (7.5 +15.92%), SBGL (2.67 +12.18%)
- Consumer Discretionary: BZH (10.24 +18.52%), VIPS (5.84 +15.42%), HTHT (29.7 +14.89%), PRTY (11.49 +14.21%), FOXF (75.17 +12.31%)
- Information Technology: APTI (37.71 +51.75%), SMCI (14.3 +17.79%), ATHM (77.44 +12.79%)
- Consumer Staples: SFS (6.78 +33.99%)
This week's top 20 % losers
- Healthcare: ACHC (32.55 -23.41%), ABMD (319.78 -21.08%)
- Consumer Discretionary: HZN (1.79 -30.08%), GNC (3.17 -24.88%), JWN (50.93 -22.2%), DDS (64.56 -18.84%)
- Information Technology: LITE (41.52 -25.79%), LXFT (33.14 -21.6%), NVDA (164.43 -20.05%), GOGO (5 -19.09%)
- Energy: TK (5.29 -25.07%), EPE (1.21 -21.94%)
- Telecommunication Services: NIHD (5.48 -31.41%)
- Utilities: PCG (24.4 -38.88%)