In tonight’s update, Vince covers:
1) U.S. equities opened higher this morning before quickly reversing and closing significantly lower led by tech stocks. The Dow Jones Industrial Average dropped 171.58 points, the S&P 500 fell 17.71 points while the Nasdaq 100 closed lower by 77.31 points and the Russell 2000 finished lower by 9 points.
2) Tech stocks, led by a significant drop in Qualcomm (QCOM) shares, caused the broader Market sell-off. Trump’s decision to block Broadcom’s 7 billion hostile takeover bid on Monday caused QCOM shares to gap and close almost 5% lower.
3) Bond yields fell Tuesday after consumer pricing data met Wall Street expectations. Gold Futures bounced back more than .00 after Trump fired Rex Tillerson while Crude Oil Futures dropped 1.1% after a surge in Shale Oil output.
Tech Leads Sell-Off – Market Update March 13th, 2018