The Dow Jones industrial average fell amid a broad stock market decline as the bears plagued the bulls. Walmart (WMT)’s share fell with poor earnings, while 3M (MMM) was the best blue slide. GameStop (GME) falls when a congressional hearing in the Reddit-powered short press begins, while marijuana stocks Tilray (TLRY) was higher than earnings.
Among EV shares, Tesla (TSLA), Nine (NIO) en General Motors (GM) hit everyone upside down.
X
The Nasdaq was the largest and worst performing index, at around 1.2%. Baidu The (BIDU) share performed the worst, falling by almost 6% Kraft Heinz (KHC) was the strongest with a gain of almost 5%.
The S&P 500 was also negative, down 0.7%. Westinghouse Air Brake Technologies (WAB) was the largest backlog, with more than 10%. First Energy (FE) achieved the best profit and increased by more than 9%.
The volume was lower compared to the same time Wednesday. It declined about 16% on the Nasdaq and almost 5% on the NYSE.
US stock market overview today |
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|---|---|---|---|---|
| Index | Symbol | Price | Profit / loss | % Change |
| Dow jones | (0DJIA) | 31400.31 | -212.71 | -0.67 |
| S&P 500 | (0S & P5) | 3901.76 | -29.57 | -0.75 |
| Nasdaq | (0NDQC) | 13814.36 | -151.14 | -1.08 |
| Russell 2000 | (IWM) | 220.31 | -3.75 | -1.67 |
| IBD 50 | (FFTY) | 47.50 | -0.62 | -1.29 |
Last updated: 13:22 ET 18/02/2021 |
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The S&P sectors struggled, and utilities alone were positive. Energy and finance fared the worst.
Small-cap capitalization also struggled. The Russell 2000 decreased by about 1.7%.
Growth shares were also hit lower by the bears, with the Innovator IBD 50 ETF (FFTY) falling around 1.3%.
Walmart Stock tumbles as Dow Jones slips
The Dow Jones industrial average outperformed the other major indices, but still fell by about 0.7%.
Walmart shares were the biggest backlog, falling nearly 6%. It took a dive after the firm reported mixed earnings in the fourth quarter early Thursday.
Walmart earnings are $ 1.39 per share, below the $ 1.51 EPS analytical outlook. The firm posted better-than-expected revenue, but Walmart also said sales would decline in the coming quarters.
The wholesale retailer also increased wages and returns of shareholders. Walmart said wages for store workers in digital positions and stocking positions will rise to $ 13- $ 19 per hour, although the minimum starting wage will remain $ 11.
The industrial giant 3M performed best and rose by about 1.3%. This was carefully followed by Coca-Cola (KO).
GameStop Stock falls amid Senate hearing
GameStop’s share fell about 3% to 44.67 when the Financial Services Committee’s hearing on the share price began. Its stock is on track to decline for the third consecutive day and is now below the 50-day line.
“We have speculations, we have headlines and fingerprints, but we do not have the facts. We need the facts,” said Patrick McHenry, the leading Republican on the committee.
The committee chair, Maxine Waters (D., California), said she wanted to hear how key players like Robinhood and Reddit ‘contributed to the historic trade events in January’.
The retailer for video games saw its stock rise above the 480 mark during the recent rise, after the year started at 18.84.
The increase is attributed to coordinated trading by retail investors using the WallStreetBets Reddit chat room. They aimed to cut out hedge funds that shortened the stock.
Tilray Stock higher on this
Tilray’s stock rose more than 1%, although it was lower than the highest. The marijuana stock stays well away from the 50-day moving average. However, it has dropped from its recent high of 67, which came after it was featured on Reddit.
The company received a boost after posting Q4 results late Wednesday that beat expectations. Tilray lost two cents a share, but that was better than the loss of Wall Street at 14 percent.
Tilray said it generated $ 2.2 million in adjusted EBITDA during the quarter. In November, it projected so much, saying it was ‘ready’ to push the benchmark to a positive area in the fourth quarter.
Cannabis sales rose 46% to $ 41.2 million, aided by international medical sales and Canadian recreational sales. Leisure sales in Canada increased by 49%. International medical sales increased by 191%.
Tesla Stock, Nine Hit Reverse
IBD Leaderboard share Tesla fell nearly 2%, although it was lower. It tumbled after the firm announced it was lowering the price of its base variants of the Model 3 sedan and Model Y sports utility vehicle, while raising prices on versions with higher mileage.
The firm has made several models in its range more affordable than old-fashioned car manufacturers such as General Motors, Ford (F) and Volkswagen (VWAGY) is making a big push in the EV market.
Tesla’s Chinese rival Nio also hit reverse gear and fell by almost 5%. A previous breakthrough of a cup base with a buying point of 57.30 failed.
GM stock also declined, slipping more than 1%. It previously erupted from a cup base on January 12 on positive EV news. The buying point was 46.81.
Fertilizer stocks fall when investors smell problems
Fertilizer inventory was poor despite good earnings reports. Mosaic (MOS) fell by almost 10%, while CF Industries (CF) fell more than 4%.
They were hammered after CF said bad winter weather in the plains would negatively affect fertilizer production.
Follow Michael Larkin on Twitter @IBD_MLarkin for more information on growth stocks and analysis.
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