4:09pm: Alphabet and Facebook fall on Citigroup downgrades
Despite crossing the 35,000 threshold and gaining more than 275 points earlier in the Monday session, the Dow torpedoed as the day waned to end down 35 points, 0.1%, at 34,743. The Nasdaq lost 350 points, 2.6%, to 13,402, and the S&P 500 gave up 44 points, 1%, to 4,188.
Alphabet Inc (NASDAQ:GOOG) shares fell more than 2% to $2,342, and Facebook Inc (NASDAQ:FB) stock slipped more than 4% to $305.97 after Citigroup analysts downgraded both companies to Neutral ratings.
12:15pm: Tesla, Facebook among those sandbagging the Nasdaq
In the US, the Dow was up 276 points, 0.8%, at 35,054 at midday. The Nasdaq Composite, meanwhile, was down 173 points, 1.3%, to 13,580, and the S&P 500 added less than a point to 4,233.
The Dow seems to be in a world of its own, crossing the 35,000 mark for the first time in its history thanks to a bounce in healthcare and retail names,” IG Chief Market Analyst Chirs Beauchmap wrote. “But with earnings season winding down and strong seasonality now behind us for the time being it looks like indices will continue to struggle; historically May is a month of digestion for indices, representing a slowdown in forward momentum from the opening months of the year, and if Friday’s jobs report isn’t enough to move the market on into new territory then it is hard to see what will.”
Tech stocks struggling include Tesla Inc (NASDAQ:TSLA), which lost 3.8% to $647.08, and Facebook (NASDAQ:FB), which dropped 3.5% to $308.10.
9:50am: Proactive North America headlines:
Numinus Wellness Inc (CVE:NUMI) congratulates study team on announcement of results from Phase 3 randomized clinical trial of MDMA-assisted therapy for treatment of severe PTSD
Alpine 4 Holdings Inc (OTCQB:ALPP) says holding subsidiary enters nutraceutical and CBD manufacturing industry with acquisition of Alternative Labs
Lucky Minerals Inc (CVE:LKY) (OTCMKTS:LKMNF) (FRA:LKY) says it has received the balance of assays from the initial prospecting at Wayka in Ecuador
Deep-South Resources Inc (CVE:DSM) (OTCMKTS:DSMTF) reveals first results from 10,000 metre drill program at flagship Haib copper project in Namibia
Ridgeline MineralsCorp (CVE:RDG) (OTCQB:RDGMF) executes surface access agreement for its Bell Creek property with Nevada Gold Mines
Victory Square Technologies Inc (CSE:VST) (OTC:VSQTF) (FWB:6F6) trumpets US expansion of portfilio telemedicine comapny IV Hydreight Inc
FSD Pharma Inc (NASDAQ:HUGE) (CSE:HUGE) files New Animal Drug Application with FDA for FSD201 to treat gastrointestinal enteropathy in dogs
Organic Garage Ltd (CVE:OG) (OTCQX:OGGFF) adds another partner to its Hand-Picked retail program with Toronto's Cheese Boutique
PlantX Life Inc (CSE:VEGA) (FRA:WNT1) (OTCQB:PLTXF) closes transaction to acquire privately-held cold-pressed juice maker, Little West
GoviEx Uranium Inc (CVE:GXU) (OTCQB:GVXXF) (FRA:7GU) says it “warmly welcomes” the reinstatement of its Chirundu mining license in Zambia
Playgon Games Inc (CVE:DEAL) (OTCQB:PLGNF) (FRA:7CR) says its live dealer casino platform Vegas Lounge now live with SWINNT
Ipsidy Inc (OTCQB:IDTY) says its biometric identity verification services will be integrated into BPSmart’s chatbot platform
Arcadia Biosciences Inc (NASDAQ:RKDA) says Belinda Yao has joined the company as vice president of operations
WIllow Biosciences Inc (TSE:WLLW) (OTCQX:CANSF) (FRA:3D7) ends 1Q with C$46.5M as it looks to its first CBG sales in 2Q
ImagineAR Inc (CSE:IP) (OTCQB:IPNFF) (FRA:GMS1) secures seventh US patent; sees client activity ramp up in latest corporate update
Else Nutrition Holdings Inc (CVE:BABY) (OTCMKTS:BABY) (FRA:0YL) to offer its plant-based Complete Nutrition drink for toddlers in Haggen Food and Pharmacy stores in Washington State
FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) (FRA:4UY) integrates CoinsPaid cryptocurrency payments into its online gambling products
Vanstar Mining Resources Inc (CVE:VSR) reveals that IAMGOLD poised to begin drilling at Nelligan project in June
Braxia Scientific Corp (CSE:BRAX) (FRA:496) (OTCQB:SHRMF) rebrands its psychedelic research and treatment clinics for mental disorders to Braxia Health
Real Luck Group Ltd (CVE:LUCK) says Thomas Rosander, formerly its chief customer officer, has been promoted to chief executive officer
Vuzix Corporation (NASDAQ:VUZI) (FRA:V7XN) reports follow-on order of Blade Smart Glasses for Medacta's NextAR surgical platform
Silver Range Resources Ltd (CVE:SNG) (OTCMKTS:SLRRF) (FRA:8SR) samples up to 80 g/t gold at Cambridge Project in Nevada
9.38am: Wall Street mixed
Stocks on Wall Street have started the week on a mixed footing as investors searched for direction as earnings season began to draw to a close.
In the early minutes of trading, the Dow Jones Industrial Average was up 0.45% at 34,934 while the S&P 500 was mostly flat at 4,230 and the Nasdaq dropped 0.85% to 13,636.
Sentiment may have taken a dent as a result of the recent cyberattack on the US’s largest fuel pipeline overnight, although booming commodities markets may be pulling some traders in a more positive direction.
7:55am: Wall Street set for mixed start
The main indices on Wall Street are set to be all over the shop at the opening bell on Monday after Friday’s storming gains, with the Dow Jones Industrial Average set to rise and the Nasdaq 100 set for a fall.
The Dow is tipped to open 108 points firmer at 34,886, while the Nasdaq 100 is seen sliding 65 points to 13,655. The S&P 500 is expected to open little changed.
It’s a quiet day on the US macroeconomic front, while as for corporate news, Tyson Foods Inc (NYSE:TSN) was higher after second-quarter results that were not as bad as feared.
Meanwhile, Marriott International Inc (NASDAQ:MAR), the hotelier, was off the pace after its revenue for the first quarter came in a tad shy of expectations.
Three things to watch for on Monday:
- Companies in the earnings diary at the start of the week include electric power group Duke Energy Corp (NYSE:DUK) and industrial gas and chemical firm Air Products & Chemicals Inc (NYSE:APD).
- Crypto markets are also attracting attention after meme-inspired digital currency Dogecoin suffered a sharp fall overnight after Elon Musk called the crypto a ‘hustle’ during his appearance on Saturday Night Live
- On the macro front, there is little in the diary, although US consumer inflation expectations may draw some attention