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Nasdaq drops 2.7%, Dow sinks 450 points in losing week – Fox Business


Selling accelerated for U.S. equities during the final hour of trading as tech weakness continued to roil the broader market sending stocks lower for the day and week. 

The Nasdaq Composite fell 2.7%, the S&P 500 was lower by 1.8% while the Dow Jones Industrial Average fell 450 points or 1.3%. All three of the major averages posted losses for the week. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34265.37 -450.02 -1.30%
SP500 S&P 500 4397.94 -84.79 -1.89%
I:COMP NASDAQ COMPOSITE INDEX 13768.921815 -385.10 -2.72%

The selling continues to come from technology stocks, with Netflix down more than 20% after posting weaker-than-expected subscriber growth. The streaming giant is on pace for its worst session in about a decade. 

Ticker Security Last Change Change %
NFLX NETFLIX INC. 397.50 -110.75 -21.79%

Elsewhere, chip stocks Nvidia and AMD were lower, along with Apple. 

Ticker Security Last Change Change %
AAPL APPLE INC. 162.41 -2.10 -1.28%
NVDA NVIDIA CORP. 233.74 -7.76 -3.21%
AMD ADVANCED MICRO DEVICES INC. 118.81 -3.08 -2.53%

This comes as Peloton shares recovered after hitting a two-year low. CEO John Foley disputed a report that the company is pausing bike and Tread production as demand slips. 

PELOTON STOCK TANKS ON BIKE PRODUCTION HALT REPORT, COMPANY SAYS CLAIMS ARE FALSE

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE INC. 27.06 +2.84 +11.73%

The first week of fourth-quarter earnings season ends Friday with oil services giant Schlumberger which said profits jumped 86% to $0.41 per share. 

Consumer finance firm Ally Financial said profits of $1.79 per share were down from $1.82 in the same period a year ago partly tied to costs related to the acquisition of Fair Square Financial and regional bank Huntington Bancshares also reported. 

Ticker Security Last Change Change %
SCH n.a. n.a. n.a. n.a.
ALLY ALLY FINANCIAL INC. 47.08 -1.89 -3.86%
HBAN HUNTINGTON BANCSHARES INC. 15.18 -1.50 -8.99%

In automakers, Toyota announced it will curb production due to shortages of key parts. The automaker said it will suspend production at 11 plants in Japan for three days, on top of reductions planned in February. Those cuts mean it will fall short of the 9 million vehicles it had targeted.

Ticker Security Last Change Change %
TM TOYOTA MOTOR CORP. 199.78 -1.48 -0.74%

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Cryptocurrencies were also weaker as Bitcoin fell below the $40,000 level. The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.

CLICK HERE FOR FOX BUSINESS’ REAL-TIME CRYPTOCURRENCY PRICING DATA 

Additionally, Robinhood Markets is rolling out crypto wallets to a 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, according to a company blog post.

Ticker Security Last Change Change %
HOOD ROBINHOOD MARKETS INC. 12.98 -0.71 -5.19%

On the economic calendar, the Conference Board will report its Leading Economic index for December. Watch for a 0.8% increase from the prior month.

JOBLESS CLAIMS UNEXPECTEDLY RISE TO 286,000, HIGHEST SINCE OCTOBER

 FOX Business’ Ken Martin and The Associated Press contributed to this report.



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