Technology stocks rebound from Monday selloff
CFRA Research investment strategist Lindsey Bell and S&P Investment Advisory Services portfolio manager Erin Gibbs on how the Federal Reserve has impacted the stock market and whether stocks will continue to drop throughout the summer.
After a day of mild gains, selling has resumed on trade concerns.
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Dow Jones futures were lower by 0.80%. The S&P 500 was down 0.63% and the Nasdaq Composite was off 0.96%.
China and Hong Kong stocks fell on Wednesday amid trade war fears.
China’s Shanghai Composite finished the day down 1.1% to a fresh two-year low. The index fell further into a bear market, trading more than 20% lower than its January 24 high.
The Hang Seng index dropped 0.6%.
Japan’s Nikkei index ended the day down 0.3%.
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In Europe, London’s FTSE traded 0.7% lower. Germany’s DAX fell 0.77% and France’s CAC was down 0.36%.
On Tuesday, equities recorded mild gains after posting sharp losses to start the week.
The Dow Jones Industrial Average gained 30.31 points, or 0.12%, to 24,283.11. The S&P 500 added 5.99 points, or 0.22%, to 2,723.06. The Nasdaq Composite rallied 29.62 points, or 0.39%, to 7,561.63.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24283.11 | +30.31 | +0.12% |
| SP500 | S&P 500 | 2723.06 | +5.99 | +0.22% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7561.6269 | +29.62 | +0.39% |
In market news, shares of General Electric rose more than 7% on plans to spin off its health care business and unload its ownership in oil-services company Baker Hughes.
In economic news, home prices in 20 major U.S. metro areas rose 0.8% in April from the month prior on a non-seasonally-adjusted basis, according to the S&P/Case-Shiller home price index. From the same period a year prior, prices saw a 6.6% increase, short of the 6.8% expectation.
The latest reading on consumer confidence was also out. June confidence came in at 126.4, versus the Thomson Reuters consensus estimate for 128.
Companies reporting earnings on Wednesday include General Mills, Bed Bath & Beyond, Pier 1 Imports and Rte Aid.
On the economic calendar, traders will examine data on durable goods and pending home sales.
FOX Business’ Leia Klingel and Matthew Rocco contributed to this article.
