Breaking News

Stocks - S&P Closes Lower as Financials, Energy Weigh

Stock MarketsOct 22, 2018 04:01PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. S&P 500 closed lower on Monday. - The S&P 500 closed lower on Monday as financials and energy slumped, offsetting gains in technology, while rising U.S.-China trade tensions also weighed on sentiment.

The Dow Jones Industrial Average fell about 0.5%. The S&P 500 fell 0.44%, while the Nasdaq Composite rose 0.26%.

Falling financials, mostly banks, kept a lid on the broader averages, weighed down by a slump in shares of Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS). Goldman Sachs (NYSE:GS) fell more than 2%, even as the bank revealed plans to grow its consumer finance business, Marcus, in a bid to boost revenue.

Halliburton (NYSE:HAL) and Polaris Industries (NYSE:PII) got the busiest week of the corporate earnings underway. Both delivered earnings that beat economists' forecast, extending a trend of upbeat earnings, but Halliburton shares sank on concerns of North American revenue.

Data from Factset showed 82% of the S&P 500 companies that have posted earnings have topped expectations.

The U.S.-China trade war, meanwhile, returned to focus, denting risk sentiment, as Chinese government leaders said they were not afraid of a trade war with the United States. This comes after a report from Axios, citing unnamed sources, suggesting that President Donald Trump wants Beijing to "suffer more."

Energy, meanwhile, also pressured the broader market, despite oil prices clawing back losses to end the day just above the flatline.

Losses in the broader market, however, were limited by a strong outing for tech underpinned by a rise in semiconductor stocks shrugging off a cautious note from Morgan Stanley.

"Sentiment in the group has become very negative as investor fears about a semi downturn grow," Morgan Stanley said in a sector report.

But Advanced Micro Devices (NASDAQ:AMD) rose 6%, while Intel (NASDAQ:INTC) and Texas Instruments (NASDAQ:TXN) also ended the day higher.

In corporate news, Facebook (NASDAQ:FB) is reportedly looking at acquiring a cybersecurity firm as it looks beef up the security on its social media platform, which recently suffered a cyberattack in which millions of user data were compromised. Its share rose 0.47%.

Shares of cybersecurity names including FireEye (NASDAQ:FEYE), Check Point Software Technologies (NASDAQ:CHKP) and Palo Alto Networks (NYSE:PANW) closed up for the day.

Top S&P 500 Gainers and Losers Today:

Jacobs Engineering (NYSE:JEC), Advanced Micro Devices (NASDAQ:AMD) and Praxair (NYSE:PX) were among the top S&P 500 gainers for the session.

Nektar Therapeutics (NASDAQ:NKTR), Scana (NYSE:SCG) and Bristol-Myers Squibb (NYSE:BMY) were among the worst S&P 500 performers of the session.

Stocks - S&P Closes Lower as Financials, Energy Weigh

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email