Facebook Historic Stock Selloff Rattles Nasdaq, S&P 500, But Dow Ends at 5-Month High

U.S. stocks ended Thursday’s session mixed, with the Dow closing at its highest level in five months and the broader market weighed by the worst single-session loss of value by a U.S. publicly traded company ever. Shares of Facebook tumbled nearly 19% on the day.

Meanwhile, the Dow Jones Industrial Average finished the session up about 113 points, or 0.4%, at 25,527, marking its third straight gain and its highest close since Feb. 26, according to FactSet data. The S&P 500 index meanwhile, ended 0.3% lower at 2,837, pressured by a sinking technology sector while the Nasdaq Composite Index finished the day off 1% at 7,852, a day after posting its 25th record of 2018. The story of the day, however, was Facebook’s historic slide as investors responded to disappointing guidance from the social-media giant during its earnings update, pointing to expectations for lower ad revenue in the wake of its Cambridge Analytica scandal.

Facebook’s decline marked its worst since it became a public company on May 18, 2012 and cut about $ 120 billion in value from its market capitalization, the steepest loss from a U.S. public company since Intel Corp. shed $ 90 billion back in 2000, according to WSJ Market Data Group. Because most stock indexes are market-cap weighted, Facebook’s powerful drop weighed mightily on the tech-heavy Nasdaq and the broader market, which tends to be market-cap pegged. Optimism for the Dow follows signs of a thaw in trade tensions between the U.S. and its trade partners in Europe.

Source : Market Watch

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Topix Slides After Quake Rattles Osaka and Trade Tension Lingers

Japanese stocks slid as the yen rose after a strong earthquake struck Osaka and woes lingered over a trade spat between the U.S. and China.

Topix index -1% to 1,771.43 at the close in Tokyo after falling by as much as 1.3%. Nikkei 225 -0.8% to 22,680.33. Yen +0.2% at 110.50 versus dollar.

Electronics makers and machinery companies weighed most heavily on the benchmark Topix gauge. Several companies including Kubota Corp. reported a temporary operations halt at their Osaka facilities after the temblor with a 6.1 magnitude hit the city at 7:58 a.m. local time. JXTG Holdings, which said it stopped its Osaka refinery, fell more than 4 percent. Sumitomo Osaka Cement Co. rose more than 3 percent.

Oil explorers also fell following a dip in global crude prices. U.S. President Donald Trump said on Friday new tariffs on Chinese imports would take effect from July 6. In response, China said it would charge tariffs of the “same scale and intensity” on goods from the U.S.

Source: Bloomberg

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Europe Finishes Sharply Lower After Tillerson Ousting Rattles Markets

The pan-European STOXX 600 extended losses, provisionally closing down some 1.07 percent, with almost all sectors ending the day in negative territory.

In markets, all major bourses posted solid losses, with the U.K.’s FTSE 100 slipping 1.05 percent, France’s CAC 40 falling 0.64 percent and Germany’s DAX dropping 1.59 percent.

Source: CNBC

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