US close: Street finishes lower as Roku, Rivian tumble
By Josh White
Date: Thursday 18 Nov 2021
(Sharecast News) - Wall Street stocks closed in negative territory on Wednesday, with a number of stocks taking large tumbles in late trading.
At the close, the Dow Jones Industrial Average was down 0.58% at 35,931.05, as the S&P 500 lost 0.26% to 4,688.67 and the Nasdaq Composite fell 0.33% to 15,921.57.
The Dow closed 211.17 points lower on Wednesday, erasing the gains it recorded in the previous session as a better-than-expected retail sales report gave sentiment a boost.
"US markets continue to struggle in their bid to regain lost ground, with the prospect of tighter monetary policy serving to dampen economic sentiment," said IG senior market analyst Joshua Mahony.
"Interestingly, the US banking sector has lost traction today, despite the fact that bank lending margins typically improve as rates increase."
On the macro front, the Mortgage Bankers Association revealed that total mortgage application volume fell 2.8% week-on-week as rising mortgage interest rates continued to take their toll on demand.
Refinance demand was hit particularly hard, down 5% for the week and 31% year-on-year, as the average contract interest rate 30-year fixed-rate mortgages with conforming loan balances increased to 3.20% from 3.16%.
Mortgage applications to purchase a home rose 2% for the week but were 6% lower than the same week twelve months earlier.
Still on data, housing starts slipped 0.7% to a seasonally adjusted annual rate of 1.52m units in October, according to the Commerce Department, while permits for future homebuilding increased 4.0% to 1.650m units last month.
In equities, credit card giant Visa was down 4.7% after online retail behemoth Amazon kicked off a PR showdown across the pond, saying it would stop accepting Visa credit cards in the UK from January due to high processing fees.
Amazon itself eked out gains of 0.23% by the closing bell.
Roku tumbled 11.34% after MoffettNathanson cut its rating on the manufacturer of television streaming devices to 'sell' from 'neutral' and slashed its price target, while Rivian Automotive plunged 15.08% in its first major fall since a stellar initial public offering last week.
On the upside, Pfizer was up 2.56% after it announced the retirement of its chief financial officer Frank D'Amelio, and said it was starting the hunt for a new finance chief.
Its peer in the vaccine space Moderna was ahead 3.39% after it applied for its Covid-19 jab to be approved for children aged six to 11 in Canada, while Boeing managed gains of 0.36% after it received the equivalent of a 'buy' rating from analysts at Wells Fargo.
Dow Jones - Risers
Apple Inc. (AAPL) $153.49 1.65%
Home Depot Inc. (HD) $394.85 0.64%
Johnson & Johnson (JNJ) $163.40 0.37%
Boeing Co. (BA) $226.62 0.36%
Salesforce.Com Inc. (CRM) $308.45 0.30%
Amgen Inc. (AMGN) $205.82 0.21%
McDonald's Corp. (MCD) $252.69 0.09%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
3M Co. (MMM) $183.45 -0.02%
Dow Jones - Fallers
Visa Inc. (V) $205.06 -4.70%
Goldman Sachs Group Inc. (GS) $391.55 -2.86%
Merck & Co. Inc. (MRK) $82.60 -1.80%
Travelers Company Inc. (TRV) $156.42 -1.62%
Chevron Corp. (CVX) $115.42 -1.59%
Walgreens Boots Alliance, Inc. (WBA) $47.81 -1.56%
Caterpillar Inc. (CAT) $202.98 -1.19%
Walt Disney Co. (DIS) $157.33 -0.94%
Dow Chemical Co. (DOW) $58.37 -0.88%
Walmart Inc. (WMT) $141.94 -0.86%
S&P 500 - Risers
TJX Companies Inc. (TJX) $73.55 5.83%
Welltower Inc (WELL) $86.21 2.64%
Pfizer Inc. (PFE) $50.87 2.56%
Crown Castle International (CCI) $184.70 2.49%
D. R. Horton Inc. (DHI) $101.51 2.45%
Healthpeak Properties, Inc (PEAK) $35.01 2.37%
Becton, Dickinson & Company (BDX) $249.86 2.36%
Lennar Corp. Class A (LEN) $110.38 2.13%
Hilton Inc (HLT) $144.53 1.97%
Transdigm Group Inc. (TDG) $659.15 1.83%
S&P 500 - Fallers
FMC Technologies Inc. (FTI) $6.72 -7.31%
Apache Corp. (APA) $27.66 -6.62%
HollyFrontier Corp (HFC) $32.54 -6.12%
Valero Energy Corp. (VLO) $73.45 -5.76%
Gap Inc. (GPS) $23.80 -5.19%
National Oilwell Varco Inc. (NOV) $12.83 -5.11%
Target Corp. (TGT) $253.80 -4.73%
Visa Inc. (V) $205.06 -4.70%
Macy's Inc. (M) $30.84 -4.49%
Paypal Holdings Inc (PYPL) $206.27 -4.36%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $1,089.01 3.25%
Marriott International - Class A (MAR) $156.72 1.77%
Apple Inc. (AAPL) $153.49 1.65%
Ross Stores Inc. (ROST) $116.52 1.30%
Hasbro Inc (HAS) $100.68 1.30%
Expedia Group Inc. (EXPE) $177.63 1.20%
NetEase Inc. Ads (NTES) $112.49 1.17%
Qurate Retail Inc. (QRTEA) $8.73 1.16%
Comcast Corp. (CMCSA) $53.73 1.15%
CSX Corp. (CSX) $35.54 1.11%
Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $161.82 -5.52%
Paypal Holdings Inc (PYPL) $206.27 -4.36%
Mercadolibre Inc. (MELI) $1,487.33 -3.52%
Western Digital Corp. (WDC) $56.49 -3.40%
eBay Inc. (EBAY) $73.38 -3.31%
Nvidia Corp. (NVDA) $292.61 -3.12%
JD.com, Inc. (JD) $83.15 -3.01%
Activision Blizzard Inc. (ATVI) $64.20 -2.93%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $402.36 -2.81%
Wynn Resorts Ltd. (WYNN) $95.00 -2.74%
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