US close: S&P 500, Nasdaq hit six-week low as sell-off continues
By Benjamin Chiou
Date: Monday 24 Feb 2025
(Sharecast News) - Monday was another volatile session for US stock markets, with equities finishing mostly lower after a late-afternoon sell-off which pushed the S&P 500 and Nasdaq to their lowest levels in six weeks.
"Wall Street's positive open has given way to more downside, particularly in tech stocks. Friday's late slump has cast a shadow over sentiment, while hopes over a Ukraine deal have ebbed away," said Chris Beauchamp, chief market analyst at IG.
After a brief stint in positive territory after lunchtime, the S&P 500 turned lower by the close, falling 0.5% to 5,983.25 - its lowest finish since 16 January. The Nasdaq, which spent the majority of the session in the red, ending with a heavy 1.2% loss to 19,286.92 - its lowest since 14 January.
Meanwhile, the Dow managed to eke out a 0.1% gain to 43,461.21 - helped by decent gains from Nike - but closed well off its intraday highs.
Stocks fell sharply at the back-end of last week, partly due to ongoing concerns about how trade tariffs will affect global economic growth, while macro data from the US has been mixed. Investors are showing caution with the pause given to Mexico and Canada on additional trade tariffs scheduled to end this week.
On the macro front, the Chicago Federal Reserve's national activity index fell to -0.03 in January, down from an upwardly revised reading of +0.18 in December. The three-month moving average, however, increased to +0.03 in January from -0.13 in December.
Market movers
Apple edged higher after committing to spend half a trillion dollars in the US over the next four years as it outlined plans to hire 20,000 new workers and expand development into AI. "We are bullish on the future of American innovation, and we're proud to build on our long-standing US investments with this $500bn commitment to our country's future," said chief executive Tim Cook.
However, others in the tech sector were firmly out of favour, including Nvidia, Intel and Microsoft, which were nursing heavy losses of 7%, 6% and 3%.
Starbucks also rose on plans to eliminate 1,100 support partner roles as well as "several hundred" additional open and unfilled positions, as part of a restructuring plan to simplify its structure and operate more efficiently.
Domino's shares were falling sharply after the American pizza delivery giant missed forecasts with its fourth-quarter earnings and profits, as same-store sales at its domestic operations barely grew.
Bridge Investment Group's stock jumped by more than a third after Apollo entered into a definitive agreement to acquire the company in an all-stock transaction worth approximately $1.5bn.
Nike was keeping the Dow afloat with a 5% gain after broker Jefferies upgraded the stock from 'hold' to 'buy', while Warren Buffett's Berkshire Hathaway rose 4% to a new record high after impressing with fourth-quarter results.
Dow Jones - Risers
Nike Inc. (NKE) $80.28 4.94%
Amgen Inc. (AMGN) $309.72 3.99%
Travelers Company Inc. (TRV) $248.24 3.42%
Walgreens Boots Alliance, Inc. (WBA) $10.82 2.90%
Walt Disney Co. (DIS) $111.20 2.34%
Merck & Co. Inc. (MRK) $91.27 1.98%
Boeing Co. (BA) $179.91 1.56%
Verizon Communications Inc. (VZ) $43.32 1.31%
McDonald's Corp. (MCD) $307.57 0.91%
Johnson & Johnson (JNJ) $163.74 0.89%
Dow Jones - Fallers
Intel Corp. (INTC) $24.27 -6.40%
Microsoft Corp. (MSFT) $404.00 -2.91%
Cisco Systems Inc. (CSCO) $63.24 -1.94%
Walmart Inc. (WMT) $93.67 -1.17%
Dow Chemical Co. (DOW) $39.05 -1.16%
JP Morgan Chase & Co. (JPM) $261.34 -1.10%
Coca-Cola Co. (KO) $70.59 -1.07%
Unitedhealth Group Inc. (UNH) $461.52 -1.05%
Home Depot Inc. (HD) $382.42 -0.75%
Salesforce.Com Inc. (CRM) $308.32 -0.48%
S&P 500 - Risers
Helmerich & Payne Inc. (HP) $27.64 5.30%
Nike Inc. (NKE) $80.28 4.94%
Coty Inc. Class A (COTY) $5.99 4.90%
Estee Lauder Co. Inc. (EL) $75.10 4.60%
Mondelez International Inc. (MDLZ) $65.36 4.26%
Berkshire Hathaway Inc. Class B (BRK.B) $498.42 4.11%
Amgen Inc. (AMGN) $309.72 3.99%
Baxter International Inc. (BAX) $35.08 3.73%
Bristol-Myers Squibb (BMY) $57.88 3.67%
Travelers Company Inc. (TRV) $248.24 3.42%
S&P 500 - Fallers
Western Digital Corp. (WDC) $49.02 -31.26%
Nektar Therapeutics (NKTR) $0.85 -13.71%
Akamai Technologies Inc. (AKAM) $77.65 -10.70%
Broadcom Inc. (AVGO) $207.93 -7.55%
QUALCOMM Inc. (QCOM) $161.10 -7.47%
Nvidia Corp. (NVDA) $130.28 -7.32%
Micron Technology Inc. (MU) $95.41 -7.29%
CenturyLink Inc. (LUMN) $4.33 -7.08%
Lam Research Corp. (LRCX) $83.34 -6.89%
TripAdvisor Inc. (TRIP) $15.02 -6.59%
Nasdaq 100 - Risers
Mondelez International Inc. (MDLZ) $65.36 4.26%
Amgen Inc. (AMGN) $309.72 3.99%
Kraft Heinz Co. (KHC) $31.36 3.19%
Vodafone Group Plc ADS (VOD) $8.58 3.03%
Electronic Arts Inc. (EA) $134.05 3.02%
Incyte Corp. (INCY) $74.01 2.98%
Walgreens Boots Alliance, Inc. (WBA) $10.82 2.90%
Regeneron Pharmaceuticals Inc. (REGN) $713.25 2.46%
Idexx Laboratories Inc. (IDXX) $463.66 1.91%
Workday, Inc. (WDAY) $261.81 1.88%
Nasdaq 100 - Fallers
Western Digital Corp. (WDC) $49.02 -31.26%
Broadcom Inc. (AVGO) $207.93 -7.55%
QUALCOMM Inc. (QCOM) $161.10 -7.47%
Nvidia Corp. (NVDA) $130.28 -7.32%
Micron Technology Inc. (MU) $95.41 -7.29%
Lam Research Corp. (LRCX) $83.34 -6.89%
Intel Corp. (INTC) $24.27 -6.40%
Baidu Inc. (BIDU) $87.87 -6.34%
JD.com, Inc. (JD) $39.31 -6.27%
Tesla Inc (TSLA) $330.53 -5.82%
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