Business News: Dow Jones falls 200 points as stock market plunges; Apple hit by antitrust case.
The S&P 500 was down more than 0.6%, the Dow Jones industrials lost 0.6%, and the Nasdaq lost nearly 0.5% in the stock market today. Small caps followed by Russell 2000 tumbled 0.8%. Volume was lower on both major exchanges than at the same time on Thursday. For the week, the Nasdaq and the S&P 500 are on track for flat to light gains. But the Dow is set to lose 0.7%.
In 2020, tech stocks took the Nasdaq up 43.6%, its fifth best year ever. The S&P 500 was up 16.3% in 2020 and the Dow added 7.2%. After a good start to this year and a short correction, the market has rebounded close to all-time highs. Read The big picture for a more detailed daily market analysis.
According to Worldometer, the cumulative cases of Covid-19 worldwide have exceeded 151 million, with over 3 million deaths. In the United States, cases exceeded 33 million with over 589,000 deaths, although the number of new cases in the United States has slowed significantly in many states.
As countries rush to vaccinate their populations, Pfizer’s (PFE) partner BioNTech (BNTX) has jumped 6% in heavy trade to a new high. Shares are now extended by approximately 46% from a purchase point of 131.10 of a consolidation. Apple (AAPL), which reduced a previous loss greater than 0.4%, is on the verge of a fourth consecutive decline. The stock is slightly below a 135.63 buy point of a mug with a handle that was briefly cleared on Thursday. Apple Quarterly outbreak results reported late Wednesday.
The European Commission has struck Apple with antitrust charges on the distribution of music streaming apps. This could lead to fines of up to 10% of the iPhone the manufacturer’s total annual revenue and changes to the App Store rules. Stocks in oil and gas, solar and travel booking led the decline among IBD’s 197 industrial groups. Car manufacturers, steel stocks and utilities were among the few groups to counter the decline.
In the auto group, Tesla (TSLA) has seen a nearly 4% increase in rapid turnover to resume its 50-day line. Stocks are building the right side of a new handle mug, offering a 780.89 buy point. But it is an advanced stage base. Amazon (AMZN) grew 2% in massive volume, on track to extend its winning streak to six. Amazon shares remain in the potential buy range from a point of purchase 3.436.03 of a handle. The buying zone peaks at 3,607.83. A slightly higher entry also awaits at 3,552.35, a dime above the left side at the top.
AstraZeneca (AZN) has grown and posted a rapid increase of nearly 5%, resuming its 200-day line for the first time since January. AstraZeneca shares remain around 17% lower than their 52-week high. The UK-based drug maker’s first quarter results topped the views, thanks to strong sales of its cancer treatment drugs. Its coronavirus vaccine also contributed $ 275 million in sales. But its raised guidance for 2021 rules out the impact of the vaccine. AstraZeneca sells its Covid vaccine outside the United States