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Stocks Broadly Fall As Nasdaq Dips Modestly, SaaS Gains On The Day - Capital Street FX

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    • Stocks Broadly Fall As Nasdaq Dips Modestly, SaaS Gains On The Day
24-Mar
20:20 IST

The technology industry’s central role in an American economy shaped by attempts to mitigate the spread of COVID-19 is being reflected in how investors are approaching markets in these turbulent times.

Indeed, in regular trading today the Dow Jones Industrial Average (DJIA) was down sharply. The S&P 500 dipped a little less, but was mostly in line. The tech-heavy Nasdaq, however, was not. And perhaps even more surprising, a key subset of the technology world wasn’t down at all — it was up.

Here’s how today’s trading left us:

  • DJIA: -582.05, -3.04% (-37.12% from 52 week highs)
  • S&P 500: -67.52, -2.93% (-34.07% from 52 week highs)
  • Nasdaq: -18.84, -0.27% (-30.27% from 52 week highs)
  • BVP Nasdaq Emerging Cloud Index: +21.43, +2.12% (-28.03% from 52 week highs)

The day’s declines did not stem from a single fundamental cause. Some financial publications highlighted congressional inaction as the reason. You could easily add rising COVID-19 infections to the list.

Uber saw shares rise 3.99% to close at $22.40. Lyft  shares also rose 6.3% to $22.61 at market close. The two companies are still below their highs in 2020. Lyft and Uber hit year-to-date highs on February at $53.94 and $41.27 respectively.

Other mobility related companies such as automakers saw mixed results. Ford shares took a hit and fell 7.18% to close at $4 after Fitch Ratings downgraded the automaker to a skosh above non-investment grade with a negative outlook driven by the COVID-19 pandemic.

GM shares also fell 2.98% to $17.60. Meanwhile, Tesla  shares rose 1.58% to $434.29 a share.

 

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