This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tech Stocks Taken Apart

Updated from 4:05 p.m. EST

Stocks dropped again Monday as selling pressure built throughout the session and swept across practically every area of the market.

The Dow Jones Industrial Average was down 172.65 points, or 1.29%, to close at 13,167.20. Twenty-six of the Dow's 30 components finished with losses, with Caterpillar (CAT - Get Report) one of the biggest decliners, down 3%

Earlier, Morgan Stanley downgraded the construction-equipment maker to underweight from equal-weight, forecasting dwindling sales in 2008.

At the same time, the S&P 500 was off 22.05 points, or 1.5%, at 1445.90. The Nasdaq Composite lost 61.28 points, or 2.32%, at 2574.46.

Big-cap tech stocks were particularly sluggish. Intel (INTC - Get Report), Microsoft (MSFT) and Cisco (CSCO - Get Report) each fell roughly 2%. Apple (AAPL - Get Report) lost 3.2%, and Research In Motion (RIMM) slid 5.2%.

"We have the same list of concerns we've had for a while now," said Art Hogan, chief market analyst with Jefferies. "Everyone is predicting a slowdown domestically and globally, but no one expected a pickup in inflationary pressures. If we continue to see a slowing economy and rising inflation, it's a huge problem for equities."

Breadth and volume were poor to start the week. On the New York Stock Exchange 3.48 billion shares changed hands, as decliners toppled advancers by a 4-to-1 margin. Volume on the Nasdaq reached 1.85 billion shares, with losers beating winners 3 to 1.

Traders were bracing for quarterly results from some big finance names, as fears swirled over what each will say about subprime mortgage-related losses.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.07 -0.68%
CAT $87.78 0.47%
CSCO $29.12 -0.02%
INTC $33.01 -1.20%
FB $78.72 -0.34%

Markets

DOW 18,059.18 -11.22 -0.06%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs