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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Netflix Inc | NASDAQ:NFLX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
14.83 | 2.62% | 579.98 | 545.00 | 595.95 | 580.26 | 565.16 | 566.00 | 3,307,530 | 05:00:06 |
By Anora Mahmudova and Karen Friar, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks closed mostly lower on Monday with losses led by technology and small-cap stocks as investors continued to unload riskier position ahead of this week's pivotal Federal Reserve policy meeting.
The speculation that the central bank may adopt a more hawkish tone in its statement after the two-day meeting on Wednesday had been weighing on stock prices since the beginning of the month.
The Scottish referendum scheduled for Thursday is adding to general nervousness among global equity investors as a "yes" vote would have far-reaching implications on other counties in Europe.
The S&P 500 (SPX) ended 1.4 point lower at 1,984.13. The Nasdaq Composite (RIXF) fell 48.70 points, or 1%, to 4,518.90, as investors sold biotechs and internet stocks in droves. The Global X Social Media Index ETF (SOCL) dropped 3.9%, while iShares Nasdaq Biotechnology ETF (IBB) fell 1.3%. The Russell 2000 (RUT) lost 13 points, or 1.1%, to preliminary 1,147.57.
The Dow Jones Industrial Average (DJI) defied the general trend and finished up 43.63 points, or 0.3%, at 17,031.14.
Steven Wieting, global chief investment strategist at Citi Private Bank, said markets are likely to drift sideways until the Fed meeting.
"There is a lot of speculation on whether the Fed will update the timing of interest-rate increases. Also, the uncertainty surrounding the Scottish vote, which has already hit UK stocks and sterling, is weighing on sentiment as a 'yes' vote will threaten political unity in Europe," Wieting said.
Data: Monday's economic releases were contradicting. The Empire State manufacturing survey improved to a near five-year high, though the details were not as strong as the headline index, the New York Fed said Monday.
However, industrial production declined unexpectedly in August to mark the first drop since January, and a series of revisions left output in July lower than previously estimated, according to data released Monday.
Separately, weak Chinese factory data over the weekend put pressure on commodities and global equities. Official figures from China on Saturday showed the country's industrial output growth slipped in August to its lowest level since the 2008 global financial crisis, dealing a blow to companies and economies dependent on China.
Stocks to watch: European and U.S. brewers were in focus after news reports of potential financing of deals between AB InBev (AHBIY) and SABMiller. Molson Coors (TAP.NV.T) would benefit from such a deal as U.S. antitrust authorities would likely require the combined entity to sell SAB's stake in the MillerCoors US JV. Molson Coors jumped 5.9%. AB InBev rose 3.1%.
RadioShack Corp. (RSH) shares soared 16% to $1.06 after the consumer electronics retailer said that its chief financial officer, John Feray, has resigned. Holly Etlin, an adviser to the company, is taking over in the interim.
Netflix (NFLX) shares fell 4% as the company launched in three new markets in Europe on Monday. According to the Telegraph, it is receiving a cold reception in France. (Read more about the day's notable movers here: http://www.marketwatch.com/story/apple-yahoo-yum-in-focus-2014-09-14.)
Other markets: In Asia, stocks listed in Hong Kong fell to mark a seventh session of losses, under pressure from the weak Chinese data. The dollar (USDJPY) climbed against the yen to Yen107.24.
European stocks closed mixed, with the Chinese data in sight. Gold prices (GCZ4) settled higher, while oil futures (CLV4) were largely unchanged.
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