April 4, 2014: Markets opened higher on Friday but turned indisputably south by mid-morning. Momentum stocks soured late in the morning, and added to woes in biotech and tech stocks. In the final minutes of trading the DJIA was down 0.85%, the S&P 500 was down 1.13%, and the Nasdaq Composite was 2.43%.
Today’s market mover among the DJIA stocks was Visa Inc. (NYSE: V) which dropped 3.22% and traded at $208.08 in a 52-week range of $161.27 to to $235.50. Volume was on track to be roughly 30% higher than the daily average of around 3.3 million shares traded. Visa lost out to MasterCard Inc. (NYSE: MA) in a contest to replace Discover as the branded Walmart credit cards. And don’t forget Walmart sued Visa for $5 billion earlier this week.
Another non-performer today was Microsoft Corp. (NASDAQ: MSFT) which traded down 2.5% at $40.00 in a 52-week range of $28.11 to $41.66. Today’s dip in the momentum tech stocks is likely carrying over to the big tech companies as well. Volume was about 15% higher than the daily average of around 39 million shares traded.
On of the momentum stocks losing ground today was Facebook Inc. (NASDAQ:FB) which dropped 4.39%, to trade around $56.88 in a 52-week range of $22.67 to $72.59. Share volume was almost double the daily average of around 61 million shares traded.
Even Micron Technology Inc. (NASDAQ: MU) was caught up in the tech downturn. The company reported good earnings last night and put up a positive outlook. Shares opened higher but nothing could slow down the tech dive. Shares traded at $22.52, down 6.17% ahead of the closing bell, in a 52-week range of $9.04 to $25.68. Volume was more than double the daily average of 32 million shares traded.
Of the Dow 30 stocks only 4 are set to close higher today and 26 are on their way to a lower close.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.