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Netflix Inc. stock entered bear market territory on Monday after falling more than 20% from its peak earlier this month. The streaming giant closed down 6.8% at $96.88, down 23% from its August 6 close of $126.45. Netflix helped pace the selloff in the media sector, as the broader market suffered one of its biggest losses in years. The Dow Jones Industrial Average finished the day down more than 580 points.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

More than 2,000 stocks listed on the two largest U.S. exchanges hit new 52 week lows Monday, according to WSJ Market Data Group. The New York Stock Exchange had 1,322 stocks fall to their lowest prices in at least a year, including such stalwarts as Chevron , General Electric , Berkshire Hathaway and PepsiCo . The tech-heavy Nasdaq saw 765 companies hit new intraday lows including the world’s most valuable company, Apple , which fell as low as $92.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

It was a pretty dreadful day for technology stocks, but optimists can point to the fact that it actually ended a lot better than that way it started. The technology-friendly Nasdaq Composite closed down 3.8%, to suffer its first 10% correction since November 2012. But that’s less than half the 8.8% loss it was suffering at its intraday low of 4,292.14, which was hit soon after the open. The PowerShares QQQ , the ETF tracking the Nasdaq 100 Index , plunged as much as 17% intraday before closing down 3.9%. Among the Nasdaq’s most heavily-weighted components, Apple Inc.’s stock was down 13% at one point, before bouncing to close down just 2.5%. Shares of Microsoft Corp. pared losses of as much as 7.8% to end down 3.2%; Amazon fell as much as 8.8% but closed down 6.3%; and Google Inc. dropped as much as 7.9%, but closed down 4%. Elsewhere in the sector, Neflix’s stock tumbled 18%, Twitter shares had plunged 19% and the SPDR Technology ETF plummeted 21% at their intraday lows, before paring losses.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Telsa Motors Inc. stock officially entered bear market territory on Monday, falling more than 20% from its July peak. The electric car-maker finished the regular session down 5.2% at $218.87, down 22% from $282.26, its closing level on July 20. The move came as Wall Street suffered one of its most volatile sessions in years, with the Dow Jones Industrial Average falling 1,000 points in early trade, before roughly halving that loss by the close. The S&P 500 fell into correction territory, having fallen more than 10% from its peak reached on May 21.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Wall Street suffered one of the most volatile sessions in years Monday, which saw the Dow industrials open down more than 1,000 points, recover most of the losses and then retreat again to close with the biggest loss in four years. Meanwhile the main benchmark S&P 500 slipped into correction territory, having fallen more than 10% from its peak reached on May 21. The S&P 500 fell 77.65 points, or 3.9%, to 1,893.24, the lowest level since October 2014. The index is down 8% year to date. The Dow Jones Industrial Average closed down 588.47 points, or 3.6%, to 15,871.28. The Nasdaq Composite ended the day down 179.79 points, or 3.8% at 4,526.25.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The Russian ruble on Monday fell to its weakest level against the dollar since Jan. 30 as the plunge in crude-oil prices continued. West Texas Intermediate crude, the U.S. benchmark, settled below $39 a barrel for the first time since February 2009. Brent crude, the international benchmark, settled below $43 for the first time since March 2009. Russia is the world’s second-largest oil exporter, according to the CIA World Factbook, and the ruble’s value vs. the dollar is greatly impacted by fluctuations in the price of the commodity. The ruble weakened to a session low of 71.64 to the dollar, but recovered slightly to 70.55 in recent trade. It traded at 69.04 late Friday in New York.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

WASHINGTON (MarketWatch) – The head of the Atlanta Federal Reserve on Monday said he expects the U.S. central bank to raise interest rates “sometime this year,” but he offered little clue on whether the Fed will wait until after the turmoil in global stock markets eases up. In a speech in Berkeley, Cal., Dennis Lockhart did not mention the possibility of a September rate hike, as he had done in prior speeches. Lockhart predicted the U.S. economy would continue to experience “moderate growth,” though he acknowledged that a stronger dollar, falling oil prices and the recent Chinese currency devaluation have made it harder to predict. Lockhart also said he doesn’t think widespread underfunding of U.S. pensions poses a systemic risk to the nation’s financial system. Nor does he think financial stress on U.S. states represents a big danger, either. Until just a few days ago, most Fed watchers believed the bank was preparing to raise interest rates at a mid-September meeting of top officials. But now some think the Fed could hold off until global markets settle down, especially given a divide among top policymakers.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Abercrombie & Fitch Co.’s stock was one of the few bright spots in a dreary market Monday, as it surged 4.9% in afternoon trade after Piper Jaffray upgraded the apparel retailer. Analyst Neely Tamminga raised her rating to overweight, after being at neutral since Oct. 6, and bumped up her stock price target to $27 from $25. Tamminga said she believes the stock could rally when the company (ANF) reports fiscal second-quarter results ahead of Wednesday’s open, because her research suggests the denim business has improved while overall promotional activity has been lower than last year (LY). “ANF is getting its house in order at a time when denim is cycling back to the forefront and offering consumers innovation in fashion,” Tamminga wrote in a note to clients. “Our store checks point to ANF denim prices at or above LY–giving us confidence that ANF is seeing appropriate sell-throughs in its fall assortments.” The stock’s rally Monday comes in the face of a 4.6% tumble in the S&P 500 and a 3.7% slide in the SPDR S&P Retail ETF .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

WASHINGTON (MarketWatch) — The Treasury Department is as always monitoring “ongoing market developments,” a spokesman said Monday in a short statement. “We do not comment on day-to-day market developments,” the statement said. The statement was issued on a volatile day for U.S. stocks, with the Dow Jones Industrial Average’s intraday rebound running out of steam in afternoon trading. The index had earlier recovered from a 1,000 point drop. The statement said the Treasury “is in regular communication with its regulatory partners and market participants.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks are likely to see another wave of heavy selling pressure before the market correction runs its course, DoubleLine Capital co-founder Jeffrey Gundlach said Monday, according to Reuters. The widely followed investment manager said U.S. equities are in a “mode of uncertainty, at best,” and that markets “don’t correct all of this in three days,” according to the report. U.S. stocks are sharply lower in volatile trade, with the S&P 500 down 3.8% at 1,896.70 and the Dow Jones Industrial Average down 610 points, or 3.7%, at 15,850.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News