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Shares of Amazon.com Inc. fell 0.4% in afternoon trade Tuesday, putting them on track to snap a seven-session win streak, amid a broad pullback in the technology sector. The technology-heavy Nasdaq 100 fell 0.9%, with 80 of 103 components trading lower, compared with a 0.3% decline in the Dow Jones Industrial Average . Amazon shares were up as much as 1.2% earlier in the session at an all-time intraday high of $1,617.54 before they turned lower. The stock had run up 7.0% over the past seven sessions, which included five-straight record closes. Over the same time, the Nasdaq 100 had climbed 5.6%, and also rose for seven-straight sessions, while the Dow Jones Industrial Average had gained 2.3% and rose four times in seven days. Dan Wantrobski, technical analyst at Janney Montgomery Scott, said Amazon’s stock was “very overbought by short-term technical standards.” Amazon’s stock was still up 36.7% over the past three months, while the Nasdaq 100 has gained 10.5% and the Dow has tacked on 2.2%.

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

Shares of Amazon.com Inc. fell 0.4% in afternoon trade Tuesday, putting them on track to snap a seven-session win streak, amid a broad pullback in the technology sector. The technology-heavy Nasdaq 100 fell 0.9%, with 80 of 103 components trading lower, compared with a 0.3% decline in the Dow Jones Industrial Average . Amazon shares were up as much as 1.2% earlier in the session at an all-time intraday high of $1,617.54 before they turned lower. The stock had run up 7.0% over the past seven sessions, which included five-straight record closes. Over the same time, the Nasdaq 100 had climbed 5.6%, and also rose for seven-straight sessions, while the Dow industrials had gained 2.3% and rose on just four of the past seven days. Dan Wantrobski, technical analyst at Janney Montgomery Scott, said Amazon’s stock was “very overbought by short-term technical standards.” Meanwhile, the stock was still up 36.7% over the past three months, while the Nasdaq 100 has gained 10.5% and the Dow has tacked on 2.2%.

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

Rex Tillerson said Tuesday he’s delegating his responsibilities as secretary of state by the end of the day, but will officially step down effective on March 31. Tillerson was ousted earlier Tuesday by President Donald Trump as the two disagreed over policy issues including diplomacy with Iran.

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

Apple Inc. announced Tuesday that its Worldwide Developers Conference will begin on June 4 at the McEnery Convention Center in San Jose. Tickets are available through a lottery system and will cost $1,599. Apple typically unveils its new mobile operating system at the WWDC event and makes other product or software announcements. At last year’s WWDC, Apple announced its HomePod speaker as well as the Apple Pay Cash and ARKit software features for the iPhone. Apple shares are up 0.3% in Tuesday trading and up 31% over the past 12 months. The Dow Jones Industrial Average , of which Apple is a component, is up 21% in that time.

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

Gold prices rose Tuesday, notching their biggest one-day dollar and percentage gain in a week. U.S. President Donald Trump’s decision to remove Rex Tillerson as Secretary of State and nominate CIA director Mike Pompeo as his replacement contributed to weakness in the U.S. dollar and boosted haven demand for the yellow metal. April gold climbed $6.30, or 0.5%, to settle at $1,327.10 an ounce.

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

Shares of DSW Inc. shot up 9.5% in midday trade, in the wake of fiscal fourth-quarter results and an upbeat revenue outlook, a dividend hike and announced plans to exit Ebuys. The stock had initially dropped as much as 5.1% in premarket trade after the results were released, as profit beat while revenue missed, some investors may have misinterpreted the 2018 revenue growth guidance. CEO Roger Rawlins said on the post-earnings conference call that 2018 total revenue is expected “to increase in the 2% to 4% range,” according to a transcript provided by FactSet. That compares favorably to the FactSet revenue growth consensus of 1.8%. Meanwhile, in the earnings press releases, the company said it expects 2018 “revenue growth to decrease by 1% to 3%,” following 2017 revenue growth of 3.3%. DSW’s stock has now gained 0.9% over the past three months, while the S&P 500 has advanced 4.5%.

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

Advanced Micro Devices Inc. stock dropped suddenly Tuesday morning after a report that its chips were uniquely susceptible to a certain attack. Israeli researchers reported finding issues with AMD chips that would allow attacks to enter computers’ secure processors, giving them access to sensitive information including passwords, according to a report from Cnet. The exploits detailed by CTS-Labs researchers specifically target AMD’s newest products, Ryzen chips for PCs and Epyc chips for servers, according to the report. “We are investigating this report, which we just received, to understand the methodology and merit of the findings,” an AMD spokesman told Cnet. Chip makers’ stocks were hit in the last few months by new exploits called Meltdown and Spectre that exposed vulnerabilities in many CPU chips. Shares were up on the day before the news broke, when they fell to declines of 2% or more. AMD stock is down 20.5% in the past year, while the S&P 500 index has gained 17.3% in that time.

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 Federal Reserve on Tuesday said one of the world’s biggest banks, Industrial and Commercial Bank of China, had “significant deficiencies” in risk management and compliance with U.S. anti-money laundering laws. In a cease and desist order, the Fed and ICBC agreed to a series of steps to improve oversight. A third party will review ICBC’s New York branch’s U.S. dollar clearing activity from the second half of 2016 to determine whether any suspicious activity involving high risk customers or transactions was identified and reported.

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