The Dow and S&P 500 were down more than 2% Thursday afternoon. After a modest rally, sellers came back into the Nasdaq composite, knocking the index lower by 1.6%. Stock gainers today in the Nasdaq 100 included Illumina (ILMN), Maxim Integrated Products (MXIM) and Microchip Technology (MCHP).
Among the FAANG stocks, Apple (AAPL) was down more than 1% after breaching its 50-day moving average Wednesday. The company inked a $600 million supply deal with U.K.-based Dialog Semiconductor. Two FAANG stocks outperformed Thursday — Facebook (FB) and Google parent Alphabet (GOOGL) — with gains of 0.9% and 0.7%, respectively.
Meanwhile, top-rated oil and gas producers extended losses after weakness Wednesday, but a few names in the sector continues to hold up relatively well. Energen (EGN) fell 1%, but it’s still holding above its 50-day moving average. Viper Energy Partners (VNOM) gave back 1% as it battles for support at the 50-day moving average. Centennial Resource Development (CDEV) edged higher as it holds just above a 21.09 buy point.
The 10-year Treasury yield picked up 1 basis point to around 3.17% after consumer prices came in weaker than expected. Meanwhile, U.S. crude futures were down more than 2% to $71.44 a barrel after dropping 2.4% Wednesday. Early Thursday, the Energy Information Administration reported a third straight weekly rise in oil supplies. The weakness in oil prices comes after crude hit a four-year high earlier this month.
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