The web heavyweights were all down sharply as various media reported that the Justice Department and Federal Trade Commission were likely to launch investigations of the firms. Facebook was down 7.51 percent, Alphabet Inc. (parent of Google) fell 6.11 percent and Amazon.com dropped 4.62 percent. Netflix, not under government scrutiny, was down a far more modest 1.94 percent.
The rout in tech stocks resulted in a 2.04 percent loss for the Entrepreneur Index™. The Nasdaq composite index was also down 1.61 percent. The Dow with a late surge gained 0.02 percent as the S&P 500 index fell 0.28 percent.
President Trump’s New Tariff Threat Hurts Stock Prices
Other technology stocks down big on your day included Twitter (-5.52 percent), salesforce.com (-4.17 percent), Adobe Systems Inc. (-4.38 percent) and Versign Inc. (-2.9 percent).
Casino-operator Wynn Resorts had the largest decline on the Entrepreneur Index™ beyond your technology sector. The stock fell 3.5 percent despite another month of positive growth in overall gaming revenue in Macau. Wynn derives about 70 percent of its revenue from the former Portuguese colony.
Tesla’s stock was down 3.43 percent after a Bernstein analyst covering European carmakers said he didn’t believe some of them would be thinking about buying Tesla. The stock is down 46.2 percent this season and the business now includes a market capitalization of $31.6 billion.
Chipotle Mexican Grill also fell sharply after it warned that potential tariffs against Mexico could dramatically raise costs which were already rising. The shares were down 2.77 percent today but remain up 48.6 percent this season.
The chance of more tariffs and declining global trade continued going to confidence throughout the market. The recent plunge in the yield on the 10-year Treasury bond continued with rates falling six basis points to 2.08 percent today. The cost of oil, also down dramatically within the last fourteen days, fell another 1.23 percent today. Shares in coal and oil producer Hess Corp. dropped 2.02 percent. They have fallen nearly eighteen percent within the last two weeks but remain up 35.1 percent this season.
Bed Bath & Beyond had the largest gain on the index, rising 3.62 percent. The specialty retailer’s shares have fallen by roughly 1 / 3 since early April. They dropped late the other day following the company announced an agreement with three activist investors who’ve been pressuring for changes at the business. BBBY continues to search for a new CEO.
The food-makers Tyson Foods (2.86 percent) and J.M. Smucker Company (2.twenty five percent) had good gains today. Both stocks were down significantly the other day. Other notable gains on the index included Under Armour Inc. (3.38 percent), Ralph Lauren Corp. (2.02 percent), Aflac Inc. (2.2 percent) and Estee Lauder Companies (1.94 percent).
The Entrepreneur Index™ collects the very best 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a very important asset for just about any business, which index recognizes its importance, regardless of just how much a company is continuing to grow. These inspirational businesses could be tracked instantly on Entrepreneur.com.