Tesla's June Rebound Hits a Speed Bump
Plus, technology stocks fall on trade worries.
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Stock prices fell for a second consecutive day, though losses were modest. The Dow and S&P 500 indexes fell 0.17 percent and 0.20 percent respectively and the Nasdaq Composite was down 0.38 percent thanks to weaktechnologystocks. TheEntrepreneur Index™closed the day down 0.11 percent.
It was a rough ride for the technology sector. Trade-sensitive chip-makerNVIDIACorp had the biggest decline in the sector, dropping 3.02 percent. The Trump administration confirmed yesterday that no preparations were being made for a resumption of trade talks with China at the end of the month.
Facebookshares also fell 1.72 percent after theWall Street Journalreported that the company had found emails linking CEOMark Zuckerbergto Facebook's controversial privacy practices. The Federal Trade Commission is investigating the company's sharing of user data with Cambridge Analytica and whether that violated a consent decree signed with the agency in 2012. The other FAANG stocks on the index were also down withNetflix(-1.63 percent) falling the furthest.
Tesla's recent strong run hit a big bump today after the company's shareholder meeting yesterday. The stock was up nearly twenty percent in the last ten days but fell 3.61 percent a day after CEOElon Muskgave his annual review and outlook on the company to investors.
Energy stocks were down after the price of oil fell 4.1 percent today due to worries about trade, global economic growth, and swelling crude oil inventories in the U.S.Hess Corp.was down 2.22 percent and pipeline managerKinder Morganfell 1.92 percent.
The apparel makers are pin-balling along with sentiment on the trade outlook. Up strongly yesterday, they were down today.Gap Inc.(-2.52 percent),L Brands(-1.53 percent) andRalph Lauren Corp.(-1.05 percent) all fell sharply.
Alexion Pharmaceuticalshad the biggest gain on the Entrepreneur Index™ today, jumping 3.0 percent. The drug-maker's stock had a torrid start to the year, but fell nearly twenty percent in the last two months. It is still up 23.9 percent on the year.
Other solid gains on the index today included Fedex Corp. (1.21 percent),Chipotle Mexican Grill(1.17 percent) and business services firmCintas Corp.(1.04 percent).
TheEntrepreneur Index™collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time onEntrepreneur.com.
