On Friday, the 11th of January, 2019, the five-day rally in Wall St. ran out of gas, as investors had been found securing their weekly gains and resetting their positions ahead of corporate earning report. The tech stocks, alongside, trade-sensitive stocks which had been leading the rally in the face of a US-China trade talk, took a tumble, as S&P 500 and Nasdaq composite had been dragged downwards, posting a plunge of 0.05 percent and 0.31 percent respectively, while the Dow Jones Industrials had been found extending their earlier gains.
So far, in the midday US trading session, Dow Jones Industrials is 0.80 percent up. Earlier on US trading session, the Microsoft Corp. curbed 1.1 percent and the Amazon.com Inc. dipped by 0.3 percent, which had mostly been leading the morning session plunge of Nasdaq Composite.
Concomitantly, the 11 major S&P 500 indexes had been trading lower on Friday, Jan.11th morning. A chief global strategist at B. Riley FBR Inc. from Fort Lauderbale, Florida, Mark Grant said, “We’ve run up and people seem to be in a wait-and-watch mode before they put more money back in”.
Meanwhile, the investors have been eyeing the fourth quarter earnings of big banks due to be released next week, which may have signaled a slowdown in the economic growth, dragging the US stocks downwards.