Stocks opened in negative territory and remained there throughout the session, breaking the market’s winning streak. The early weakness was attributed to mixed economic data and the averages moved in a narrow range for most of the day before finding added downside momentum in the final hour of trading. There was little news on the China trade talks, which resumed in Washington, prompting nervousness among investors and putting the sellers in control.
ECONOMIC EVENTS: In the U.S.:
TOP NEWS: Shares of Nike (NKE) dipped 1% after a sneaker made by the company and worn by Duke University basketball star Zion Williamson split in half in a game against North Carolina.
Athletic equipment competitor Under Armour (UAA) is facing its own new issues after The Wall Street Journal reported that CEO Kevin Plank has been questioned by the company's board about his relationship with MSNBC anchor Stephanie Ruhle. Ruhle's relationship with the executive and company founder was "unusual and problematic" as "many people believed" the two, who are both married, were romantically involved, according to The Journal's Khadeeja Safdar.
Meanwhile, AdWeek reported that Alphabet's (GOOG) YouTube held a conference call with representatives from all major ad agency holding companies as well as several unnamed advertisers in a move to address the latest in a string of "brand safety" controversies. The move comes after multiple major brands, including AT&T (T), Disney (DIS), Nestle (NSRGY), and "Fortnite" creator Epic Games have reportedly halted or delayed their ad purchases on the platform due to concerns over child safety.
In IPO news, Lyft (LYFT) reportedly plans to begin preparations for its public trading debut with a road show during the week of March 18, meaning it will outrace Uber (UBER) to be the first U.S. ride-hailing company to trade in the stock market. The Wall Street added in a report late in the trading day that Pinterest (PIN) has confidentially filed paperwork with the SEC for an initial public offering that could come in late June.
MAJOR MOVERS: Among the noteworthy gainers was Immune Design (IMDZ), which skyrocketed 310% to $5.82 after Merck (MRK) said it will acquire the small-cap immunotherapy company for $5.85 per share in cash. Also higher were Career Education (CECO), Avis Budget (CAR), and Community Health (CYH), which gained a respective 17%, 17%, and 10% after reporting quarterly results.
Among the notable losers was Tesla (TSLA), which fell 4% after Consumer Reports said it can no longer recommend the Model 3 electric sedan as members say they've identified "a number of problems with the car." Also lower were Domino's (DPZ), Carbon Black (CBLK) and Vipshop (VIPS), which dropped 9%, 24%, and 14%, respectively, after reporting quarterly results.
INDEXES: The Dow fell 103.81, or 0.40%, to 25,850.63 , the Nasdaq lost 29.36, or 0.39%, to 7,459.71 , and the S&P 500 declined 9.82, or 0.35%, to 2,774.88 .
Pinterest trades under PINS
+ (+0.00%)
Nike
-0.9 (-1.06%)
Under Armour
+0.22 (+1.15%)
Under Armour
+0.15 (+0.70%)
Alphabet
-16.98 (-1.52%)
Alphabet
-16.74 (-1.49%)
AT&T
-0.03 (-0.10%)
Disney
+0.61 (+0.54%)
Nestle
+ (+0.00%)
Lyft
+ (+0.00%)
Uber
+ (+0.00%)
Immune Design
+4.405 (+309.12%)
Merck
+0.38 (+0.48%)
Ceco Environmental
+2.415 (+17.34%)
Avis Budget
+5.18 (+17.65%)
Community Health
+0.415 (+10.20%)
Tesla
-11.33 (-3.75%)
Domino's Pizza
-23.85 (-8.58%)
Carbon Black
-3.92 (-23.80%)
Vipshop
-1 (-13.70%)