“Stocks fell on the first trading day of the month and the quarter as a decline in Amazon shares put pressure on the broader tech sector on Monday,” Fred Imbert and Matt Clinch report for CNBC. “The Dow Jones industrial average traded 706 points lower, with Intel as the worst-performing stock in the index. The S&P 500 pulled back 3.1 percent and entered correction territory, with tech falling 3.3 percent. The index also dropped below its 200-day moving average, a key technical level. The Nasdaq composite dropped nearly 3.4 percent — also entering correction — as Amazon declined 5.4 percent.”
“The e-commerce giant’s stock fell after President Donald Trump tweeted on Saturday that Amazon was scamming the U.S. Postal Service, adding the service loses ‘billions of dollars’ delivering packages for the e-commerce giant,” Imbert and Clinch report. “Trump tweeted again about Amazon on Monday, saying: ‘Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed.'”
Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country…not a level playing field!
— Donald J. Trump (@realDonaldTrump) April 2, 2018
“Intel dropped nearly 10 percent after Bloomberg reported Apple would use its own chips for Mac computers, ditching Intel,” Imbert and Clinch report. “China announced overnight Monday it had implemented tariffs on… goods [that] had an import value of $3 billion in 2017.”
Read more in the full article here.
MacDailyNews Take: Happy shopping, bulls!