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Blame the jump in reported coronavirus cases for the sell-off Thursday. The Dow dipped about 120 points, slipping from its all-time high. The S&P 500 and NasdaqÂ both fell about 0.1%, snapping their three-day winning streaks. Stocks tempted to rally during the day, but couldn’t hold onto the green as travel companies exposed to China dropped. Wynn Resorts and CarnivalÂ finished down 2%. Still, the major averages are headed for solid gains on the week. Tesla ended the day up 4.7%.Â âLiÂ
Shares of the online retailer tanked 13% after the company said it was cutting roughly 3% of its workforce, which translates to around 500 jobs. The company said that around 350 of the job cuts would be at its corporate headquarters in Boston. Globally, Wayfair has more than 17,000 employees. The company went public in 2014, and has yet to report a profit. Its next earnings report, which will include sales from the holiday season, will be released on Feb. 28. âStevens
With roughly one hour left in the trading session, the S&P 500 and Nasdaq were headed for record closing highs while the Dow traded well off its session lows. Stocks managed to recover most of their losses even as the number of reported coronavirus cases in China jumped. To be sure, the increase was partially due to a change in China’s counting methodology. âImbert
Shares of Amazon turned higher, now up 0.3%, after a judge ordered Pentagon to halt the JEDI cloud contract it awarded to Microsoft. In January, Amazon’s cloud-computing arm AWS filed a formal motion asking the court to pause Microsoft’s work on the contract, claiming the evaluation process included “clear deficiencies, errors and unmistakable bias.” The court granted that motion on Thursday. âLi