TECH STOCKS FALL: Here's what you need to know

US stocks and bonds fell on Thursday, a day after the Federal Reserve’s decision to raise interest rates and maintain its outlook for one more hike this year. The tech-heavy Nasdaq led declines among the major indexes.
Here’s the scoreboard:

  • Dow: 21,362.35, -12.21, (-0.06%)
  • S&P 500: 2,433.36, -4.56, (-0.19%)
  • Nasdaq: 6,168.12, -26.77, (-0.43%)

  1. Snap sank to its initial offering price of $US17 for the first time. Many of the banks that underwrote the company’s popular IPO have become bearish on the stock.
  2. Bitcoin had its biggest drop in more than two years. The cryptocurrency fell by as much as 12.9%, to $US2,161 a coin, its lowest since the beginning of June.
  3. Nestle is thinking about selling its roughly $US900 million-a-year US candy business. The world’s largest packaged foods maker said on Thursday it would “explore strategic options,” including a possible sale, amid a consumer shift towards healthier foods.
  4. Nike said it would cut 2% of its global workforce and discontinue a quarter of its shoe styles as competition mounts. Nike shares fell 3%.
  5. Alphabet fell after a rare downgrade. In a research note published Thursday, Canaccord said a lot of Alphabet’s growth in mobile search and YouTube “will be hard to repeat.”
  6. Initial jobless claims, which count people who applied for unemployment insurance for the first time, last week fell more than expected by 8,000 to 237,000, according to the Labour Department.

Additionally:

A predictor with a perfect track record on the American economy is moving closer to signalling a recession

Don’t expect the market’s hottest stocks to cool down any time soon

Super-rich millennials are defying the way their parents have been investing for decades

Janet Yellen is starting to warm to a policy the Fed once regarded as radical

The Fed’s 4th rate hike could challenge a popular assumption investors make about stocks

LARRY SUMMERS: ‘The Fed is not credible with the markets’

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