Dow Jones Industrial Average Drops 202 Points as Tech Stocks Slump

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For Nov. 13, 2015, here’s the top stock market news and stocks to watch based on today’s market moves…

How Did the Sock Market Do Today?dow jones industrial average

Dow Jones: 17,245.24; -202.83; -1.16%

S&P 500: 2,023.04; -22.93; -1.12%

Nasdaq: 4,927.88; -77.20; -1.54%

The Dow Jones Industrial Average today (Friday) fell 202 points, ending its six-week win streak. The markets slipped as Cisco Systems Inc. (Nasdaq: CSCO) fell nearly 6% on weak forward guidance. The firm said orders have slumped from customers outside of the United States. Meanwhile, it was an ugly day for retail stocks, a turnaround from yesterday’s strong trading session. Shares of Nordstrom Inc. (NYSE: JWN) and Macy’s Inc. (NYSE: M) fell after both companies slashed their full-year forecasts this week. Nordstrom sank nearly 15%. Shares of JC Penney Co. Inc. (NYSE: JCP) cratered more than 15% despite reporting better than expected earnings.

Next week, keep an eye on the Empire State Manufacturing Survey and a number of speeches from members of the U.S. Federal Reserve. Companies reporting quarterly earnings on Monday include Urban Outfitters Inc. (Nasdaq: URBN), Nuance Communications Inc. (Nasdaq: NUAN), Agilent Technologies Inc. (NYSE: A), Inc. (Nasdaq ADR: JD), Fuel Systems Solutions Inc. (Nasdaq: FSYS), and Matthews International Corp. (Nasdaq: MATW).

Top Stock Market News Today

  • Stock Market News: Nine of 10 S&P sectors were negative today, with cyclical goods stocks the hardest hit (down 2.1%).
  • Oil in Focus: Oil prices fell again today as the International Energy Agency projected slower growth in global demand for crude. Oil prices saw their largest weekly loss since March as concerns about oversupply rattle trader sentiment. December WTI prices fell 2.4% to hit $40.73, while Brent oil crude – priced in London – dipped 1% to hit $43.60. But there’s a way you can profit from the volatility. All you have to do is target these types of drillers…

Stocks to Watch: AAPL, FOSL, MYL, PRGO, AZN

  • Stocks to Watch No. 1, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) were off nearly 3% as concerns about the broader economy and news the company will end its subscription services to Beats Music weighed on investors.
  • Stocks to Watch No. 2, FOSL: Shares of Fossil Group Inc. (Nasdaq: FOSL) fell more than 36% after the watch manufacturer announced its current-quarter sales may decline as much as 16%.
  • Stocks to Watch No. 3, MYL: Shares of Mylan NV (Nasdaq: MYL) jumped 13% on news the company’s $26 billion hostile takeover bid for Perrigo Co. (NYSE: PRGO) failed. The announcement hammered shares of Perrigo, which declined more than 6%. The news is especially troublesome for hedge fund managers who put a lot of faith in Perrigo stock in recent months.
  • Stocks to Watch No. 4, AZN: Shares of AstraZeneca Plc. (NYSE ADR: AZN) gained more than 1.4% on news the global biotechnology company won early approval from U.S. regulators for a new lung cancer pill. The drug, known as both Tagrisso and AZD9291, has the potential to deliver as much as $3 billion annually for the British drugmaker.

What Investors Must Know This Week

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