Technology stocks drag market lower

Major indices are falling this Thursday morning, as the Street waits for word of who the next Federal Reserve Chairman will be. In earnings news, Facebook (FB) reported better than expected earnings and revenue after Wednesday’s closing bell, and while shares rose in the aftermarket, they reversed direction overnight and are now lower by 2.5% due to concerns about Russian ads and the company’s admission that its expenses would be significantly higher than expected going forward. Shares of Tesla (TSLA) are also lower, down 6% after an earnings report that included news that the company was behind schedule in producing its Model IIIs.

West Texas Intermediate crude is trading at $54.32. At present, the S&P 500 is down 0.3%, the DJIA is down 0.14%, and the NASDAQ is down 0.26%.

Here are your Thursday morning market metrics. Industries doing well today include independent power, construction materials, and equity REITs. Industries showing weakness include household durables, personal products, auto components, and diversified consumer services. The VIX is up 2.55% to 10.46 after closing on Wednesday at 10.20. The most heavily traded options this morning are for the S&P 500 SPDR ETF (SPY), with 13,020 November-3 254 puts on the board. The total put/call ratio as of 10:00 AM was 0.96 (209,305/200,199). The advancers/decliners ratio for NYSE 1,302/1,549 stocks is while the advancers/decliners ratio for NASDAQ stocks is 1,358/1,404.

Symbols: FB SPY TSLA
Julian Close

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

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