The markets went on a bit of a wild ride today as tech stocks saw some selling pressure in the afternoon. The sell off pushed the S&P 500 lower by 2 after being up double digits in the morning. The Dow 30 was able to post a nice gain of 85 thanks to a very strong day for Verizon. The Nasdaq 100 was the weak one of the day losing 40, closing just off the lows of the session. Amazon (NASDAQ: AMZN) is due to report after the close which could further the volatility seen in the popular, "FANG" stocks.
AstraZeneca (NYSE: AZN) was one of the big losers today as the stock sold off 14.91%. The drug company announced that a few of its oncology drugs meant to shrink cancer tumors "was no better than standard chemotherapy." Investors chose to take the opportunity to exit as analysts questions weather the company can meet its revenue goals for the year. Shares are still positive by 5% on the year.
Verizon (NYSE: VZ) shares popped 7.74% today following an earnings announcement that came in as the street had expected. Revenue was a major focus by the financial media as the number beat expectations . The company said that their unlimited data plan helped attract more subscribers last quarter, which helped boost revenue overall. Despite today's move, shares are still lower by 10%. On the bright side, technical traders note how today's bullish move breaks the downtrend that has been in tact since January.
Procter & Gamble (NYSE: PG) shares popped to a new, three month high today, adding 1.55%. The consumer products giant reported earnings today which beat expectations for the second quarter r. The company says that the beat was due to "cost cutting." It wasn't all good news though as revenue fell slightly from a year ago. Today's move puts shares higher by over 7% on the year.