June 17, 2021

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Dow tumbles 620 points in stock selloff as GameStop worries persist

2 min read

U.S. equity markets tumbled Friday as a wild week of trading on Wall Street wrapped up amid heavy volume driven by unusual trading in a handful of stocks including GameStop and AMC.

LIVE UPDATES: AMC, GAMESTOP IN PLAY

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 29982.62 -620.74 -2.03%
SP500 S&P 500 3714.24 -73.14 -1.93%
I:COMP NASDAQ COMPOSITE INDEX 13070.69452 -266.46 -2.00%

The Dow Jones Industrial Average fell 620 points or 2%, while the S&P 500 and the Nasdaq Composite were weaker by roughly the same amount.

CITADEL SHOOTS DOWN ROBINHOOD LINK

The selling comes after the major averages on Thursday recouped a portion of their losses that followed the biggest single-day decline since October. Equity markets have traded skittishly in recent weeks amid mounting concern of a stock bubble and a rise in short selling.

Ticker Security Last Change Change %
GME GAMESTOP CORP 325.00 +131.40 +67.87%
AMC AMC ENTERTAINMENT HOLDINGS INC 13.26 +4.63 +53.65%
BB BLACKBERRY LIMITED 14.10 -0.55 -3.75%
BBBY BED BATH & BEYOND INC. 35.33 +1.69 +5.02%

Looking at stocks, GameStop Corp. shares more than doubled early Friday after the trading app Robinhood eased some restrictions on trading one day after it prevented customers from entering “buy” orders. Other stocks that were also subject to the measures, included AMC Entertainment Holdings, BlackBerry Ltd. and Bed Bath & Beyond Inc. which also saw big moves to the upside.

Robinhood ramped up limits on additional stocks late Friday including Starbucks and Moderna.

Ticker Security Last Change Change %
SBUX STARBUCKS CORPORATION 96.81 -1.34 -1.37%
MRNA MODERNA INC. 173.16 +13.61 +8.53%

Elsewhere, Johnson & Johnson said a large trial found its COVID-19 vaccine was 72% effective in the U.S. and 66% effective overall.

Ticker Security Last Change Change %
JNJ JOHNSON & JOHNSON 163.13 -6.03 -3.56%

In earnings, a trio of Dow members released their quarterly results on Friday morning.

Ticker Security Last Change Change %
CVX CHEVRON CORP. 85.22 -3.79 -4.26%
CAT CATERPILLAR INC. 182.64 -1.66 -0.90%

Chevron Corp. reported its first annual loss in four years as the COVID-19 pandemic curtailed travel, resulting in a sharp drop in demand for oil and gas.

Caterpillar Inc. reported quarterly earnings that fell 29% from a year ago, but outpaced estimates, as demand for its equipment was hurt by the lingering economic slowdown caused by the pandemic.

Ticker Security Last Change Change %
HON HONEYWELL INTERNATIONAL INC. 195.37 -7.47 -3.68%
LLY ELI LILLY & COMPANY 207.97 -2.15 -1.02%

Honeywell International Inc. posted quarterly profit and sales that topped expectations as all business segments were stronger than anticipated. The technology and manufacturing company issued an inline forecast for fiscal year 2021.

Meanwhile, Eli Lily & Co. said quarterly profit rose 42% year over year, bolstered by demand for its cancer and diabetes drugs. The company said sales of its COVID-19 therapy also provided a lift.

In commodities, West Texas Intermediate crude oil climbed 14 cents to $52.20 per barrel and gold jumped $9.40 to $1,847.30 an ounce.

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