Stocks weak as tech tumbles
The great rotation has begun. The Nasdaq is selling off as stocks (^DJI, ^GSPC, ^IXIC) lose early gains. We break down the tech carnage. Catch The Final Round at 4 p.m. with Alexis Christoforous, Yahoo Finance Editor-in-Chief Andy Serwer and reporters Justine Underhill and Jared Blikre.
Winners and losers
Stocks ending the week on a down note include Endo International as the FDA requested the drugmaker remove its opioid pain medication from the market because patients started abusing the drug; Snap as Citi downgrades shares to neutral, citing monetization growth concerns; and Rite-Aid, with shares tanking on reports the FTC is preparing to block Rite Aid’s merger with Walgreens.
Stocks getting a boost today include Dupont Fabros Technology as the data center operator will merge with rival Digital Realty Trust; Zynga as Morgan Stanley upgraded the social games publisher to overweight citing a stronger business model; and Pandora, with shares back on the move as Sirius XM will invest $480 million in the internet radio provider. Also Eventbride and Pandora agreed to buy Ticketfly for $200 million.
Looking ahead
On Wednesday, its the big one: The FOMC policy meeting is here. Stick with Yahoo Finance as we’ll have the Fed’s interest rate decision live at 2 p.m. Eastern, followed by Janet Yellen’s press conference.
Also on Wednesday we’ll get a big read on the economy with the consumer price index, or CPI for May. In the prior month CPI jumped 2.2%.
Finally it’s back to the consumer, at 10 a.m. ET, when we get the University of Michigan’s preliminary consumer sentiment index for June. Last month we saw the number hit 97.1.
