TECH STOCKS: Slumping In September - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Business & Finance

TECH STOCKS: Slumping In September

A bad forecast from Sun hurt technology issues as the key market indexes posted their first losing month since last winter.

Stocks slumped Tuesday after unexpectedly weak reports on business activity in the Midwest and U.S. consumer confidence reignited concerns that the economic recovery may be at risk.

Tech stocks were hurt by a sour forecast from Sun Microsystems, which was viewed as a bad omen for the upcoming quarterly earnings season. Sun's share price fell 55 cents, or 14.3%, to $3.31 and topped the Nasdaq's most-active list after the company warned of a larger-than-expected loss in its first quarter.

The InformationWeek 100 fell 5.12 points, or 1.9%, to 271.43. The tech-heavy Nasdaq fell 37.77 points, or 2.1%, to 1,786.79, while the blue-chip Dow Jones industrial average fell 105.18 points, or 1.1%, to 9,275.06. The broader Standard & Poor's 500 fell 10.65 points, or 1.1%, to 995.93. The Nasdaq-100 tracking stock fell 72 cents, or 2.2%, to $32.42.

Two reports showing growth at Chicago-area businesses slowed sharply in September and U.S. consumer confidence plunged to the lowest level since the start of the Iraq war also put investors on guard.

The last day in September saw the end to a streak of monthly gains for the major market indexes. The Nasdaq fell about 1.3% for the month, snapping a seven-month winning streak. The S&P 500 fell 1.2% and the Dow fell about 1.5%--ending six-month winning streaks for both.

But for the third quarter, the S&P 500 rose 2.2%, the Dow rose 3.2%, and the Nasdaq rose 10.1%.

Sun's rivals followed its downward trend. Hewlett-Packard fell 26 cents to $19.36, and IBM fell $1.12 to $88.33; both weighed on the Dow average. Dell, another Sun competitor, fell 81 cents to $33.42.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
Slideshows
Top-Paying U.S. Cities for Data Scientists and Data Analysts
Cynthia Harvey, Freelance Journalist, InformationWeek,  11/5/2019
Slideshows
10 Strategic Technology Trends for 2020
Jessica Davis, Senior Editor, Enterprise Apps,  11/1/2019
Commentary
Is the Computer Science Degree Dead?
Guest Commentary, Guest Commentary,  11/6/2019
Register for InformationWeek Newsletters
Video
Current Issue
Getting Started With Emerging Technologies
Looking to help your enterprise IT team ease the stress of putting new/emerging technologies such as AI, machine learning and IoT to work for their organizations? There are a few ways to get off on the right foot. In this report we share some expert advice on how to approach some of these seemingly daunting tech challenges.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll