Wall Street suffered severe losses as another tech selloff brought out the bears. The Nasdaq was the worst hit as major tech companies Apple, Facebook, Alphabet and Netflix continued to decline. Homebuilder confidence weakened slightly in June, according to the housing market index. The National Association of Home Builders said that builders remain frustrated over an "ongoing shortage of skilled labor and buildable lots." Nike Inc. (NKE) weighed on the Dow after announcing widespread job cuts. The athletic wear company expects to lay off 2% of its global workforce, roughly 1,400 workers, as part of restructuring plans. Kroger Co. (KR) slumped after slashing earnings guidance for the full year. The grocery store chain also matched first-quarter profit estimates and beat on revenue.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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