Wall Street was lower again as tech stocks remained under pressure. Consumer staples also sold off after Amazon.com Inc. (AMZN) announced its mega-deal purchase of Whole Foods Market Inc. (WFM) . Consumer sentiment unexpectedly weakened in June, according to a preliminary reading from the University of Michigan. A drop in sentiment was mostly tied to negative reactions from Democrats over Trump's economic policies, and doubts from Republicans that those policies will come to pass. Government contractor Booz Allen Hamilton Holding Corporation (BAH) slumped after disclosing a Department of Justice accounting probe. The investigation will cover the ways in which the company charged the government for services. Nike Inc. (NKE) pressured the Dow again after JPMorgan hit the stock with a downgrade to NEUTRAL from OVERWEIGHT and a lower price target. Analysts grow concerned over slowing sales in North America. Nike was lower a day earlier after announcing job cuts and restructuring plans.
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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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