Dow Jones Dives As Uber Rockets; Carl Icahn Hits Out As Stock Craters On Short-Seller Attack
The Dow Jones Industrial Average dived as regional banks including PacWest (PACW) and Western Alliance (WAL) crumbled. Carl Icahn lashed out after Icahn Mga Negosyo (IEP) cratered amid a short sellers attack. Uber Technologies (UBER) soared on earnings. Only one noteworthy stock was plucky enough to attempt a breakout amid the stock market chaos. Electric power gear maker Eaton (ETN) tested an entry after posting quarterly results. Treasury yields retreated as the latest Fed meeting got underway. The 10-year yield plunged 15 basis points to 3.43% while the two-year yield also dived 15 basis points to 3.99%. The yield curve remains inverted. “Sell in May decided it didnt need to wait for the Fed,” Oanda senior market analyst Ed Moya said in a note to clients. “Wall Street is quickly hitting the sell button as banking turmoil appears it is not going away anytime soon and was ready to focus on the next weakest link, potentially distressed lenders with tremendous exposure to commercial real estate.” Nasdaq Falls As Small Caps Get Spanked The Nasdaq tumbled amid the broad bearish action, closing down 1.1%. Palakihin ang Enerhiya (ENPH) was among the laggards here as it dipped 4.8%. The benchmark S AMD Falls Late On Guidance Outside Dow Jones: