Financials and techs were taking the S&P 500 Index lower by about 1.42% to under 1280, a loss of more than 18.70 points, as debt concerns for both the United States and Europe has investors worried about global economic growth.
Genworth Financial (NYSE:GNW) was down about 7.25% to almost $9 a share, dropping more than 70 cents in the morning session. Genworth was downgraded on concerns about the viability of its mortgage insurance business. The stock is now trading more than double digits below its 20, 50 and 200 day moving averages.
Shedding more than a $1.55, Allstate (NYSE:ALL) was under $27.90, a more than 5.32% decline. The departure of a key top executive had the insurance company down from the opening bell. Allstate is now lower than its 20, 50 and 200 day moving averages. With a relative strength index of 25.09, Allstate is much below the 30 floor for a stock is considered to be oversold.
An analyst report predicting tighter margins for switching equipment had JDS Uniphase Corporation (NASDAQ:JDSU) dropping about 4.50%, a loss of almost 70 cents to under $14.24. JDS Uniphase is now trading double digits beneath its 20, 50 and 200 day moving averages.
With gold reaching record highs on economic worries around the world, Nemont Mining Corporation (NYSE:NEM) was shining early, up more than 2%, about a $1.15 gain, to over $58.50. Loss of confidence in fiat currencies and inflation has gold and other commodities on a tear. Above its 20, 50 and 200 day moving averages, Newmont Mining has a relative strength index rating of 75.08, above the 70 standard for a stock to be regarded as overbought.
Apple Inc (NASDAQ:AAPL) was up more than 1%, picking up more than $3.75 a share, to go over $369 in am buying and selling. Earnings, a recommendation, and a patent victory have polished Apple for investors lately. The stock is trading 10.92% above its 200 day moving average and has a relative strength index rating of 71.84.
St Jude Medical Inc (NYSE:STJ) gained more than 1.12% in early trading to rise above $46.50, a greater than 50 cents gain. On Wednesday, St Jude Medical releases it earnings and investors are anticipating strong numbers. St Jude Medical Center is trading beneath its 20 and 50 moving averages with a relative strength index of 41.
As of this writing, Jonathan Yates did not own a position in any of the stocks named here.
