Big Tech selloff pushes popular Nasdaq ETF QQQ below key support level

Spencer Platt/Getty Images

• The QQQ ETF on Wednesday fell below the 320 mark, which was the ETF’s 50-day moving average. 
• QQQ was dragged lower as Apple, Amazon and Microsoft shares pulled back sharply. 
• Investors appeared spooked by another rise in bond yields. 
• Visit the Business section of Insider for more stories.

The popular QQQ exchange-traded fund that tracks the Nasdaq-100 Index sank below a key level of support Wednesday, suggesting further losses may be in store for big tech stocks.

The Invesco QQQ Trust dropped by 2.9% to 309.30, pulled below its 50-day moving average of 320.50. Volume was heavy, with nearly 79 million shares traded, outpacing the average daily volume of 33.3 million shares. 

The ETF closed at its lowest since January 6, dragged down as its biggest constituents came under pressure. Apple lost 1.8%, Microsoft fell 2.4% and Amazon declined 2.6%.

Investors appeared to ditch tech stocks in part as Treasury yields rose. The 10-year Treasury yield reached as high as 1.498%, up from Tuesday’s settlement of 1.405%, as bonds fell in the wake of President Joe Biden’s pledge late Tuesday that the US will have enough COVID-19 vaccine doses for every adult by May.

The lift in bond yields on the brighter coronavirus outlook signaled steeper borrowing costs for technology and other companies. The Nasdaq-100 Index fell 2.9% to 12,683.33. The Nasdaq Composite lost 2.7% to end at 12,997.75, notching its lowest closing level since January 6.

American Eagle Outfitters Inc. Q4 adjusted earnings Beat Estimates

American Eagle Outfitters Inc. (AEO) reported a profit for fourth quarter that dropped from last year.

The company’s profit totaled $3.54 million, or $0.02 per share. This compares with $4.76 million, or $0.03 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $0.36 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 1.5% to $1.29 billion from $1.31 billion last year.

American Eagle Outfitters Inc. earnings at a glance:

-EPS (Q4): $0.39 vs. $0.37 last year.
-Analysts Estimate: $0.36
-Revenue (Q4): $1.29 Bln vs. $1.31 Bln last year.

Tiger Woods told deputies after car crash he did not remember driving

TORRANCE, Calif. — Tiger Woods told sheriff's deputies after crashing a car that he could not remember driving, and he did not know how the collision happened, according to an affidavit for a search warrant used to obtain the “black box’’ of the vehicle Woods was driving Feb. 23.

Woods later said the same thing at the hospital, where he was treated for multiple leg injuries suffered during the crash, according to a copy of the search warrant affidavit obtained by USA TODAY Sports.

Woods initially was unconscious after the crash in Southern California when a resident found the golfer trapped in a loaner car and with blood on his face and chin, according to the affidavit.

Sheriff's deputy Johann Schoegl, who obtained the warrant, said he believed information stored on the black box — such as the speed the car was traveling at the time of the crash — would assist in determining how and why the collision occurred, according to the affidavit.

Siemens Energy to replace Beiersdorf in German DAX index

BERLIN (Reuters) – Siemens Energy, which supplies turbines to the power sector, will replace Nivea manufacturer Beiersdorf in Germany’s blue-chip DAX index from March 22, stock exchange operator Deutsche Boerse said on Wednesday.

Beiersdorf will take Siemens Energy’s place in the MDAX, it added.

Snowflake Q4 Loss Widens

Data cloud company Snowflake (SNOW) Wednesday reported fourth-quarter net loss of $198.9 million or $0.70 per share, wider than last year’s loss of $83.3 million or $1.67 per share.

Revenues for the quarter were $190.5 million, up from $87.7 million last year.

Analysts polled by Thomson Reuters expected loss of $0.17 per share on revenues of $178.5 million.

Looking forward to the first quarter, the company expects product revenues of $195 million to $200 million.

EARNINGS SUMMARY: Details of Globalstar Inc. Q4 Earnings Report

Below are the earnings highlights for Globalstar Inc. (GSAT):

-Earnings: -$21.73 million in Q4 vs. -$37.75 million in the same period last year.
-EPS: -$0.01 in Q4 vs. -$0.03 in the same period last year.
-Analysts projected $0.00 per share
-Revenue: $33.17 million in Q4 vs. $31.84 million in the same period last year.

Marvell Technology Group Ltd. Q4 adjusted earnings Inline With Estimates

Marvell Technology Group Ltd. (MRVL) announced a profit for fourth quarter that declined from the same period last year.

The company’s earnings came in at $0.01 billion, or $0.02 per share. This compares with $1.77 billion, or $2.62 per share, in last year’s fourth quarter.

Excluding items, Marvell Technology Group Ltd. reported adjusted earnings of $200.62 million or $0.29 per share for the period.

Analysts had expected the company to earn $0.29 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 11.2% to $797.82 million from $717.67 million last year.

Marvell Technology Group Ltd. earnings at a glance:

-Earnings (Q4): $200.62 Mln. vs. $116.72 Mln. last year.
-EPS (Q4): $0.29 vs. $0.17 last year.
-Analysts Estimate: $0.29
-Revenue (Q4): $797.82 Mln vs. $717.67 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.23 to $0.31