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Semiconductor industry

U.S. Markets Experience Mixed Day Amid Tech Sector Weakness

Strategic Insights

— 2 min read

U.S. markets experienced a mixed day on March 8, as the tech sector, led by a decline in Intel stock, weighed on the overall performance. The Dow Jones Industrial Average fell 66.07 points, while the Nasdaq Composite Index declined 38.85 points. Despite the decline, the dollar rose against the Japanese yen, and the 10-year Treasury note saw an increase in yield. In the broader market, Kmart is reassessing its ties to Martha Stewart following her federal conspiracy conviction, while General Motors and other automakers issued recalls affecting 19.5 million vehicles in 2003.

Key Takeaways:

  • The Dow Jones Industrial Average fell 66.07 points, or 0.62 percent, to close at 10,529.48 on trading volume of 1.55 billion shares.
  • The Nasdaq Composite Index was down 38.85 points, or 1.9 percent, to close at 2,088.78 on a volume of 2.07 billion shares.
  • Intel stock declined by over 4 percent to below $28 a share, contributing to the tech sector's weakness.
  • Kmart may have legal grounds to terminate its contract with Martha Stewart Omnimedia following her federal conspiracy conviction.
  • The company's Martha Stewart-branded goods accounted for 5 percent of Kmart's total sales in 2003, generating $1.5 billion in revenue.
  • General Motors recalled 7.4 million vehicles in 2003, with 3.4 million of these vehicles being recalled so far in 2004.
  • The 2003 vehicle recalls affected 8 percent of all light vehicles produced in the United States, with 529 recalls issued by automakers.
  • J.M. Smucker acquired International Multifoods in an $840 million deal, assuming $340 million in debt and adding the Pillsbury cake mix brand to its product line.

Statistics:

  • The Dow Jones Industrial Average fell 66.07 points, or 0.62 percent, to close at 10,529.48 on trading volume of 1.55 billion shares.
  • The Nasdaq Composite Index was down 38.85 points, or 1.9 percent, to close at 2,088.78 on a volume of 2.07 billion shares.
  • Intel stock declined by over 4 percent to below $28 a share.
  • Kmart's Martha Stewart-branded goods accounted for 5 percent of the company's total sales in 2003, generating $1.5 billion in revenue.
  • General Motors recalled 7.4 million vehicles in 2003, with 3.4 million of these vehicles being recalled so far in 2004.
  • The 2003 vehicle recalls affected 8 percent of all light vehicles produced in the United States, with 529 recalls issued by automakers.
  • The 10-year Treasury note saw an increase in yield, with a 19/32 rise to 101 26/32.

Sources:

  • UPI, "Tech weakness pulls U.S. markets down" (March 8)
  • Detroit News, "Kmart reviewing ties to Martha Stewart" (March 8)
  • UPI, "9.5 million vehicles recalled in 2003" (March 8)
  • Financial Times, "Smucker buys Int'l Multifoods for $840m" (March 8)

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