After the bulls had control of the markets for a number of days, the bears took back the reins yesterday and are fighting to keep control today. Yesterday's report of a slight fall in the U.S. gross domestic product started the bear rally, which was fueled by the Federal Reserve's announcement that it would not change its monetary policy. Today, there was little in the way of economic data to stop the decline, so we will have to wait for tomorrow's employment report to turn the markets around.
As of 12:50 p.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI ) is down 16 points, or 0.11%, to 13,895. Although most of the index's 30 components are in the red, only a few have sunk more than 1%. The S&P 500 is down just more than a point, while the NASDAQ is up five points, or 0.17%. Now let's take a look at a few of the Dow's losers today.
So who's down and why?
Shares of Boeing (NYSE: BA ) are down again today because of the 787 Dreamliner. According to the Portland Business Journal, Tesla Motors founder and CEO Elon Musk believes the way Boeing is using the lithium-ion batteries in the Dreamliner is "inherently unsafe." Musk knows a thing or two about battery technology, as Tesla makes high-end, fully electric vehicles that can drive up to 300 miles per charge. If he says there is a problem with the battery system, Boeing may need a new battery and a redesign. Boeing's stock price has lost 0.75% today.
JPMorgan Chase (NYSE: JPM ) and Bank of America (NYSE: BAC ) are moving lower by 0.17% and 0.9%, respectively, after lawmakers requested documents from bank regulators relating to the billion-dollar settlements that ended the big banks' foreclosure scandals. The Washington politicians say these documents will shine more light on what was going on and bring confidence back to the American public. It is unclear at this time what may be found, but perhaps investors believe they will revive the push for tougher regulation.
Shares of Microsoft (NASDAQ: MSFT ) are down 1.2% today after a California senator called for the state to review its contracts and purchases with Microsoft in an attempt to stop CEO Steve Ballmer from taking the Sacramento Kings to Seattle and thus depriving California of a major revenue stream. When you're a CEO, there is little difference between what you do at work and what you do outside of the corner office; you are always representing the company. While I don't agree with the senator's tactics, Ballmer needs to put Microsoft first and end this issue before it hurts his company.
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