Russell 2000 continues declining
The Russell 2000 (NYSE:IWM) sell-off continues as investors react to disappointing earnings news and a decline in consumer confidence.
At 12:39 p.m. ET, the small-cap index had shed 12.34 points, or 1.74%, to 695.08. The Dow Jones Industrial Average was down 180.43 points, or 1.43%, to 12,401.55.
The morning’s bearish sentiment has carried over into the afternoon on news before the opening that General Electric Co. (NYSE:GE) saw its first-quarter earnings from continuing operations decline 8% to $0.44 per share from $0.48 per share a year earlier.
The Fairfield, Conn.-based company, considered a bellwether due to its size and reach, blamed the decline on the slowing U.S. economy.
Elsewhere, a report after the start of trading from the University of Michigan showed that consumer confidence fell more than expected in April. The result is the lowest in more than 20 years and a sign that the majority of Americans are pessimistic about their financial future.
Companies making computer storage devices are currently the worst performing industry group. Among the losers is small-cap Ramtron International Corp. (Nasdaq:RMTR).
Similarly, shares of San Jose-based Integrated Silicon Solution, Inc. (Nasdaq:ISSI) are also in the red. Ditto for Catalyst Semiconductor, Inc. (Nasdaq:CATS).
At 12:39 p.m. ET, the small-cap index had shed 12.34 points, or 1.74%, to 695.08. The Dow Jones Industrial Average was down 180.43 points, or 1.43%, to 12,401.55.
The morning’s bearish sentiment has carried over into the afternoon on news before the opening that General Electric Co. (NYSE:GE) saw its first-quarter earnings from continuing operations decline 8% to $0.44 per share from $0.48 per share a year earlier.
The Fairfield, Conn.-based company, considered a bellwether due to its size and reach, blamed the decline on the slowing U.S. economy.
Elsewhere, a report after the start of trading from the University of Michigan showed that consumer confidence fell more than expected in April. The result is the lowest in more than 20 years and a sign that the majority of Americans are pessimistic about their financial future.
Companies making computer storage devices are currently the worst performing industry group. Among the losers is small-cap Ramtron International Corp. (Nasdaq:RMTR).
Similarly, shares of San Jose-based Integrated Silicon Solution, Inc. (Nasdaq:ISSI) are also in the red. Ditto for Catalyst Semiconductor, Inc. (Nasdaq:CATS).
About the Author
Reporter Alex Alexandrov is based in SmallCapInvestor.com's Washington, D.C. bureau.
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