Stock Market News: Tilray Sees Big Pot Losses; Retail Woes Hit Macy's
The stock market suffered large losses on Wednesday morning as optimism about a potential U.S.-China trade resolution gave way to new concerns about global economic growth. Yields on the 10-year Treasury note fell to 1.6%, creating an inverted yield curve in which rates on shorter-term bonds are higher than on long-term bonds. That often signals a recession. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 522 points to 25,758. The S&P 500 (SNPINDEX: ^GSPC) fell 59 points to 2,868, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) declined 184 points to 7,832.
Some sectors of the economy have been in high-growth mode lately, while others have had to struggle under low-growth conditions for a long time. Yet bad news from both areas weighed on investor sentiment today, as both cannabis company Tilray (NASDAQ: TLRY) and department store retail giant Macy's (NYSE: M) delivered financial results that left investors wanting more.
Shares of Tilray were down 13% Wednesday morning after the Canadian cannabis specialist announced its second-quarter financial results. The report included both good and bad news, but investors seemed to focus on the negatives for the marijuana stock.
Source Fool.com