Stock Markets Fall on Fastly Warning; Aphria Brings Pot Stocks Down
The stock market has put together an impressive performance in the past several weeks, but it's currently going through a reversal of fortune. Investors are blaming the turnaround in part on Washington, which remains unable to come to a consensus on how to provide greater economic stimulus to the American people and to domestic businesses. The result was another pullback on Thursday morning, with most major benchmarks losing between 0.5% and 1%. As of shortly after 11:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 151 points to 28,363. The S&P 500 (SNPINDEX: ^GSPC) lost 24 points to 3,464, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 115 points to 11,653.
Part of what started the market's downturn was a warning from edge computing specialist Fastly (NYSE: FSLY) late Wednesday that sent its shares plunging, but the carryover impact from that drop hasn't been as large as feared. Meanwhile, marijuana stock Aphria (NASDAQ: APHA) reported its latest financial results, and cannabis investors weren't happy with what those figures said about the overall industry's prospects.
Shares of Fastly fell 23%, which was actually a considerable improvement from the 30% drop at the opening bell. The company's sales warning prompted a host of Wall Street analysts to cut their views on the edge computing stock.
Source Fool.com
