The markets sold off more aggressively today thanks pullbacks in the tech names as well as energy and global stocks. The Dow 30 closed off the lows of the day but still lost 136 and the S&P 500 sold off 21. The Nasdaq 100 was the worst performer with a loss of 96 points.
Semiconductors (NYSE: SMH) were all lower today as the Chinese government banned the sale of Tencent's video game "Monster Hunter: World." This hurt names like Micron Technology (NYSE: MU), Activision Blizzard (NASDAQ: ATVI), and Take Two Interactive (NASDAQ: TTWO). Chinese regulators have frozen approval of game licenses in what they are calling a "government shakeup."
Concerns about oil-sensitive emerging markets and investors nervous about a slowdown in China and the stronger dollar, Oil sold off once again today, pulling energy names lower. At its lows, oil was down over 3% today.
As for the Turkish problems, the Turkish market (NYSE: TUR) saw a small bounce today as regulators limited currency swap transactions to slow the pace of short selling by traders on the Turkish lira. Turkey was higher by almost 3% on the day.
In terms of individual stocks, Macy's (NYSE: M) shares plummeted 14% despite the company announcing earnings that beat expectations. A continued slump in sales growth was one of the factors investors considered today.
Warren Buffett's Berkshire Hathaway (NYSE: BRK.B) added 5% to its position in Apple (NASDAQ: AAPL) as well as other names like Southwest Airlines (NYSE: LUV) and Goldman Sachs (NYSE: GS) during the second quarter. Shares of Apple held near highs on the news.