Biotech and health care stocks looked like they needed a transfusion of market confidence Monday, as for the second session in a row, their performance was anemic. Investors are trying to determine if we're at the start of a longer-term rotation out of the group, or whether those falling values only reflect a surge of profit-taking.
The Dow Jones industrial average (^DJI) fell 26 points, the Standard & Poor's 500 index (^GPSC) lost 9, and the Nasdaq composite (^IXIC) slid 50 points.
A lot of big-name tech stocks led the Nasdaq's decline. Netflix (NFLX) dropped nearly 7 percent, Facebook (FB), LinkedIn (LNKD) and Twitter (TWTR) all lost about 4 percent. Google (GOOG), Amazon (AMZN), Priceline (PCLN) and Yahoo (YHOO) all lost about 3 percent. Tesla (TSLA) was also a drag on the Nasdaq, losing 5 percent.
And another recent high-flier -– the cyber-security firm FireEye (FEYE) -- fell 7 percent. However, even though it has lost ground this month, the stock is still up 80 percent from a year ago.
But Apple (AAPL) bucked the downtrend, gaining more than 1 percent. The Wall Street Journal says it's working on a deal with cable giant Comcast (CMCSK) involving a streaming TV service, and there are reports that Apple is about to launch an iTunes radio app for Android users. That pressured Pandora (P), which fell 8 percent.
As for the biotech sector, it was across the board selling. Amgen (AMGN) fell 1 percent and Biogen (BIIB) lost 2 percent.
In the health care and pharmaceutical sector, Incyte (INCY) dropped 7 percent, Alexion (ALXN) down 6 percent, and Pharmacyclics (PCYC) down 4 percent. Even the big boys took a hit. Pfizer (PFE) lost 2 percent Merck (MRK) lost 1 percent.
Even though it was a down day, there were some gainers. Among the blue chips, high-dividend paying companies did well. Procter & Gamble (PG) gained nearly 2 percent. JPMorgan (JPM) and IBM (IBM) both gained 1 percent.
Elsewhere, Nu-Skin (NUS) jumped 18 percent as sanctions by Chinese regulators were milder than expected. And Lions Gate (LGF) rose 3 percent after "Divergent" enjoyed a strong opening weekend at the box office.
What to Watch Tuesday:
Standard & Poor's releases the S&P/Case-Shiller index of home prices for January at 9 a.m. Eastern time.
At 10 a.m., the Commerce Department releases new home sales for February, and the Conference Board releases the Consumer Confidence Index for March.
These major companies are scheduled to report quarterly financial results:
House Rich: Neighborhoods With the Biggest Price Jumps
After Market: High Techs and Biotechs Drag Indexes Down
Year-over-year gain: 21.5%
Median sale price, Jan. 2013: $224,450
Median sale price, Jan. 2014: $272,750
Residents enjoy hundreds of nearby hiking trails, as well as indoor culture at the Fine Arts Center and the Colorado Springs Philharmonic.
Year-over-year gain: 22%
Median sale price, Jan. 2013: $318,375
Median sale price, Jan. 2014: $388,500
This neighborhood, bounded by the Schuylkill River and 20th Street, and by South Street and Christian Street, was viewed as a slum in the 1970s, when Philadelphia's Redevelopment Authority took over abandoned properties.
Year-over-year gain: 24.2%
Median sale price, Jan. 2013: $516,450
Median sale price, Jan. 2014: $641,500
Magnolia covers 4 square miles, making it the second-largest Seattle neighborhood by area. It features a lighthouse built in 1881 and is home to Seattle's largest park, at 534 acres.
Year-over-year gain: 32.1%
Median sale price, Jan. 2013: $210,446
Median sale price, Jan. 2014: $277,898
Paradise Valley, in the heart of the Scottsdale-Phoenix area, gets an average 294 days of sunshine a year -- hence, the more than 200 golf courses.
Year-over-year gain: 32.2%
Median sale price, Jan. 2013: $344,750
Median sale price, Jan. 2014: $455,835
The Washington Post listed Sunset Hills among "the shortest commute" category of Virginia neighborhoods, with an average commute time of just over 21 minutes. And Dulles International Airport is about six miles away.
Year-over-year gain: 44.5%
Median sale price, Jan. 2013: $247,735
Median sale price, Jan. 2014: $357,900
This once-seedy area has become hot in recent years. It's packed with art galleries and chic retail shops, as well as new upscale bars and restaurants next to venerable family-owned cafeterias.
Year-over-year gain: 46.9%
Median sale price, Jan. 2013: $284,750
Median sale price, Jan. 2014: $418,250
Brighton, once the center of New England's cattle trade, is in the northwest corner of Boston, on the Charles River. The Brighton Branch Library is Boston's first renovated LEED Green Building. The Brighton Police station is shown here.
Year-over-year gain: 47.5%
Median sale price, Jan. 2013: $223,175
Median sale price, Jan. 2014: $329,100
South Loop joins a number of other once-blighted neighborhoods on this list that have been redeveloped and are now hot. The site of former rail yards, it was known for many years more for its vices (as in brothels, burlesques) than its residential virtues.
Year-over-year gain: 48.7%
Median sale price, Jan. 2013: $241,000
Median sale price, Jan. 2014: $358,450
Also: Fairgrounds, San Jose (41.4%); La Jolla, San Diego (40%); Woodland Hills, Los Angeles (37.5%); Southwest Anaheim, Anaheim (35.2%); Berryessa, San Jose (34.4%).
Newhall, the southernmost and oldest district of Santa Clarita, was the first permanent Anglo settlement in the valley. Ranches-turned-film studios dot the area, including the Melody Ranch, which was once owned by Gene Autry. The ranch hosts the annual Santa Clarita Cowboy Festival.
Year-over-year gain: 48.8%
Median sale price, Jan. 2013: $504,250
Median sale price, Jan. 2014: $750,275
This is the most affluent neighborhood in Charlotte; the median income is $79,737, according to Zillow. That compares with a median of $46,975 for Charlotte. A high point of the area is the Duke Mansion, built in 1915 by tobacco magnate James Buchanan Duke.
Year-over-year gain: 57.4%
Median sale price, Jan. 2013: $167,450
Median sale price, Jan. 2014: $263,615
People who live here, according to classifications Zillow uses to characterize residents, are likely to be: Corporate Climbers, Multi-lingual Urbanites or in a category called "Bright Lights, Big City," which Zillow uses to describe "singles ranging in age from the early 20s to mid-40s who have moved to an urban setting."
Year-over-year gain: 97.3%
Median sale price, Jan. 2013: $668,250
Median sale price, Jan. 2014: $1,318,301
New York City’s 92-acre planned community includes areas built on more than 3 million cubic yards of soil and rock, some of which was excavated during the construction of the World Trade Center.
Bloomberg ranked neighborhoods in U.S. cities based on the year-over-year increase in median home sale prices from January 2013 to January 2014. Percentage increases were based on Zillow calculations of median sale prices of all home types and calculated only for neighborhoods with at least 10 sales per month. Only neighborhoods with median home sale prices of at least $250,000 in January 2014 were included. Data were rounded.