CEOs Step Down | January 13

by Luna Fuller
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Good Evening!

The DJIA fell 0.03%
The S&P 500 added 0.27%
The Nasdaq Composite was up 0.43%

Utilities and tech stocks led the market, while energy kept gains in check.

General Market Review


Intel boosted tech today after it was confirmed that the Chief Executive Bob Swan would step down next month. There were pressures from the hedge fund, Third Point, who urged Intel to look into strategic acquisitions. Pat Gelsinger, VMWare CEO, will take over. Intel gained 7%. VMWare was down 7%. Stocks in the Fab 5 were in the green.


Due to weak oil prices, energy stocks fell about 1%. Crude inventories had a larger-than-expected draw last week, which was offset by a rise in product inventories in the US.


Urban Outfitters fell 6% after reporting weak holiday sales due to the pandemic. CEO, Trish Donnelly, is stepping down and Sheila Harrington, CEO of Free People, is taking over at the end of the month.

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