The stock market fell again today. The same is true for oil prices. However, the market is optimistic about women’s underwear.
Victoria’s secret underwear maker L Brands rose 5.93% because the company’s September sales announced in September were better than the expected 8%. The results exceeded market expectations as Columbus, Ohio-based companies have been guiding sales and profit forecast declines. L Brands is the biggest gainer in the Entrepreneur Index today, although its share price has fallen 48% this year.
As the stock market continues to fluctuate, the entrepreneurial index is lingering for most of the day – mainly in the downward direction. After falling 4.41% yesterday, the index of 60 leading companies run by its founders or founding family members fell by 1.57% today.
Technology stocks continued to decline. The Nasdaq Composite Index fell 1.25% today. It is now technically in a modified area because it is down more than 10% from the peak at the end of August.
Technology stocks in the Entrepreneurial Index, which was hit hard yesterday, performed slightly better today. Netflix fell 8.4% yesterday and fell 1.47% today. Amazon is the most valuable company in the index, falling 2.04% after falling more than 5% yesterday. NVIDIA, the chip maker in the gaming industry, fell 4.3%, the third-largest drop in the index that day.
However, several technology companies are on the rise. Facebook rose 1.3%, while salesforce.com, which lost the most yesterday, rose 1.04%. Yesterday, the 8.5% of the biggest decline in the index, Twitter, rose 0.75% today.
Oil prices continued to fall today, falling another 3% after falling 3.15% yesterday. US crude oil inventories are higher than expected, and the International Monetary Fund and OPEC have recently lowered their forecasts for global economic growth and global oil demand. The energy company suffered a loss. Oil and gas producer Hess Corp. fell 3.22% today, and Kinder Morgan, which manages oil and gas pipelines, fell 2.52%.
The discount retailer Dollar Tree seems to have been punished for being one of only three stocks in the index, and it was positive yesterday. The company announced plans to hire 25,000 employees in its nationwide recruitment campaign next week, and its share price fell 5.6% today.