Stocks fluctuate, and on Thursday, they fluctuated downward for a second straight day, dragging share prices for many of the Tampa Bay area’s biggest publicly traded companies with them.
Among major local companies, Raymond James Financial saw the biggest drop-off in its share price: almost 7.5 percent over Wednesday and Thursday. In contrast, Welbilt’s share price rose about half a percent over the two days, but New Port Richey restaurant equipment manufacturer was the exception among bay area companies.
On Wednesday, the culprit on the national level was technology stocks, which drove the market’s worst decline in eight months. The Dow Jones Industrial and Standard & Poor’s indexes were both down more than 3 percent. The tech-heavy Nasdaq index dropped more than 4 percent.
On Thursday, the S&P 500, the market bench mark, closed lower for the sixth straight day.
"The global economy and markets are in a delicate situation," Carsten Brzeski, chief economist at ING Bank in Frankfurt, told the New York Times. "While the status quo is still good, risks are increasing."
Domestically, the Federal Reserve is expected to increase interest rates further, which could raise the cost of borrowing in the United States and around the world.
And abroad, the Trump administration’s adversarial trade relationship with China is getting worse, not better. If tensions between the United States and China continue to rise, International Monetary Fund managing director Christine Lagarde warned that "the global economy would take a significant hit."
Here’s how stocks for 10 of the bay area’s biggest publicly traded companies fared Wednesday and Thursday:
Health care management
Close Thursday: $302.10, down eight-10ths of a percent
Two-day loss: 2.9 percent
Market capitalization: $15.1 billion
RAYMOND JAMES, St. Petersburg
Close Thursday: $87.72, down 2.5 percent
Two-day loss: Nearly 7.5 percent
Market capitalization: $12.8 billion
JABIL, St. Petersburg
Close Thursday: $23.50, down 1.3 percent
Two-day loss: 4.9 percent
Market capitalization: $3.96 billion
TECH DATA, Clearwater
Technology and software distribution
Close Thursday: $68.50, down 2.3 percent
Two-day loss: 4.1 percent
Market capitalization: $2.63 billion
BLOOMIN’ BRANDS, Tampa
Close Thursday: $19.58, down 2.25 percent
Two-day loss: 3.2 percent
Market capitalization: $1.81 billion
MASONITE INTERNATIONAL, Tampa
Close Thursday: $59.72, down 1.8 percent
Two-day loss: 1.8 percent
Market capitalization: $1.65 billion
SYKES ENTERPRISES, Tampa
Staffing and customer service
Close Thursday: $29.05, down 1 percent
Two-day loss: 3 percent
Market capitalization: $1.24 billion
WELBILT, New Port Richey
Food service equipment
Close Thursday: $19.02, up 2.2 percent
Two-day gain: Almost half a percent
Market capitalization: $2.67 billion
Staffing and IT services
Close Thursday: $34.06, down 1.3 percent
Two-day loss: 3.9 percent
Market capitalization: $889 million
Close Thursday: $32.69, up nearly 1.2 percent
Two-day loss: 1.2 percent
Market capitalization: $12.6 billion
This report includes information from the New York Times. Contact Richard Danielson at [email protected] or (813) 226-3403. Follow @Danielson_Times