Stocks have their worst day in months; Dow drops 800-plus points
Stocks have their worst day in months; Dow drops 800-plus points
Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow Spencer Platt Getty Images10 Oct 2018
11 October, 2018, 04:03
Tech leaders Amazon (AMZN), Facebook (FB) and Netflix (NFLX) all helped lead the market lower Wednesday while stodgier companies like food companies Smucker (SJM) and General Mills (GIS), gold miner Newmont (NEM) and bargain retailers Dollar General (DG) and Dollar Tree (DLTR) finished the day higher.
USA stock indexes dived around 1 percent on Wednesday as worries over China and the impact of rising Treasury yields on global growth drove falls in luxury goods companies and chipmakers. Apple and Amazon both had their worst day in two and a half years.
"It is starting to influence the local market".
The broad-based S&P 500 slumped 3.3% to end at 2,786.46, while the tech-rich Nasdaq Composite Index plummeted 4% to finish the session at 7,427.74. The benchmark index fell for the fifth straight day, which hadn't happened since just before the 2016 presidential election. As of October 10, it's lasted 3,503 days.
The Dow Jones industrial average dropped 2.2 percent, or more than 550 points. The S&P 500 was off by 1.7 percent, putting it on pace for its first five-day losing streak in two years.
After a long stretch of relative calm, the stock market has suffered sharp losses over the last week as bond yields surged. The Russell 2000 small-cap index closed down 2.9 percent. Industrial and internet companies also fell hard. Boeing lost 4 percent to $370.04 and Alphabet, Google's parent company, gave up 3.2 percent to $1,109.08. Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73. Tiffany plunged 10.2 per cent to US$110.38 and Ralph Lauren fell 8.4 per cent to US$116.96.
Earnings were a major driver of the market last quarter, and analysts see more robust results ahead, even if companies face growing issues like the yet-to-be-resolved trade war and higher raw-materials costs. But eventually the high rates worry stock investors, as higher rates tend to increase borrowing costs and cut into profit margins.
The 10-year Treasury yield rose to 3.23 percent from 3.20 percent late Tuesday and from 3.05 percent early last week. Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks.
Adams, of Bloomberg Intelligence, said investors have concerns about their future profitability, too.
The S&P 500 posted 12 new 52-week highs and 47 new lows; the Nasdaq Composite recorded 12 new highs and 227 new lows.
Sears Holdings plunged 32 percent after the Wall Street Journal said the debt-laden retailer was preparing for a possible bankruptcy. The stock fell 15 per cent to 50 cents. The energy sector was close behind with a 2.9 percent loss, as oil extraction in the Gulf of Mexico shutting down due to the hurricane. Brent crude, the global standard, lost 2.2 percent to $83.09 a barrel in London. The Fed has predicted that unemployment will remain below 4 percent through 2020 and inflation is expected to track around 2 percent, conditions that Federal Reserve chief Jerome H. Powell called "remarkably positive". USA gold futures settled up $1.9, or 0.16 percent, at $1,193.4.
US gold futures settled up $1.9, or 0.16 percent, at $1,193.4.
CVS dipped 0.1 percent to $79.40 and Aetna added 0.5 percent to $204.64. Copper fell 0.9 percent to $2.78 a pound. Concerns about consumer spending have also led to jitters about USA companies as they prepare to unveil results for the third quarter of the year over the coming weeks.
The CAC 40 in France dropped 2.1 per cent, Germany's DAX lost 2.2 per cent and the FTSE 100 in London fell 1.3 per cent.
These, after all, are the spaces where climate change has a tendency to disappear once the headlines move on again. Instead, it risks setting up feedbacks that could fall like risky dominos, fundamentally destabilizing the planet.
It has said it has no intention of scaling back fossil fuel production because without coal, household power bills would soar. The point is whether the human race will find the collective political and moral will to fight climate change.
The hand sanitizer group missed 3.25% of days of day care, followed by the soap and water group, which missed 3.9% of days. In addition, "hand sanitizers are not as effective when hands are visibly dirty or greasy", the CDC notes.
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Ronaldo has always maintained, as he does today, that what occurred in 2009 in Las Vegas was consensual in nature ". Ronaldo and have been reported in the media are complete fabrications ", Christiansen wrote.
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The first included 36,648 men from the Genetic Epidemiology Research on Adult Health and Aging cohort, or GERA. The region that includes the risk factor physically interacts with the SIM1 promoter, the researchers found.
In the image, Kylie shows off her flat midriff in a black bodysuit with high-waisted denim with her short brunette locks loose. Back in March 2017, Kim Kardashian West sported a Kris-esque wig, writing on Instagram, " Kris Jenner vibes".
From there, it will move northeastward across the southeastern United States on Wednesday night and Thursday. Michael, moving toward the US Gulf Coast, is now a Category 1 hurricane, the National Hurricane Center said .
According to the agency, bovine tuberculosis (TB) is an infectious disease that is caused by the bacteria Mycobacterium bovis . Hunters should submit any deer showing signs of the infection - like lesions in the rib cage - to the state DNR for testing.
Democrats to force health care vote Wednesday in the Senate
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The nod to privacy concerns comes as Google and other big USA tech companies try to bounce back from recent data breach scandals. The move does however point to the tech industry's growing certainty that home hubs represent a huge market opportunity.
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The company offers voice, messaging, and data services to 72.6 million customers in the postpaid, prepaid, and wholesale markets. For more information, please visit http://www.t-mobile.com or join the conversation on Twitter using $TMUS.
Trump crows over win in bitter Supreme Court battle
But when asked again Sunday about it, he said different rules might apply if the same party controls the Senate and White House. Kim Jackson, who is Black, joined Shannon Grammel, Megan Lacy and Sara Nommensen as Kavanaugh's Supreme Court law clerks.