US Market Indexes Fall Further, Dow Closes With -3.15% Loss
US Market Indexes Fall Further, Dow Closes With -3.15% Loss
Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow
11 October, 2018, 20:11
MSCI's gauge of stock performance in 47 countries fell 2.2 percent, the pan-European FTSEurofirst 300 index of leading regional share lost 2.1 percent.
At 11:16 a.m. ET the Dow was down 333.92 points, or 1.30 percent, at 25,264.82, the S&P was down 37.07 points, or 1.33 percent, at 2,748.61 and the Nasdaq Composite was down 72.61 points, or 0.98 percent, at 7,349.44. The benchmark USA stock index hadn't suffered a five-day losing streak since November 2016, just before the presidential election.
Apple and Amazon, the two most valuable companies in the S&P 500, each had their worst day in 2½ years.
Alibaba dropped 4.1 percent after Morgan Stanley and Raymond James cut their near-term profit estimates on the Chinese e-commerce company, citing a softer economic environment in China.
Amazon shares declined 6.2% on Wednesday.
Asian markets were broadly lower on Thursday after Wall Street slumped on a heavy selling of technology and internet stocks. Boeing lost 4.7 percent to $367.47 and Alphabet, Google's parent company, gave up 5 percent to $1,081.22.
Stock prices have been hurt by rising interest rates, which have boosted Treasury yields over the last week.
The increase in yields from these bonds - which are parcels of U.S. government debt - can hurt stocks since they will provide competition for investors' cash.
"Both companies highlighted rising costs, not only input costs but increasing operating expenses [and] marketing expenses", she said.
Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles per hour. The Nasdaq composite dropped 173, or 2.2 percent, to 7,565. Those rates have been climbing after several encouraging reports on the economy.
"If investors are going to take profits then it will be from some of the bigger, high-growth names", Nauman said.
Markets have sold off in recent days as the rate on the 10-year Treasury note flirted with 3.2 percent - its highest level in seven years. It was at just 3.05% early last week and 2.82% in late August. That's helped make technology stocks more volatile in the last few months.
Stocks and bonds traditionally have been in a tug of war for capital, but for the past 10 years bonds have had one arm tied behind their back, said Jack Ablin, chief investment officer and founding partner at Cresset Wealth Advisors in Chicago.
The bull market that began in 2009 soon after the Federal Reserve, European Central Bank and the Bank of Japan added more liquidity with their historically low-interest rates and bond purchases began to lose shine after the Fed increased fund rates three times in a year.
Earlier on Wednesday, Sears Holdings plunged on reports that the struggling retailer is preparing to file for bankruptcy. Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores.
United States crude settled down $1.79 at $73.17 per barrel and Brent fell $1.91 to settle at $83.09. The euro rose to $1.1525 from $1.1496. Silver dipped 0.5 per cent to $14.33 an ounce.
As Android Authority reports , the phone runs a Snapdragon 660 and includes a headphone jack for old's time sake. Sitting at the top is an 8-megapixel ultra wide-angle sensor with f/2.4 aperture and 120-degree field of view.
The publication suggests that only the premium version of the possible trio of phones will be equipped with a triple camera setup. These two smartphones have dual-SIM support as well - and they come with dedicated SIM 1 + SIM 2 + microSD card slots.
I've been quite consistent with my play, but I didn't have enough good finishes on the board, after the win at the CIMB Classic . "I had a goal at the start of the year where I wanted to be in the top 500 in the world golf rankings".
Priyanka Chopra says that fondness for family is at the heart of her altar-bound chemistry with fiance Nick Jonas . According to reports, Nick Jonas shut down the entire Tiffany store to choose the ideal ring for Priyanka .
Tourists and locals said they were woken by the magnitude-6 quake, the latest in a series to strike the country. A string of earthquakes in Lombok in eastern Indonesia killed more than 550 people over the summer.
Rising star Zverev was similarly emphatic as he brushed aside Australia's new number one, teenager Alex de Minaur , 6-1, 6-4. The 37-year-old Swiss served out the match in just under two hours to keep hopes of a third Shanghai title alive.
Apparently, the four-camera Samsung will feature a main sensor of 24MP, with F1.7, capable of great low-light performance. As for the display , the A9 boasts of a 6.3-inch Full HD+ Super AMOLED with a resolution of 1080×2220 pixels.
Tomlin is not the first person to criticize the NFL's officiating this year, but the head coach was highly outspoken on Sunday. The Steelers (2-2-1) will travel to Cincinnati (4-1) for an NFC North matchup against the Bengals on Sunday at 1 p.m.
Former Arsenal striker Thierry Henry is being considered as a replacement for manager Leonardo Jardim at Monaco. French and British media have reported that former France global Thierry Henry is the favourite the replace him.
The movie concerns the collision of old-money European wealth and the modern marijuana industrial complex. He can be seen next in " Serenity " with Anne Hathaway, followed by Harmony Korine's "The Beach Bum".
Directed by Guy Ritchie , the new Aladdin stars Will Smith as the Genie, taking over the iconic role for the late Robin Williams . The live-action Aladdin started filming in September 2017, a few months delayed after a prolonged casting process .
Hurricane Michael leaves trail of devastation in Florida
As it came ashore, Michael was just shy of a Category 5 - defined as a storm packing wind speeds of 157 miles per hour or above. The town looked bruised, said Kathleen Troy, 57, as she and her husband walked their dog through dark streets, but not beaten.
LEGO Overwatch 75987 Omnic Bastion is available now
This model comprises of 182 pieces, including either a tile or sticker that denotes the set as a Blizzard exclusive. In addition, Bastion's trusty companion Ganymede is also included - in chunky black and red Lego form.
Nokia 6.1 Plus gets Android 9 Pie Beta now
On the plus side, the Nokia 7 .1 will retail at about $250 thus making it significantly cheaper than the Pixel 3. For additional storage, users can make use of the microSD card through the hybrid SIM slot on the phone.
Firs Look: Amitabh is Gosayi Venkanna in Sye Raa..
In this intriguing motion poster of Amitabh Bachchan-starrer Sye Raa Narasimha Reddy , the actor looks intensely fierce. In the the first look of Bachchan's character in the film, the actor has been portrayed as Gosayi Venkanna .
Nokia 7.1 Plus Expected to Launch Today in India
Regardless of this, a respectable 3,500mAh battery is included, as is stock Android 8.1 Oreo as part of the Android One program. HMD has tied up with Reliance Jio to offer up to 544GB free 4G data, however the exact terms weren't announced at the event.
Dow Jones plunges 800 points as tech stocks tumble
US consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years. The FTSE 100 opened 1.5% lower - hovering just above the 7000 point level - following a 1.3% decline on Wednesday.
Channing Tatum is Dating Singer Jessie J
The latest romantic surprise reveals itself in the form of alleged relationship between Jessie J and Channing Tatum . We won't be commenting beyond this, and we thank you all in advance for respecting our family's privacy.