Monday, 10 December, 2018

Wall Street slumps as investors dump tech stocks

U.S. Stocks Fall Sharply, Tech Sector Leads Declines Wall Street opens lower as bond yields gain
Priscilla Morrison | 10 October, 2018, 21:51

But a recent International Monetary Fund warning on global growth taking a hit from trade disputes has hit confidence in the stock market, as have Treasury yields at more than seven-year highs, signaling a tightening of capital globally.

Tech stocks in the S&P 500 fell 2.7 percent Wednesday for the steepest loss among the 11 sectors that make up the index. The Nasdaq's 2 percent drop pulled it 7.8 percent away from its high.

The tech sector has slid 5.5 percent so far this month, already its worst since August 2015, and at current levels has lost out to healthcare.SPXHC as the best-performing S&P sector in 2018. The S&P 500 Information Technology index has dropped 2.7%, making it the hardest hit sector in the benchmark, and continuing a recent trend. Eastern time. It's down about 3 percent since peaking on September 20, and close to its lowest level in two months.

The benchmark S&P 500 and the Dow Jones industrial average fell almost 1.5 percent and at the day's low had retreated 3.7 percent and 4.5 percent, respectively, from their all-time highs. The stock fell 35.7 percent to 38 cents in morning trading.

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All three indexes hit records between August 30 and October 3, despite the escalating Sino-US trade dispute gnawing at confidence on corporate profit growth through most of the year. Over the years, Sears has closed hundreds of stores and sold several famous brands.

"If investors are going to take profits then it will be from some of the bigger, high-growth names", Nauman said. Think of it this way, if the Treasury issues a $1000 bond paying 3 percent interest, investors will not pay $1000 for an older bond paying 2 percent interest. It was at just 3.05 percent early last week. The two-year yield rose to 2.88 percent from 2.87 percent, and the 30-year yield climbed to 3.38 percent from 3.37 percent.

"The bottom line is that among the sector bifurcation, the Small Cap unwind, the surge in rates and the spiking U.S. Dollar (all of which we've touched on lately), there is plenty to push the "market" around", writes Instinet's Frank Cappelleri.

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