Wednesday, 17 October, 2018

TSX, Wall Street end lower as Turkey woes hit banks

Traders work on the floor of the New York Stock Exchange in New York U.S Traders work on the floor of the New York Stock Exchange in New York U.S
Elsie Buchanan | 13 August, 2018, 07:48

The Dow slid 149.44 points, or 0.6 percent.

The S&P 500 is up 179.97 points, or 6.7 per cent.

The index is just 1 percent shy of a record it hit on January 26 as an estimated 24 percent jump in earnings from S&P companies testified to the strength of the world's biggest economy and corporate sector. The S&P technology index fell 0.8 per cent, with Intel down 2.6 per cent after Goldman Sachs downgraded the stock to "sell".

The Nasdaq is up 988.39 points, or 14.3 per cent.

S&P 500 e-minis (ESc1) were up 1.25 points, or 0.04 percent and Nasdaq 100 e-minis (NQc1) were up 3.25 points, or 0.04 percent. It was down 29.07 points, or 0.11 percent, at 25,554.68.

However, chip stocks fell after Morgan Stanley downgraded the US semiconductor industry, saying upside to estimates is hard to come by. The S&P 500 was down 4.12 points, or 0.14 percent, to 2,853.58. In corporate news, shares of Dropbox Inc. were lower after a second-quarter earnings report, which also included news that Chief Operating Officer Dennis Woodside was stepping down and a post-IPO lockup on shares would expire earlier than previously planned.

Last-minute technical problem delays NASA's flight to sun
The probe's seven-year journey will bring it to within 6.16 million kilometers (3.83 million miles) of the sun's surface. Scorching, yes? But if all works as planned, the inside of the spacecraft should stay at just 85 degrees Fahrenheit.


Chip stocks fell after Morgan Stanley downgraded the US semiconductor industry, saying upside to estimates is hard to come by.

Shares in trade-sensitive companies fell. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric vehicle maker private, according to data from financial technology and analytics firm S3 Partners.

Advancing issues outnumbered decliners by a 1.80-to-1 ratio on the NYSE. The Nasdaq Composite closed at 7,839.11 for a loss of -52.67 points or -0.67%.

About 5.9 billion shares changed hands on United States exchanges.

"The Dow's positive momentum keeps fading according to technical readings in the daily chart, but by no means indicates an upcoming bearish continuation, as the index holds well above all of its moving averages, and with the 20 DMA maintaining its bullish stance".

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