Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow Spencer Platt Getty Images10 Oct 2018
12 October, 2018, 01:27
United States stocks are tumbling for a second straight day, with the Dow Jones industrials falling as much as 2.5 per cent and the benchmark S&P 500 suffering a similar decline.
Continued worries about a slowdown in China's economy - especially as trade tension with the United States has escalated - were also dragging down the broader market.
All of those factors could threaten the impressive profits Corporate America has been reporting this year.
The retreat on Wall Street was led by technology stocks, which dropped 2.33 percent, and the trade-sensitive industrial stocks that fell 2.22 percent.
S&P 500 e-mini futures EScv1 and Nasdaq futures NQcv1 were both down 0.1 percent. The Russell 2000 index of smaller-company stocks shed 37 points, or 2.3 percent, to 1,584.
The Cboe Volatility Index, a measure of expected volatility on the S&P 500, gained more than 11% to 25.50 and held close to its highest level since February. The Nasdaq's 2-percent drop pulled it 7.1 percent away from its high.
Some early relief over a tame report on U.S. inflation gave way to renewed selling. Delta Air Lines shares rose 3.8 percent after the airline beat profit expectations.
Tech stocks, hit hard Wednesday, fell slightly in early trading. Amazon skidded 4.8 per cent to $1,781.21 (U.S.).
In midday trade, Wall Street remained lower as risk-appetite showed no signs of picking up.
"If the Feds are insane, this market reaction is bordering on insanity, as so many negative crosscurrents collide that is merely impossible to find a glint of optimism", he added. As LPL Financials' Ryan Detrick notes, the S&P 500 just came off its least volatile third quarter since 1963, has been up for six consecutive months, and hasn't closed up or down more than 1% for more than three straight months, "one of the longest streaks ever".
Earlier on Wednesday, Sears Holdings plunged on reports that the struggling retailer is preparing to file for bankruptcy.
But a recent International Monetary Fund warning on global growth taking a hit from trade disputes has hit confidence in the stock market, as has US Treasury yields at more than 7-year highs, signalling a tightening of capital globally.
It followed a bleak session in Europe, where Germany's Dax and France's Cac 40 had each ended the day more than 2% lower.
Shares in Facebook and Apple also fell more than 1 percent each. Brent crude, the worldwide standard, lost 2.2 percent to $83.09 a barrel in London.
The dollar fell to 111.94 yen from 112.59 yen, and the euro rose to $1.1594 from $1.1525. United States gold futures settled up $1.9, or 0.16 percent, at $1,193.4. Brent crude, the worldwide standard, dropped $1.58 to $81.51 a barrel. The British pound rose to $1.3197 from $1.3146.
On Thursday, Michael was drenching the Carolinas with heavy rains as it headed toward the Atlantic Ocean as a tropical storm. A New Orleans meteorologist got the rare opportunity to see inside Hurricane Michael and he took a camera along with him.
Jamal is a valuable person, an exemplary thinker and a courageous man who has been fighting for his principles. But Riyadh insisted the 59-year-old journalist had left the building and the murder claims were " baseless ".
Officials are urging residents to be prepared by making sure their cars are filled with gas and hurricane supply kits are stocked. It will weaken into a tropical storm near the Carolinas and Virginia on its way back to the Atlantic Ocean, forecasters said.
The Walmart-backed ecommerce portal is also asking consumers for their email to get notified when the product becomes available. What you do get, however, is an OLED display with an 18:9 aspect, rolling out 2160 x 1080 pixels, for a pretty sharp 443ppi.
Recently, the Minnesota Department of Health announced six cases had been reported in children under 10 years old. AFM cases first spiked in the United States in August 2014. "It's incredibly heartbreaking to see this".
For him to want out of Minnesota because some players don't take it as seriously as him, I think fits the Heat culture to a t. The guard was granted permission to avoid media day and training camp, and the preseason is slated to begin this weekend.
Media captionCCTV footage shows missing Saudi journalist Jamal Khashoggi entering the Saudi consulate in Istanbul. Mr Khashoggi has not been seen since he walked into the Saudi consulate in Istanbul last week and never came out.
Michael's minimum central pressure - a key measure of hurricane strength - was measured at 919 millibars at 1:00 p.m. The heavy rains could cause flash floods, the NHC said , and spawn tornados in northwestern Florida .
In less than 21 months, the Senate has confirmed two Supreme Court justices, 26 circuit court judges and 41 district court picks. Republicans said Democrats harnessed the accusation in a partisan attempt to sink the nomination.
A bright light could be seen over the southern sky in northern Nevada on Sunday night, and it came courtesy of SpaceX . SpaceX CEO Elon Musk Reveals Japanese Billionaire Yusaku Maezawa Will Fly Around the Moon on the Big Falcon Rocket .
The Heat and president Pat Riley were "as aggressive as any team in pursuit of a Jimmy Butler trade", per Wojnarowski . Minnesota moved to amend the framework of the trade and talks collapsed on Saturday , league sources said.
Hurricane Michael brings devastation to Florida
It's powerful 155mph winds ripped through the coast, flattening homes, flooding roads and leaving more than 400,000 without power. She spoke from the parking lot of a wrecked gas station in Walton County, tilting the camera to show the damage around her.
Hubble Space Telescope in 'safe mode' after technical snag
The telescope only needs three gyros for it to work properly, while the other three are held in reserve in case of failure. An Anomaly Review Board made up of experts in the field will also convene to investigate and figure out a recovery plan.
Sony Will Let You Change Your PSN ID In Early 2019
Your first ID change will be free of charge, allowing you to erase any embarrassing usernames you may still have. Here's another kicker and the key to why PSN ID changes have been such a struggle for PlayStation to implement.
Rafael Nadal displays act of kindness after Majorca floods
He said: "My solidarity and support goes out to the families and friends of victims and all the affected by these tragic floods". Two British nationals are among the victims of a devastating flood that hit the popular tourist island of Majorca overnight.
10 common signs of mental illness to watch out for
The governor explained that people with mental health problems deserve love, care, understanding and support. People go for a physical health check-up regularly but mental health is always neglected.
Huawei Mate 20X gaming smartphone got teased officially
It is all too well known that Chinese smartphone maker Huawei will launch its Mate 20 and Mate 20 Pro on October 16th in London. While most of the spotlight has been on the Mate 20 and the Mate 20 Pro , Huawei has now seemingly teased a third device.
Michael strengthens to category 1 hurricane
Hurricane conditions, including heavy rainfall and flash flooding, are expected to lash Cuba on Tuesday, according to the NWS . A Tropical Storm Watch has also been issued from the Alabama-Florida border to the Mississippi-Alabama border.
Pixel 3 XL On Sale In Hong Kong Ahead Of Launch
The Google Home Hub will support voice assistant, and it will also come with built-in support for YouTube and other Google apps. While we have a pretty good idea of what announcements to expect, the most obvious are the Pixel 3 and Pixel 3 XL smartphones.
The flu vaccine: what you need to know
The Flu Pandemic of 1918 wiped out nearly 40 million people worldwide including almost 1 million Americans. But how does it work, exactly? Nationally, flu deaths also broke records, claiming more than 80,000 lives.