Wednesday, 17 October, 2018

US stocks open with modest losses

New York City. With bond prices dropping interest rates have been surging resulting in the Dow Jones Industrials Average falling over 200 poin Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow Spencer Platt Getty Images10 Oct 2018
Elsie Buchanan | 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.).

Nobel Prize for Economics: winners William Nordhaus and Paul Romer
Romer's work took a closer look at what drives technological change. Per Stromberg is the head of the Nobel economics prize committee.


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.

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