Thursday, 15 November, 2018

Tech companies lead another steep sell-off in US stocks

Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs Stocks Slammed! Dow Plunges More Than 600 Points
Elsie Buchanan | 30 October, 2018, 03:13

The Dow is down 860.92 points, or 3.4 per cent.

Stocks have been punished this month by a range of worries, from rising borrowing costs and bond yields to Italy's budget and US congressional elections due in less than two weeks.

U.S. stocks fell in Friday trade as a technology sell-off rattled global markets.

Japan's Nikkei 225 index sank sharply on the open Thursday but leveled off, regaining some lost ground.

Stocks are opening modestly higher on Wall Street a day after a sharp sell-off erased the market's gains for the year.

At 11:15 a.m. EDT the Dow Jones Industrial Average was down 428.64 points, or 1.72 percent, at 24,555.91, the S&P 500 was down 61.93 points, or 2.29 percent, at 2,643.64 and the Nasdaq Composite was down 215.49 points, or 2.94 percent, at 7,102.85.

United Parcel Service slid 5.5 percent to $107.93 after the shipping company reported weak global revenue, while the strong dollar and high fuel prices also hurt its results.

Toyota Motor Corp. gave up 2.7 per cent while Hong Kong-based retail supply chain giant Li & Fung Ltd. lost 1.3 per cent.

The Dow Jones Industrial Average climbed 104 points, or 0.4 percent, to 24,689.

On Friday, France's CAC 40 index fell 1.3%, while the Dax slipped about 1%.

Results from S&P 500 companies have pushed up third-quarter profit growth estimates to 23.6 percent from 21.8 percent in the last 10 days.

1 student shot at North Carolina high school, police say
Police also said that the shooter, who was also a student, was taken into custody and that police have recovered the weapon. A high school student in North Carolina died Monday morning after being shot by a classmate, authorities say.


Mattel dropped 2.8 percent to $13.45 after the toy maker served up quarterly results that fell short of analysts' forecasts. The Nasdaq (.IXIC) jumped 2.95 percent, but remained down 10 percent from its August record high close.

The Russell 2000 index of smaller-company stocks gave up 16.58 points, or 1.1 percent, to 1,483.82. The Nasdaq has taken bigger losses than other USA indexes in recent weeks. The Chinese yuan fell to 6.9641 against the greenback, flirting with its weakest point in almost a decade.

United Parcel Service slid 5.5 percent to $107.93 after the shipping company reported weak worldwide revenue, while the strong dollar and high fuel prices also hurt its results.

The technology-heavy Nasdaq composite is now 12.3 per cent below its August peak.

Before the open, the Commerce Department said the United States economy grew in July through September at a slightly slower pace than a blockbuster expansion earlier in the year, marking the best back-to-back quarters since 2014.

Bond prices rose, sending yields lower.

In New York, the futures contract for the S&P 500 gained 0.7 per cent to 2,684 while that for the Dow also rose 0.6 per cent, to 24,770, suggesting recent losses may have whetted appetites for bargains.

Chipmakers Texas Instruments and STMicroelectronics warned of slowing demand.

Amazon shares fell by as much as 10 per cent - its worst performance in four years - as its outlook for Christmas sales disappointed investors.

The indexes were pulled down by Amazon, Facebook and Netflix, all of which lost more than 5 percentage points in value, while Google-parent Alphabet plummeted 4.8 percent.

Boeing jumped 3.3 per cent after beating analysts' earnings forecasts. Brent crude, the benchmark for worldwide oil prices, rose 0.9 percent to $76.89 a barrel. The euro rose to $1.1408 from $1.1393.

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