Dow sinks over 800 points, biggest drop in 8 months
11 Octubre, 2018, 14:43 | Author: Arnold Perez
The Toronto Stock Exchange closed down 336 points, or more than two per cent, on Wednesday, the fourth day in a row that the benchmark Canadian stock index was lower. That's helped make technology stocks more volatile in the last few months.
Technology stocks, the biggest winners in the market over the past year, took some of the worst losses.
Alec Young, managing director of global markets research at FTSE Russell, said investors fear that rising interest rates and growing expenses are going to erode company profits next year.
The weakness in tech was led by semiconductor names after Swiss vacuum valve maker VAT Group said demand from chip equipment makers was softening.
"We've scratched our heads about the rise in stocks for the past 18 months".
The broadbased S&P 500 slumped 3.3 per cent to end at 2,785.68, while the tech-rich Nasdaq Composite Index plummeted 4.1 per cent to finish the session at 7,422.05. Eastern time. It's on track for its fifth straight drop, which hasn't happened since right before the 2016 presidential election. The Nasdaq composite dropped 173, or 2.2 percent, to 7,565. It's fallen 6.3 per cent over the last five days.
Shares in Facebook, Amazon, Apple, Netflix and Google's parent company Alphabet - the so-called "FAANG" stocks that have driven USA markets to all-time highs recently - all fell in NY trading. Chipmaker Nvidia dropped 5 percent.
The Australian dollar was buying 70.65 U.S. cents shortly after 10:00am (AEDT).
The biggest driver for the market over the last week has been interest rates, which began spurting higher after several encouraging reports on the economy.
Higher bond rates can weigh on stocks as they provide more competition for yield-hungry investors. The energy sector was close behind with a 2.9 percent loss, as oil extraction in the Gulf of Mexico shutting down due to the hurricane.
Bond prices fell. The yield on the 10-year Treasury rose to 3.23 per cent.
"As stocks go up, tech goes up more than the stock market", said Gina Martin Adams, chief equity strategist for Bloomberg Intelligence.
"Amazon recently announced they were increasing wages, Facebook is spending a ton on security", she said. Only 17 stocks in the S&P 500 wound up with a gain.
Sears Holdings plunged 32 percent after the Wall Street Journal said the debt-laden retailer was preparing for a possible bankruptcy. The stock fell 16.8 percent to 49 cents.
Oil prices fell more than 2 percent as U.S. stocks plunged, even though energy traders anxious about shrinking supply from Iran due to U.S. sanctions and kept an eye on Hurricane Michael, which closed almost 40 percent of U.S. Gulf of Mexico output. West Texas Intermediate crude oil, a USA benchmark, fell 2.1 per cent to US$73.36 a barrel - and the discounted price of Western Canadian Select oil widened to US$47 a barrel.
Most people will instead experience things like a cold, a rash, diarrhea or hand, foot and mouth disease, she explained. In a letter to the CDC, Klobuchar asked the director to share the organization's plan to address the infections.
Many observers expected that would trigger a sell-off in the stock market as investors flooded their cash into Treasurys. An additional 1.5-percentage-point fall would confirm a correction for that index.
Bo Patterson, the mayor of Port St Joe, south of Mexico Beach , was among 2,500 people there who defied evacuation orders. Panama City looked like a war zone after being battered for almost three hours by strong winds and heavy rains.
UFC president Dana White says Conor McGregor has already called him, asking for an immediate rematch against Khabib Nurmagomedov. The guy who's yelling at you means nothing". "We have to see how this stuff plays out with Khabib", White said.
The website claims she is now being treated with dialectical behaviour therapy (DBT) at an East Coast psychiatric facility. The 26-year-old was reportedly checked into a mental health facility after suffering an emotional breakdown .
A water-level station in Apalachicola, close to where Michael came ashore, reported a surge of almost 8 feet (2.5 meters). A pine tree punched a hole in their roof and his ears even popped when the barometric pressure went lower.
The tour begins November 18 in Las Vegas and runs through May 4 with stops in Toronto, Detroit , New York and other cities. A famous political couple will be touring North America beginning this fall - and they may be coming to a city near you.
Three-time Shanghai Masters champion Novak Djokovic will have the chance to avenge a grand slam loss in the next round. The German was sacked up in the 7-5, 6-4 win; so much so that a ball boy was actually spooked by Zverev's intensity.
Residents in Panama City, Florida are boarding up coastal properties as Hurricane Michael approaches with increased intensity. Trump was briefed on the hurricane on Wednesday prior to it making landfall and said he would visit the area early next week.
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