Markets Right Now: US stocks slump on day of wide swings

12 October, 2018, 04:42 | Author: Billie Castillo
  • New York City. With bond prices dropping interest rates have been surging resulting in the Dow Jones Industrials Average falling over 200 poin

It was a volatile day in stock trading. Over the past two days, it has lost more than 1,300 points.

The Nasdaq composite, with a large contingent of tech stocks, tumbled 315.97 points, or 4.1 percent, to 7,422.05.

The Dow plunged almost 832 points on Wednesday, the third-worst point decline in history.

"It is a flawless storm for technology right now with the tariff war with China and weaker demand for chips", Nauman said.

"Clearly stocks are spooked by higher rates and maybe some inflation that seems to be creeping in", said Michael Farr, CEO of Farr, Miller & Washington. At its low for the day, the Dow was down 669 points. "But this nothing to be overly concerned about", Alexander said. "Hopefully earnings will take us away and we can focus on the fundamentals".

All 11 sectors in the S&P 500 are lower, with banks and energy stocks the hardest hit.

"Any kind of softening of the tensions with China would be a huge catalyst for the market", Feinseths said. The yield was just 2.82 percent in last August.

The S&P 500 index sank 94.66 points, or 3.3 percent, to 2,785.68.

Adams said those worries are affecting technology and consumer-focused companies as well even though companies such as Alphabet, Amazon and Facebook have long had very high profit margins. That was its biggest loss since March 22. "We're hoping for a quiet day tomorrow". The price of gold jumped 2.9 percent to $1,227.60 an ounce.

Although the losses were widespread, stocks that have been the biggest winners on the market, including technology companies and retailers, suffered steep declines. But at its session low the benchmark fell 2.7 percent to its lowest level since early July.

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Wall Street stocks plunged Wednesday, with major indices losing more than three percent in a selloff prompted by the sudden jump in USA interest rates.

A surge in bond yields came to an end as investors who sought safety bought government bonds.

Here are five things to watch ahead of Thursday's USA open. "[It is] likely that this negative sentiment could roll over to the Asian markets in the short term", she wrote.

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 the boost company profits have gotten from the GOP tax overhaul.

"The Fed is making a mistake. But I really disagree with what the Fed is doing, OK?"

And there are lingering concerns about the unresolved trade dispute between the USA and China.

The International Monetary Fund and the World Bank hold an annual gathering in Indonesia. After years of big gains, those stocks are now out of favor.

Separately, the Treasury Department issued new rules on foreign investments into American companies, strengthening its power to block them on national security grounds.

Benchmark U.S. crude oil fell 2.4 percent to $73.17 a barrel in NY.

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