Saturday, 20 October, 2018

Stock market down sharply for a second day in a row

Dow falls 500 points as rising Treasury yields drag down market The New York Stock Exchange
Orlando Vargas | 11 October, 2018, 23:32

The benchmark index fell for the fifth straight day, which hadn't happened since just before the 2016 presidential election.

The tumble came after the Dow Jones industrial average closed 831.83 points lower, its third-worst point decline ever, in NY trading on Wednesday amid concerns over a rise in interest rates.

Alibaba dropped 4.1 percent after Morgan Stanley and Raymond James cut their near-term profit estimates on the Chinese e-commerce company, citing a softer economic environment in China. The Russell 2000 index of smaller-company stocks shed 2.9 percent, to 1,575.41. Industrial and internet companies also fell hard. Amazon lost 6.2 percent and Netflix gave back 8.4 percent.

"The S&P 500 is looking very weak and negative and that is putting fear into investors", said Michael Matousek, head trader at US Global Investors.

Oil prices fell more than two percent as US stocks plunged, even though energy traders anxious about shrinking supply from Iran due to US sanctions and kept an eye on Hurricane Michael, which closed almost 40 percent of US Gulf of Mexico output. Brent crude, the global standard, lost 2.2 per cent to $83.09 a barrel in London.

A global measure of equity prices fell to a 1-year low on Thursday as Wall Street extended its October slide into a sixth session as investors feared an escalating US trade war with China and risks from a recent climb in interest rates.

Markets have sold off in recent days as the rate on the 10-year Treasury note flirted with 3.2 percent - its highest level in seven years.

U.S. 10-year Treasuries, a closely-watched indicator of bond yields, hit a seven year high of 3.26pc on Wednesday.

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Most sectors in Europe traded in the red, with tech stocks bearing the brunt of selling pressure after the big overnight sell-off in USA technology shares.

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. Natural gas rose 0.6 per cent to $3.28 per 1,000 cubic feet.

USA gold futures settled up $1.9, or 0.16 percent, at $1,193.4.

Japan's Nikkei 225 added 0.2 percent, South Korea's Kospi dropped 1.1 percent and the Hang Seng in Hong Kong gained 0.1 percent. Heating oil fell 1.2 per cent to $2.39 a gallon.

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.

Stocks from emerging markets were also hard hit.

The U.S. Federal Reserve recently raised short-term interest rates for the third time this year, with one more expected before the year ends. Brazil's Bovespa lost 2.5 percent and the Merval in Argentina sank 2.2 percent. The British pound rose to $1.3197 from $1.3146.

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