Wednesday, 14 November, 2018

Wall Street sinks as Amazon, Alphabet earnings spark growth concerns

Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs Stocks Slammed! Dow Plunges More Than 600 Points
Orlando Vargas | 28 October, 2018, 22:19

Stock markets turned higher in European trading Thursday as investors settled somewhat after steep declines in Asia and the USA spurred by worries over trade and the US economy.

Advancing issues outnumbered declining ones on the NYSE by a 2.35-to-1 ratio; on Nasdaq, a 2.43-to-1 ratio favored advancers. On Wednesday it edged up 0.6 per cent Brent crude, used to price worldwide oils, gained 4 cents to $76.21 a barrel.

While third-quarter profit growth estimates have risen to 22.4 percent from 21.6 percent in the last 10 days, weaker forecasts have pulled down fourth-quarter growth estimates to 19.5 percent from 20 percent, according to I/B/E/S data from Refinitiv.

Twitter soared 15.5 percent to $31.80 and electric vehicle maker Tesla jumped 9.1 percent to $314.86 after their quarterly reports, while video game maker Take-Two vaulted 8.8 percent to $120.70 after strong reviews for its latest game, "Red Dead Redemption 2".

The Dow Jones Industrial Average gained 1.6 percent to 24,984.55, while the broad-based S&P 500 advanced 1.9 percent to 2,705.57.

Microsoft jumped 5.4 percent, Visa rose 2.9 percent and Comcast climbed 3.3 percent.

Ford, which is struggling with sales in China, rose 9.9 percent as its earnings report raised hopes for a strong finish to the year, bolstering gains in the consumer discretionary sector .SPLRCD .

Other major companies also fell sharply.

Bond prices rose as investors sought safety, sending yields lower.

Joint Saudi-Turkish Team Finds Khashoggi Killing Was Premeditated
The prince, Trump said , told him that he was not aware of the murder, an assertion that is being increasingly questioned. Erdogan refused to accept Saudi Arabia's explanation that the Saudi journalist was accidentally killed.


Leicester City owner's chopper crashes outside stadium
Leicestershire Police tweeted: "We are dealing with an incident in the vicinity of the King Power Stadium". This was the first Premier League championship and first UEFA Champions League berth in team history.


Dodgers win record seven-hour World Series game
It will be all about the narrative when the Boston Red Sox and Los Angeles Dodgers meet in Game 5 of the World Series on Sunday. Clayton Kershaw , who gave up five runs and seven hits in four-plus innings in an 8-4 loss in Game 1, starts for the Dodgers .


So-called FANG stocks and other tech shares sank in extended trade on Thursday following disappointing quarterly reports from Amazon.com Inc and Alphabet Inc.

Despite the tumbling stock prices, the US economy looks solid.

Concerns about rising rates and the trade war have spooked the markets this month. The 30-stock index rose 71 points, or 0.3 percent, to 25,259. Britain's FTSE 100 slid 1.3 percent.

Investors have grown concerned in recent weeks that Corporate America's tax cut-fuelled earnings growth this year will fade in coming months amid rising inflation, uncertainty over the escalating trade conflict between the U.S. and China and the likelihood of higher interest rates. The technology-heavy Nasdaq composite had...

Energy had a sector-wide loss of more than two per cent on Tuesday, extending its losses for the month beyond 10 per cent, after oil prices plunged to two- month lows.

Alphabet Inc fell by 4.2 percent today after revealing its revenue missed estimates.

Benchmark U.S. crude lost 6 cents to $66.76 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price global oils, slid 0.4 percent to $76.17 a barrel in London. Gold, another safehaven, jumped to its highest level since July - at around $1,234 per ounce.

The dollar weakened to 112.08 yen from 112.23 yen. The stock fell as much as 5.6 per cent before recovering to end down just 1.8 per cent. Hong Kong's Hang Seng index dropped 0.4 percent and the Kospi in South Korea gave up 0.4 percent.

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