Friday, 14 December, 2018

Dow industrials sink 831 points as tech stocks plunge

AP  File		The interior of the New York Stock Exchange AP File The interior of the New York Stock Exchange
Rhonda Young | 11 October, 2018, 20:15

Here are five things to watch ahead of Thursday's USA open. "This meltdown isn't just a mild case of the sniffles suggesting the latest sneeze from the US equity market could morph into a global markets pandemic". The Dow Jones Industrial Average fell 831 points, its worst loss in eight months.

What will fall hardest?

A surge in Treasury yields appears to be fueling the losses, as the 10-year US Treasury yield spiked last month and has continued to climb throughout October, landing at 3.21 per cent. The Russell 2000 index of smaller-company stocks shed 46.45 points, or 2.9 per cent, to 1,575.41.

The Dow Jones has dropped by 3.2 per cent to 25,599 points.

"It can be pretty well validated by looking at monetary history that when you inflate the currency, distort interest rates, and live beyond your means and spend too much, there has to be an adjustment", Paul told RT on Tuesday, predicting that a stock market crash is just a matter of time.

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.

Global stocks tumble after Trump 'crazy' Fed comment
The Dow Jones Industrial Average plummeted 832 points on Wednesday, recording its largest single-day point drop since February. The US slump, which amounted to a market value loss of over £800bn, had followed falls across much of Europe.

In midday trade, Wall Street remained lower as risk-appetite showed no signs of picking up.

Japan's benchmark fell by an unusually wide margin of 3.9 percent and China's main index lost 4.3 percent.

"What we're seeing here is the market positioning for potential lower growth".

Other analysts said they had expected the pullback because the soaring market was due for a correction. The Nasdaq composite, which has a large contingent of technology stocks, was 4.1 percent lower at 7,422.05.

The yield on the 10-year Treasury is 3.20%, the highest level in seven years. The stock fell 15 per cent to 50 cents.

Big moves in interest rates tend to unsettle investors, and they can also push them to sell stocks and buy bonds instead.

Borussia Dortmund Set Huge Transfer Fee For Jadon Sancho
In response, Sancho failed to turn up for training, eventually sealing his move to the Bundesliga weeks later. Sancho was perhaps the most eye-catching inclusion when Southgate named his squad.

MSCI's gauge of stocks across the globe fell percent, its biggest single-day fall since February.

"Short-term bonds are getting to be a compelling place to hang out", he said.

It will take more than a daily stock market correction to stop the Fed from hiking, said George Goncalves, managing director and head of fixed income strategy at Nomura in NY.

Globally, France's CAC 40 dropped 1 per cent and the DAX in Germany lost 0.6 per cent. Britain's FTSE 100 sank 1.3 per cent.

It is the biggest sell-off in United States markets since February, a negative sentiment also reflected in European markets - with Paris (-2.1pc), Frankfurt (-2.2pc) and London (-1.3pc) finishing deep in the red.

The dollar index fell 0.17 percent, with the euro up 0.25 percent to $1.1518.

Fugitive Prince Calls For Civil Disobedience To Change Saudi Regime
He told her to call an adviser to Turkish President Recep Tayyip Erdogan if he did not return. Khashoggi's disappearance and to be transparent about the results of that investigation".

The Australian dollar slipped against major currencies, down to 70.7 USA cents, 53.6 British pence, 61.4 Euro cents and 79.5 Japanese yen. It's fallen 6.3 per cent over the last five days.

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