Dow stock index sinks 3 percent as tech stocks decline
Dow stock index sinks 3 percent as tech stocks decline
U.S. Stocks Fall Sharply, Tech Sector Leads Declines
11 October, 2018, 01:58
U.S. government bonds resumed a selloff after rising to multi-year highs last week, with the 2-year yield rising to 2.906%, its highest level since June 2008. Boeing lost 4 percent to $370.04 and Alphabet, Google's parent company, gave up 3.2 percent to $1,109.08.
Technology stocks slid more than 2 percent, the most among the 11 major S&P sectors, with the Philadelphia Semiconductor index down 3 percent after Swiss vacuum valve maker VAT Group said demand from chip equipment makers was softening.
The yield on the 10-year Treasury is 3.20%, the highest level in seven years. The S&P 500 lost 94 points, or 3.3 percent, to 2,785.
Chip gear producers Applied Materials, Teradyne and ASML Holdings fell between 3.5 percent and 4.6 percent.
Meanwhile, the tech-heavy Nasdaq has lost 4.1 per cent to 7,422.
YIELDS: The biggest driver for the market over the last week has been interest rates, which began spurting higher following several encouraging reports on the economy.
Gina Martin Adams, the chief equity strategist for Bloomberg Intelligence, said investors fear that company profit margins will be squeezed by rising costs, including the price of oil.
The Nasdaq registered its biggest daily drop since June 24, 2016, hurt by technology stocks which had their biggest one-day drop since August 2011. Think of it this way, if the Treasury issues a $1000 bond paying 3 percent interest, investors will not pay $1000 for an older bond paying 2 percent interest. Natural gas rose 0.6 percent to $3.28 per 1,000 cubic feet. Over the years, Sears has closed hundreds of stores and sold several famous brands.
CVS dipped 0.1 percent to $79.40 and Aetna added 0.5 percent to $204.64. A move of more than two deviations, or 40 basis points now, leads to negative S&P 500 returns, Goldman says.
Luxury retailers tumbled. Tiffany plunged 9.5 percent to $111.28 and Ralph Lauren fell 7.3 percent to $118.42.
Many investors now believe that the Federal Reserve's campaign to "normalize" monetary policy, reversing years of extraordinary support that included the quantitative easing bond buying program and keeping its overnight target very low, will push interest rates higher than previously thought.
Gold was flat at $1,191.50 per ounce.
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.
For stock investors, the recent spike in bond yields may be prompting some uncomfortable deja vu. Brazil's Bovespa lost 2.5 per cent and the Merval in Argentina sank 2.2 per cent.
The Australian dollar slipped against major currencies, down to 70.7 United States cents, 53.6 British pence, 61.4 Euro cents and 79.5 Japanese yen. The euro rose to $1.1525 from $1.1496.
Images surface of Saudis allegedly sent to target writer
Khashoggi's fiance has asked US President Donald Trump and first lady Melania Trump to "help shed light" on his disappearance. Top Turkish officials fear he was murdered and that his dismembered body was flown out of the country.
In London, the FTSE 100 was down by 1% as hopes of a Brexit deal lifted the pound - weakening the sterling value of earnings for numerous global index's multinational constituents.
Lana Del Ray didn't take too kindly to the criticism of the Harlem rapper and issued a warning: "I won't not fuck you the fuck up. See the tweets below, and let us know what you make of all this in the comments.
James Gunn may have been fired from Marvel's Guardians of the Galaxy , but DC Comics will welcome him with open arms. The creative force between the two hugely popular Guardians films, Gunn's firing prompted its own backlash .
Project xCloud will essentially allow players to stream their Xbox One or Windows 10 PC games to their phone and other devices. This future maker will empower you, the gamers, and it will place you in the middle of the gaming experience.
The 2160 x 1080 OLED of the Pixel 3 is not graced with a notch, but it does have very large bezels at both the top and the bottom. The Pixel 3 and its big brother also have a dedicated security chip - the Titan M, which keeps the OS and your passwords secure.
Sydney retreated more than one percent, Singapore eased 0.5 percent, Seoul was 0.2 percent lower and Taipei gave up 0.8 percent. Yields of China's 10-year central government bonds have been trending lower this year, standing at 3.633 per cent on Monday.
The reserves had fallen to $8.4 billion last week, which were enough to cover only one and half month's imports bill. It believes Brexit will fundamentally change parts of the United Kingdom economy, leaving some workers out of a job.
It marked the first time the duo was officially out together since the birth of their third child, Prince Louis. It should, as the royal donned the same Emilia Wickstead number back in July 2017 during a trip to Germany.
Trump calls Kavanaugh sexual assault claims a hoax
The latest justice to join the bench, Neil Gorsuch, spoke previous year during his swearing-in at the White House Rose Garden. Court watchers will be looking to see whether the new justice asks questions at arguments and, if so, what he asks.
British tourists among Majorca flood victims
Other victims were found in Arta and the coastal town of S'illot, where the overflowed creek reaches the sea. Between five and 20 people are still thought to be missing after the downpours, local media reported.
Google Launches Pixel 3 And Pixel 3XL With Android Pie
The colors available could be the aforementioned white (Chalk) and gray (Charcoal), but there could also be a new Coral variant. The firm's '#MadeByGoogle' event kicks off at 11a.m. (ET) on Tuesday and is hosting a livestream of all the announcements.
50 people dead in bus crash in western Kenya
Last December, some 36 people died in a head-on collision between a lorry and a Nairobi-bound bus on a road near Migaa in Kenya. The injured were taken to the Fort Ternan dispensary and Muhoroni Sub County Hospital for treatment.
Google Photos update makes an already smart app even smarter
Arguably the coolest feature, Call Screening, does something we all wish we could do - filter out pesky phone calls automatically. However, on the other hand, the device we got was the Just Black colour variant where smudges and fingerprints are quite visible.
Taylor Swift gets political at awards
It takes her AMA tally to 23, beating Whitney Houston's 19 to make her the most successful female artist at the awards. He also just received posthumously the Best New Artist Award at the BET Hip-Hop Awards last weekend as well.
Court: Doctor in Spain abducted newborn 49 years ago
During the trial, Vela said he could not remember details about the operation of the clinic, which he ran for 20 years up to 1982. Vela, filmed in a hidden camera, he had hinted that he had entrusted the new-born Inès Perez and stated that it "had not paid".
Governor Scott declares state of emergency
Ann Beaver was among the three-quarters of city residents who lost power after that storm. That came after the two clashed in 2016 about the city's response to Hurricane Hermine.
The Ten Best Google Pixel 3 Plans In Australia
Where the two differ are their starting configurations, their pricing and, of course, the OS they run. For special features, the Pixel Slate brings a UI that's been highly-optimized to suit a touchscreen.