Friday, 14 December, 2018

Dow stock index sinks 3 percent as tech stocks decline

US stock indexes keep falling as rates resume their climb U.S. Stocks Fall Sharply, Tech Sector Leads Declines
Rhonda Young | 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.

World stocks tumble after International Monetary Fund slashes economic growth forecast
The report said that aggregate growth in the emerging market and developing economy group stabilised in the first half of 2018. The IMF also risks associated with high corporate debt, rising nonperforming loans and too much public debt overall.

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.

Ukrainians will be able to see the amazing astronomical phenomenon
But with no moonlight tonight, thanks to the darkened New Moon, astronomers hope the Draconids will be incredibly easy to spot. These meteors travel at 40,000mph, which is relatively slow moving for a meteor, and follows the Giacobini-Zinner comet .

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.

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