Wednesday, 12 December, 2018

Stock prices plummet amid tech selloff, rising interest rates

New York City. With bond prices dropping interest rates have been surging resulting in the Dow Jones Industrials Average falling over 200 poin Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow Spencer Platt Getty Images10 Oct 2018
Jean Garcia | 11 October, 2018, 20:13

The Dow Jones Industrial Average suffered its worst loss in eight months, falling 3.1 percent to 25,598.74.

The losses were widespread, and stocks that have been the biggest winners on the market the last few years, including technology companies and retailers, suffered steep declines.

Wall Street is hoping that the worst of a brutal correction will soon be over, but today's not looking much better after Wednesday's big plunge. Amazon skidded 6.2 percent to $1,755.25 and Alphabet, Google's parent company, gave up 4.6 percent to $1,092.16.

Luxury retailers tumbled. Tiffany plunged 9.5 per cent to $111.28 and Ralph Lauren fell 7.3 per cent to $118.42.

"Clearly stocks are spooked by higher rates and maybe some inflation that seems to be creeping in", said Michael Farr, CEO of Farr, Miller & Washington.

"As stocks go up, tech goes up more than the stock market".

The Dow Jones industrial average had its second-biggest drop of the year, plunging almost 500 points, or 1.9 percent, shortly after 2:00 p.m.

Some of the biggest losers were tech companies.

The U.S. trade war with China has largely been brushed off by the markets, but the slide shows it may finally be taking a toll. In the previous session, the stock jumped 15 per cent on a Globe and Mail report that Altria Group was in talks for acquiring a stake.

Jeremy Hunt warns Saudis over missing journalist Jamal Khashoggi
Each one serves up an interesting selection of facts, opinions, images and videos in order to catch you up and vault you ahead. The Washington Post reported Wednesday evening that US intelligence intercepts outlined a Saudi plan to detain Khashoggi.

Innes, the Singapore-based head of Head of Trading for Asia Pacific with OANDA, attributed the slide to a combination of factors, including the possibility further interest rate hikes and the battle over tariffs between the USA and China. It has fallen 7.5 percent in just five days.

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. Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores.

Oil futures fell. US crude gave up $1.27 to $71.90 a barrel.

The dollar index fell 0.17 percent, with the euro up 0.25 percent to $1.1518. In Asia, Tokyo's Nikkei 225 gave up 3.9 per cent and Hong Kong's Hang Seng index shed 3.5 per cent.

The CAC 40 in France dropped 2.1 percent, Germany's DAX lost 2.2 percent and the FTSE 100 in London fell 1.3 percent.

Stocks from emerging markets were also hard hit.

Investors are wary of possible further US interest rate hikes. Brazil's Bovespa lost 2.5 percent and the Merval in Argentina sank 2.2 percent.

The dollar slipped to 112.17 Japanese yen from 112.27 yen late Wednesday.

The euro and sterling rose, underpinned by optimism for a Brexit deal, while the USA dollar lost ground against a basket of currencies even as US yields hovered near multiyear peaks.

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