Markets Right Now: Stocks fall sharply as bond yields rise - 570 NEWS
11 October, 2018, 14:38
The retreat on Wall Street was led by technology stocks, which dropped 2.55 per cent, and the trade-sensitive industrial stocks that fell 2 per cent.
Stocks have slumped over the last week as a combination of strong economic data and positive commentary from Federal Reserve leaders sent bond yields rocketing higher as investors bet that interest rates will keep rising.
Facebook fell 4.1 percent while Netflix and Google parent Alphabet were down 8.4 percent and 5.1 percent, respectively.
At 2:40pm local time, the Dow was down 510.76 points, or 1.93 per cent, at 25,919.51, the S&P 500 was down 55.64 points, or 1.93 per cent, at 2,824.70 and the Nasdaq Composite was down 185.52 points, or 2.40 per cent, at 7,552.19.
Tech is taking its lumps because bond yields have climbed in recent weeks, hovering at a more-than-seven-year high. The S&P 500 was off by 1.7 percent, putting it on pace for its first five-day losing streak in two years.
In the US the losses were even steeper.The Dow Jones Industrial Average was off by 818 points when markets closed, or more than three per cent.
The Nasdaq composite tumbled 315.97 points, or 4.1 percent, to 7,422.05.
Stocks fell Wednesday as concerns about global economic growth and ongoing trade tensions continued to hang over Wall Street and after the bond market resumed a sell-off that started last week.
The Dow was down 482 points, or 1.8 percent, to 25,950. Paint and coatings maker PPG gave a weak third-quarter forecast Monday, while earlier, Pepsi and Conagra's quarterly reports reflected increased expenses.
All three indexes hit records between August 30 and October 3, despite the escalating Sino-US trade dispute gnawing at confidence on corporate profit growth through most of the year.
Umpire labels Kyrgios' effort 'borderline'
The Aussie looked solid in the opening set as Klahn - ranked 104 in the world - didn't look overly threatening to Kyrgios' charge. Kyrgios appeared exasperated and distracted at times as American qualifier Bradley Klahn took out the match in three sets.
The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday.
USA crude settled down $1.79 at $73.17 per barrel and Brent fell $1.91 to settle at $83.09.
This time around, strong economic data anxious bond investors, who sent the benchmark yield on Tuesday to 3.261 percent, the highest since early May 2011.
USA stock exchanges recorded biggest losses in 8 months as rising interest rates made investors flee risky stocks.
Wholesale gasoline shed 2.7 per cent to $2.02 a gallon.
Tech stocks and companies that sell non-essentials to consumers have been some of the top performers over the previous year, gaining almost twice as much ground as the S&P 500. Heating oil fell 1.2 per cent to $2.39 a gallon. Silver dipped 0.5 per cent to $14.33 an ounce.
US gold futures settled up $1.9, or 0.16 percent, at $1,193.4.
The CAC 40 in France dropped 2.1 per cent, Germany's DAX lost 2.2 per cent and the FTSE 100 in London fell 1.3 per cent. The euro rose to $1.1525 from $1.1496.
The Philadelphia Semiconductor index sank 2.64 percent, with Intel down 2.0 percent and Nvidia 4.7 percent. The British pound rose to $1.3197 from $1.3146.
The Center for Disease Control (CDC ) said there have been 38 confirmed cases of AFM this year through the end of September. Meade said sometimes people recover from the paralysis , but others don't recover even after several years.
On October 10 every year, the world observes the day to draw attention to the importance of mental health. Half of all mental illness begins by the age of 14, but most cases go undetected and untreated.
Russian Federation was among the few energy-rich emerging market countries whose growth forecasts were bumped up. India's medium-term growth prospects remain strong at 7.75 per cent, benefiting from ongoing structural reform.
Russian and US space officials said that the crew is heading for an emergency landing in Kazakhstan at an unspecified time. A duo of astronauts from the USA and Russian Federation has blasted off for a mission on the International Space Station .
Papua New Guinea is located along the Pacific Ring of Fire, which is the most seismically active region in the world. The strong quake was felt in Denpasar on the holiday island of Bali, where panicked people fled from buildings.
The study suggests that similar conditions exist on Europa, making it possible for the moon's surface to feature jagged terrain. Its surface is mainly ice and it has the thermal conditions required for ice to sublime without melting.
Forced separation: While there have been rumours that Teresa may divorce Joe , she has always denied it. Another source said, "Season starts [airing] in four weeks, so they're going to have to address it".
A Panhandle man was killed by a tree that toppled on a home, Gadsden County Sheriff's Office spokesperson Anglie Hightower said. Michael's minimum central pressure - a key measure of hurricane strength - was measured at 919 millibars when it made landfall.
New York Yankees fans probably aren't too happy with the folks in charge of Major League Baseball's official Twitter account. Martinez and the 108-win Red Sox reached the AL Championship Series for the first time since Boston won the title in 2013.
It's been a while since I've been called up and this is the first time I've been selected since I've been with Chelsea . I [asked] him: 'Big one?' and he said: 'I don't think so, but big enough that I go off'".
Gyroscopes are needed to keep the 340-mile-high (540-kilometer-high) Hubble pointed in the right direction during observations. Hubble has six gyroscopes, all of which were replaced by spacewalking astronauts during a servicing mission in May 2009.
UFC boss: Khabib Nurmagomedov won't be stripped of title
Nurmagomedov was hustled out, surrounded by security officers, as a pro-McGregor crowd jeered and threw drinks at him. In the main event for the fight card, Nurmagomedov submitted former champion Conor McGregor in the fourth round.
Monstrous Hurricane Michael tears into Florida
That makes Michael the third-strongest hurricane to ever hit the United States and the strongest in almost 50 years. Beachfront structures could be seen collapsing and metal roofing materials were blown away amid the heavy rain.
Prince Andrew shares family photos in run-up to royal wedding
Following the wedding at St George's Chapel in Windsor, Eugenie's title will become "HRH Princes Eugenie, Mrs Jack Brooksbank ". Earlier this week, Eugenie posted a photo on Instagram of her and Beatrice as bridesmaids with the caption #tbt sisterly love.
Senate Dems lose health care vote, hope it's campaign fodder
But critics said Kavanaugh's demeanor raised questions about his temperament and potential political bias in deciding cases. The complaints deal with statements Kavanaugh made during his confirmation hearings and were initially filed with the D.C.
The notch on the Pixel 3 XL sucks
Google says the Pixel Visual Core chipset that handles imaging is back but we are not sure if this is the same or an upgraded one. Another highlight of the tablet is the Split screen that is integrated for smooth multitasking and Google Assistant .
Vikas Bahl slaps legal notices on Anurag & Vikramaditya
However, the piece was also critical of Mr Kashyap's way of handling the matter, including the delay in calling Vikas Bahl out. The defamation notice alleges that Mr Kashyap and Mr Motwane acted on hearsay to paint Mr Bahl as the villain of the piece.