United States stocks tumble for a second day

United States stocks tumble for a second day

United States stocks tumble for a second day

The yield on the 10-year Treasury note fell to 3.15 percent from 3.22 percent late Wednesday. That was its biggest loss since March 22.

A bear market by many definitions requires a drop of at least 20% in the S&P 500 from a bull-market peak; likewise, a bear market starts counting at a 20% rise out of a deep trough. (NASDAQ: NFLX) were among the hardest hit stocks of the past 48 hours, tumbling 7.5 percent and 9 percent, respectively. The Nasdaq composite, which has a high concentration of technology stocks, tumbled 316 points, or 4.1 percent, to 7,422. The S&P 500 is also down more than 5 percent over the two days and after falling for the past six trading days is nearly 7 percent below its September 20 high.

The retreat on Wall Street was led by technology stocks, which dropped 2.33 percent, and the trade-sensitive industrial stocks that fell 2.22 percent.

Wednesday's wild ride on Wall Street picked up right where it left off in early trading Thursday.

Tech stocks, hit hard Wednesday, fell slightly in early trading. Technology companies and retailers, including longtime market favorites Apple, Alphabet and Amazon, extended their recent slide.

Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles per hour.

Luxury stocks were another casualty of worries of slowing China demand, sparked by LVMH's results.

USA market indexes continued their risk-off selling with all of the major indexes closing with losses.

The yield on the 10-year Treasury is 3.20%, the highest level in seven years.

All of those factors could threaten the impressive profits Corporate America has been reporting this year.

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"Amazon recently announced they were increasing wages, Facebook is spending a ton on security", she said. Only 17 stocks in the S&P 500 wound up with a gain. The stock fell 15 per cent to 50 cents.

Stocks are slumping for a second straight day as the market endures its most volatile stretch since February. They've also dropped more than the rest of the market so far this month.

Benchmark U.S. crude oil fell 2.4 per cent to $73.17 a barrel in NY.

Wholesale gasoline shed 2.7 per cent to $2.02 a gallon.

After months of declines, the price of gold jumped by the most in two years, rising 2.9 percent to $1,227.60 an ounce.

Among the tech sector's worst performers in Europe, Austrian chipmaker AMS fell 5.9 percent and STMicroelectronics closed down 5.8 percent. The Russell 2000 index of smaller-company stocks fell 30.03 points, or 1.9 percent, to 1,545.38.

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. Every one of the 11 S&P 500 sectors finished down for the day.

Most sectors in Europe traded in the red, with tech stocks bearing the brunt of selling pressure after the big overnight sell-off in US technology shares. 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.

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