Monday, 10 December, 2018

Dow industrials sink 831 points as tech stocks plunge

The Dow tumbles more than 400 points Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow
Laurie Berry | 11 October, 2018, 23:30

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

And right now tech stocks-like the trillion-dollar Apple-have dominated a significant part of the rise in value of the market as a whole. "This meltdown isn't just a mild case of the sniffles suggesting the latest sneeze from the US equity market could morph into a global markets pandemic".

Alibaba dropped 4.1 percent after Morgan Stanley and Raymond James cut their near-term profit estimates on the Chinese e-commerce company, citing a softer economic environment in China.

Adding to the worries was the impact of Hurricane Michael on insurance companies as well as fears about demand in China which weighed on luxury brands such as Tiffany - down 10% - as well as Ralph Lauren, which was off 8%.

Stocks and bonds traditionally have been in a tug of war for capital, but for the past 10 years bonds have had one arm tied behind their back, said Jack Ablin, chief investment officer and founding partner at Cresset Wealth Advisors in Chicago.

United States 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. That's helped make technology stocks more volatile in the last few months.

Some analysts have blamed rising interest rates for the selloff.

"Amazon recently announced they were increasing wages, Facebook is spending a ton on security", she said.

Kyrgios in trouble with tennis officials again
The day featured most of the opening round singles matches, providing some fine exhibition of tennis throughout the day's play. Kyrgios was infuriated by the French chair umpire's comment, ultimately threatening him with action.

"The stock market in the US has started to take notice, and will continue to, particularly if the speed at which rates rise becomes alarming", Jeffrey Gundlach, chief executive of Doubleline Capital, told Reuters last week. Only 17 stocks in the S&P 500 wound up with a gain. Heating oil fell 1.2 percent to $2.39 a gallon.

The Dow Jones Industrial Average lost 91 points, or 0.4 percent, to 25,506.

It is the biggest sell-off in United States markets since February, a negative sentiment also reflected in European markets - with Paris (-2.1pc), Frankfurt (-2.2pc) and London (-1.3pc) finishing deep in the red.

Sears nosedived after the Wall Street Journal reported that the struggling retailer hired an advisory firm to prepare a bankruptcy filing that could come within days. It was more than $40 five years ago.

US crude fell 1.98 per cent to $71.72 per barrel and Brent was last at $81.30, down 2.15 per cent on the day. Natural gas rose 0.6 per cent to $3.28 per 1,000 cubic feet. Copper fell 0.9 per cent to $2.78 a pound.

The Nasdaq composite rose 15 points, or 0.2 percent, to 7,436. In Asia, Tokyo's Nikkei 225 gave up 3.9 per cent and Hong Kong's Hang Seng index shed 3.5 per cent.

Globally, France's CAC 40 dropped 1 per cent and the DAX in Germany lost 0.6 per cent. Britain's FTSE 100 sank 1.3 per cent. The euro rose to $1.1525 from $1.1496.

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