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m3n4.net November 21, 2018


Wall Street sinks as Amazon, Alphabet earnings spark growth concerns

29 October 2018, 06:36 | Vera Richards

Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs

US stocks fell sharply at the open

There have also been disappointing quarterly earnings from several big-name companies, worldwide condemnation of Saudi Arabia - a major oil producer - over the killing of journalist Jamal Khashoggi, and concerns that the US-China trade war is causing the global economy to slow down.

The Dow Jones fell 606 points or 2.4 percent to 24,583, while the S&P 500 had its sixth consecutive losing session, dropping 84.59 points or 3.1 percent to 2,656. The Dow Jones Industrial Average dropped one.two percent to 24,688.

The Nasdaq Composite was up 140.58 points, or 1.98 percent, at 7,248.99.

Google-parent Alphabet sank 4 percent after its revenue missed estimates, fanning concerns that regulatory scrutiny and competition would throttle its scorching pace of growth.

The benchmark S&P 500 index in the U.S. slid more than 1.7%, closing down nearly 10% from its September high. The stock fell as much as 5.6 per cent before recovering to end down just 1.8 per cent. Semiconductor maker Tokyo Electron lost 4.3 per cent and Taiwan Semiconductor Manufacturing Co. dropped 4.4 per cent.

A three-week slide has left the benchmark S&P 500 index on track for its worst month since February 2009, right before the stock market hit bottom following the 2008 financial crisis.

Betts delivered food to homeless after Game 2 in Boston
Rodriguez will look to lead the Red Sox to a commanding 3-1 lead in the Fall Classic. "But we're ready to come back tomorrow". Nunez made a dive into first base and jarred himself as Alexander's throw went wild, scoring Holt with the go-ahead run .

ENERGY: Benchmark U.S. crude fell 0.7 per cent to $66.88 a barrel in NY.

The Nasdaq dropped 151 points, or 2.1 percent, to 7,167.

The beaten-down S&P technology sector retreated another 4.4 percent.

Technology stocks and media and communications companies accounted for most of the selling. The British FTSE 100 rose 0.6 percent, although WPP, the world's largest advertising company, said its business slowed in the third quarter and warned about weaker annual earnings.

Toyota Motor Corp. gave up 2.1 percent while Hong Kong-based retail supply chain giant Li & Fung Ltd. lost 2 percent. "Our forecast is therefore for the S&P 500 to drop by a total of about 15 percent from its recent peak". Bond prices rose, sending yields lower, as investors seek less risky assets.

ENCOURAGING ESTIMATE: The Commerce Department said the US economy's gross domestic product, a measure of total output of goods and services, grew at a robust annual rate of 3.5 percent in the July-September quarter.

Who is Jamal Khashoggi?
Trump visited the kingdom on his first overseas trip as president and has touted US arms sales to Saudi Arabia . Trump said he had spoken with King Salman of Saudi Arabia, who denied any knowledge of Khashoggi.

Elsewhere in Asia, South Korea's stock exchange fell 2 percent.

Energy stocks fell 3.50 percent, the most among the sectors, as oil prices plunged after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of USA sanctions on Iran.

As selling in stock markets abated, other markets also regained equilibrium.

Futures markets are pointing to falls of more than 2% on the ASX today. Brent crude, used to price worldwide oils, declined 72 cents to $75.45 a barrel.

Major equity indexes in the US started the day on the back foot and extended their slide before staging an unimpressive recovery in the second half of the session.

The dollar weakened to 112.08 yen from 112.23 yen.

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