U.S. stocks tumble for a second day

12 October, 2018, 02:47 | Author: Sheri Evans
  • AP  File		The interior of the New York Stock Exchange

Dow Industrial Average Futures were down by about 300 points, or 1.2 percent, in pre-market trading, implying a sharply lower opening on Thursday after falling more than 3 percent on Wednesday.

USA shares are set for big declines when markets open Thursday. The Russell 2000 dropped 25 points, or 1.6 percent, to 1,550.25.

Investors are retreating from risky investments like shares, over concerns about rising interest rates and the impact of trade wars on corporate earnings. The S&P 500 slipped 55 points, or 2 per cent, to 2,730.

Meanwhile, the technology-heavy Nasdaq index dropped by 1.3pc to 7,329. It's fallen 6.3 per cent over the last five days. On Wednesday it suffered its biggest loss in two years. That didn't happen Wednesday as stocks fell further late in the day.

Amazon has soared 50 percent this year, but its stock has fallen 14 percent from its all-time high in early September.

Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles an hour. Berkshire Hathaway dipped 4.1 per cent to $214.64 and reinsurer Everest Re slid 4.6 per cent to $218.97.

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Luxury retailers tumbled. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96.

The 10-year Treasury note yield traded around 3.23 percent, while the two-year yield reached its highest mark since 2008.

"We have interest rates going up at a clip that's much faster than certainly a lot of people, including myself, would have anticipated". But the decline in yields didn't help stocks Thursday.

The increase in yields from these bonds - which are parcels of USA government debt - can hurt stocks since they will provide competition for investors' cash. US markets rebounded briefly after it was announced that President Trump would meet with Chinese leader Xi Jinping at next month's G-20 summit in Buenos Aires to discuss the intensifying trade conflict. Only 17 stocks in the S&P 500 wound up with a gain.

Meanwhile struggling retailer Sears was in focus as the Wall Street Journal reported that it was preparing to file for bankruptcy. The stock fell 15 per cent to 50 cents. The most recent, starting in 2007, lasted about 2 1/2 years, though it took another four for the bull market to exceed highs reached in 2007. Over the years, Sears has closed hundreds of stores and sold several famous brands.

Benchmark U.S. crude oil fell 2.4 per cent to $73.17 a barrel in NY. Brent crude, the global standard, dropped 3.4 percent to $80.26 a barrel in London. Heating oil shed 2.6 percent to $2.33 a gallon.

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Intel fell 2.6 percent and Nvidia 4.4 percent.

The communication services sector also rose 0.49 percent on Thursday, with Facebook and Alphabet both rising 1.4 percent.

In other metals trading, silver rose 2 percent and copper added 0.8 percent.

The dollar index fell 0.31 per cent, with the euro up 0.4 per cent to $1.1564. JPMorgan and Bank of America are each down close to 1.5 percent. Eastern time. It's on pace to be the index's worst day since February 5, when it lost over 1,100 points in a single trading day. Also known as Wall Street's "fear index", the VIX tends to rise when stocks are down. Brazil's Bovespa lost 2.5 percent and the Merval in Argentina sank 2.2 percent.

The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday.

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