Global Markets Sink Again as Tech and Retail Stocks Drop
Global Markets Sink Once more as Tech and Retail Stocks Drop
NEW YORK (AP) — Stocks are skidding Tuesday morning, putting the market dorsum into the red for the year, as weak results from retailers and mounting losses for big technology companies compound the marketplace's losses from the twenty-four hour period before. Energy and industrial companies are besides dropping.
Target plunged afterward reporting earnings that missed Wall Street's estimates, while Ross Stores, TJX and Kohl's all gave disappointing forecasts. High-profile tech and consumer companies including Apple, Amazon and Microsoft continued to sink.
Boeing cruel post-obit reports it canceled a conference call where the company planned to discuss systems on its 737 jet. A Boeing 737 crashed presently after takeoff in Indonesia last calendar month, killing 189 people.
The S&P 500 index lost 45 points, or 1.vii percent, to 2,645 as of 10:xv a.m. Eastern fourth dimension. The benchmark alphabetize is now about 10 percent beneath the peak it reached in late September.
The Dow Jones Industrial Boilerplate sank 568 points, or ii.iii percent, to 24,442. The Nasdaq composite lost 184 points, or 2.7 pct, to half-dozen,842. The Russell 2000 index of smaller-company stocks shed 29 points, or ii percent, to 1,466.
Investors continued to abscond the technology giants that take led the stock market place higher in years past. Apple fell iii.4 percent to $179.62 and Amazon gave up iii.8 percent to $ane,455. Microsoft lost 3 percentage to $101.l. All three stocks have outperformed the marketplace this yr, but they've suffered steep losses more recently.
Tech stocks were amongst the biggest losers in Europe, too. Nokia, a big supplier of telecom networks, saw its shares drop 4 percent, while its Swedish rival Ericsson was downward 3.v percent. SAP, which provides business software and cloud calculating services, was down over 2 percentage. Chip maker Infineon Technologies fell virtually three percentage.
Target skidded 9 percent to $seventy.22 afterwards it said its growing investments in its online business and in stores are bringing in shoppers, but are affecting its profits.
Section store Kohl'south gave upward 9.8 percent to $64.01 and TJX, the parent of TJ Maxx, vicious 2.ane percent to $47.88. Discount chain Ross Stores slid four.4 percent to $87.18.
Boeing vicious three.iii percent to $310.43.
Investors looked for safer options. Utility companies managed small gains and bond prices edged higher. The yield on the 10-year Treasury note fell to iii.04 percentage from 3.06 pct.
In Europe, Germany'southward DAX index lost 1.4 per centum and France'southward CAC 40 shed 1.1 per centum. London'due south FTSE 100 retreated 0.vii percent.
Tokyo's Nikkei 225 lost 1.1 percent and Hong Kong's Hang Seng shed two percent while Seoul'due south Kospi retreated 0.9 per centum.
Nissan fell over 5 percent in Asia as traders in that location got their first risk to react to the news that its chairman, Carlos Ghosn, who engineered a turnaround at the automaker, was arrested on charges he underreported his income and misused visitor funds and volition be fired.
Nissan said Ghosn and some other senior executive, Greg Kelly, were accused of offenses discovered during an investigation set off by a whistleblower. Kelly also was arrested. The Renault-Nissan-Mitsubishi alliance sold 10.6 one thousand thousand cars last year, more than whatever other manufacturer. Renault shares dropped 8.4 pct on Mon and some other 2.v percent Tuesday.
Stocks sank Monday as investors focused on simmering trade tension between Washington and Beijing after the 2 governments clashed at a weekend briefing. The two countries have raised tariffs on billions of dollars of each other'south appurtenances in a fight over China'south engineering science policy.
Presidents Donald Trump and 11 Jinping are due to meet this month at a gathering of the Group of twenty major economies. Investors didn't react much as the trade dispute ramped up, but more than recently they've gotten concerned it volition drag on and hinder global economic growth.
Criterion U.S. rough lost 5.8 pct to $53.84 a butt in New York. Brent rough, used to toll international oils, fell 3.8 percentage to $64.28 per barrel in London. Oil prices were little changed Monday, but they've plunged since early on October.
The dollar fell to 112.xl yen from 112.54 yen. The euro fell to $ane.fourteen from $1.1453.
AP by reporter Marley Jay
Source: https://www.bizneworleans.com/global-markets-sink-again-as-tech-and-retail-stocks-drop/
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