Saturday, 17 November, 2018

Global markets misery as Dow Jones' 2018 gains are erased

Aurora Cannabis Cannabis seedlings are shown at an Aurora Cannabis facility Friday
Kelvin Reese | 30 October, 2018, 03:13

The S&P 500 index jumped 1.9 percent to 2,705.57.

USA bond prices rose.

Market favorites like technology and consumer-focused companies have borne the brunt of the sell-off. Amazon sank 8.5 percent to $1,632.79 while Alphabet slid 4.9 percent to $1,047.62.

More than 350 companies out of the 500 tracked by the S&P 500 index have lost more than 10 percent of their value since hitting their 52-week highs, according to a recent analysis from Reuters.

United Parcel Service slid 5.5 percent to $107.93 after the shipping company reported weak worldwide revenue, while the strong dollar and high fuel prices also hurt its results. Hong Kong's Hang Seng sank 1.1 percent.

Disappointing quarterly earnings and outlooks are stoking investors' worries that Corporate America's tax cut-fueled earnings growth will fade in coming months as interest rates rise and the trade conflict with China raises costs.

The SPI200 futures contract was down 94 points, or 1.62 per cent, to 5,700.0 at 0700 AEDT on Thursday, signalling another opening plunge for the local market after energy and materials shares drove it lower on Wednesday. Heating oil added 1.2 percent to $2.28 a gallon and natural gas gained 1.1 percent to $3.20 per 1,000 cubic feet. They get more insight into how the American economy is doing later in the day when the USA government reports on economic growth during the third quarter.

Several big companies, including Amazon, AT&T and Alphabet, have reported earnings or revenue this week that fell short of expectations. A gain above 3.26% would have been the Nasdaq's best day since August 2015, and the index flirted with that level late in the afternoon before falling just before the close.

Media and communications stocks, banks and health care companies also took heavy losses.

Amazon slumped 8.6 per cent and Google's parent company, Alphabet, gave back 3.8 per cent.

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The petition has been filed two days after Verma moved the court challenging the similar action against him by the government. Rao also has the charge of additional director, along with A K Sharma and Praveen Sinha, both from the Gujarat cadre.

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The S&P 500 rose 61 points, or 2.3 percent, to 2,717.

United Parcel Service slid 5.5 percent to $107.93 after the shipping company reported weak worldwide revenue, while the strong dollar and high fuel prices also hurt its results.

USA stocks tumbled overnight, confirming a correction for the Nasdaq and erasing the Dow and S&P 500's gains for the year.

Apple (AAPL.O) fell 1.6 percent after hours, while Twitter (TWTR.N) dipped 2.5 percent.

Chipmakers Texas Instruments and STMicroelectronics warned of slowing demand.

Reacting after hours, Netflix dipped 1.9 percent and Facebook, which reports results on October 30, lost 1.5 percent.

Boeing was one of the few gainers Wednesday.

Alec Young, managing director of Global Markets Research at FTSE Russell, said various macroeconomic barriers have contributed to the overall decline in the stock market after reaching highs earlier this year. Brent crude, the benchmark for worldwide oil prices, added 0.9 percent to close at $77.62 a barrel in London.

The dollar rose to 112.27 yen from 112.23 yen.

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