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Stocks slump again; S&P 500, Dow back into red for year

30 October, 2018, 03:13 | Author: Melinda Barton
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After the closing bell, Microsoft rose 2.7 percent following the release of its results.

US bond prices rose.

Japan's Nikkei 225 index sank sharply on the open Thursday but leveled off, regaining some lost ground.

Amazon tumbled 7.8 per cent in its worst daily percentage drop since October 2014, after it missed quarterly sales estimates and gave a below par holiday-season sales forecast.

The S&P 500 shrunk by nearly 47 points or about 1.73% while the Nasdaq Composite Index lost slightly over 2%, dropping over 150 points. The heaviest losses came from technology companies including chipmakers Tokyo Electron and Taiwan Semiconductor Manufacturing and South Korea's Samsung Electronics.

"I think the Hong Kong market is really very close to bottom, because when you look at the value, it's very extremely cheap".

While U.S. economic growth kept apace despite trade wars, the same can not be said of U.S. corporate profit growth, as a slew of disappointing forecasts this earnings season showed how tariffs, rising wages and borrowing costs as well as jitters over geopolitical events are hurting companies. 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. The S&P discretionary index fell 3.6 per cent. Several companies sustained heavy drops after reporting disappointing quarterly results.

Both reported revenue that fell short of analysts' estimates. Amazon was down 3.9 percent while Alphabet was down 3.4 percent. Strong results from major companies including Microsoft, Visa and Comcast are sending US stocks higher Thursday morning as the market found its footing after three weeks of steep declines.

The weak results from Amazon and Google parent Alphabet were the latest setback for the high-growth quartet of stocks known as FANG, which also includes Facebook Inc and Netflix Inc. The Nasdaq has taken bigger losses than other US indexes in recent weeks.

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

Texas Instruments, a major chipmaker, slumped 5.5 percent after its results missed forecasts.

Investors moved to the relative safety of USA government bonds, which move inversely to yields, with the 10-year falling 4.7 basis points to 3.089%, its lowest in three weeks. Germany's DAX slipped 0.9 percent, while France's CAC 40 dropped 1.3 percent.

Intel Corp (INTC.O) jumped 3.5 percent in extended trade after posting one of Thursday's few upbeat quarterly reports.

The S&P 500 index slid 46.88 points, or 1.7 percent, to 2,658.69.

All of the 11 major S&P sectors were in the red, with the communication services taking the steepest hit with a 2.06 percent fall and technology stocks down 1.48 percent. Brent crude, the benchmark for worldwide oil prices, dipped 53 cents to $76.37. The euro rose to Dollars 1.1412 from USD 1.1393.



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