Finance

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

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

The Nasdaq composite, with a hefty roster of tech stocks, bore the brunt of the sell-off, leaving it more than 10 percent below its August peak, what Wall Street calls a "correction".

Profit growth at S&P 500 companies is expected to have slowed to 22.1 percent in the third quarter, from the previous two, according to Refinitiv data, and is expected to slow to 19.6 percent in the fourth quarter.

The Dow Jones Industrial Average fell 296.24 points, or 1.19 per cent, to 24,688.31, the S&P 500 lost 46.88 points, or 1.73 per cent, to 2,658.69 the Nasdaq Composite dropped 151.12 points, or 2.07 per cent, to 7,167.21. Amazon sank 8.5 percent to $1,632.79 while Alphabet slid 4.9 percent to $1,047.62. Shares of Alphabet, the parent company of Google, fell more than 2 percent after its revenue growth also missed expectations.

The benchmark S&P 500 index in the U.S. slid more than 1.7%, closing down nearly 10% from its September high.

The benchmark S&P 500 lost 3.1 per cent, marking its sixth straight day of losses.

The S&P 500 index fell 4 points, or 0.2 percent, to 2,736.

Benchmark U.S. crude edged up 0.6 percent to settle at $66.82 a barrel in NY.

The Commerce Department said the USA 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.

The Russell 2000 is down 51.69 points, or 3.4 percent.

Companies including 3M, down more than 3%, and Caterpillar, down more than 7%, suggested in earnings reports that they would be passing along to consumers increased costs due to tariffs. Britain's FTSE 100 slid 0.9 percent.

Twitter soared 15.7 percent to $31.87 and electric auto maker Tesla jumped 8.7 percent to $313.62 after releasing their quarterly reports, while video game maker Take-Two vaulted 9.1 percent to $121.05 after strong reviews for its latest game, "Red Dead Redemption 2".

Chip companies also sank following a disappointing forecast from Texas Instruments, which dropped 8.2 per cent.

Bond prices rose as investors sought safety, sending yields lower.

U.S. stocks fell on Tuesday after worries about the earnings outlook added to recent selling pressure, though major indexes ended well off the day's lows as investors snapped up beaten-down shares late in the session. Netflix gave back 9.4 percent and Amazon dropped 5.9 percent. The euro fell to $1.1353 from $1.1359. A finish of 10 per cent or more below its all-time closing high would confirm a correction.

Wednesday was rough for all the US major indexes, especially the Nasdaq. Brent crude, used to price worldwide oils, slid 0.4 percent to $76.17 a barrel in London.

The dollar weakened to 112.44 yen from 112.47 yen on Tuesday.

MARKETS OVERSEAS: Major European stock indexes fell. In Asia, Japan's benchmark Nikkei 225 lost 0.4 percent, while South Korea's Kospi dropped 1.8 percent. 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.


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