Dow Jones falls almost 350 points as tech stocks decline
Dow Jones falls almost 350 points as tech stocks decline
Tech Stocks Fear Premium Just Jumped to a 13-Year High
29 March, 2018, 02:28
A steep, late-afternoon sell-off in technology companies pulled US stocks sharply lower Tuesday, knocking 344 points off the Dow Jones industrial average.
The Dow dropped 345 points, or 1.4%, on Tuesday, completely reversing a 244-point gain from early in the day. Investors bid up shares in safe-play stocks like utilities and real estate companies.
The sell-off in US markets came a day after one of the best showings in more than two years to recover some of the heavy losses from last week.
"The market thinks the tariffs are a trading tactic rather than a hardcore stance", said Sam Stovall, chief investment strategist at CFRA Research.
Twenty-nine of 30 companies on the Dow gained Monday. A day earlier, it climbed 669 points. The Nasdaq Composite (IXIC - 7,008.81) shed 211.7 points, or 2.9%.
Stocks are wavering between small gains and losses in midday trading.
The wild ride on Wall Street just got crazier. Facebook has lost 20 percent of its value since hitting a record high February 1. Microsoft was the biggest gainer in the 30-company Dow and the Standard & Poor's 500 index, climbing almost 8 percent.
Tesla slumped 8.2 per cent after the National Transportation Safety Board announced it was investigating a fatal crash last week involving a Tesla automobile in California. The agency said on Twitter that it's not clear whether the Tesla Model X was operating on its semi-autonomous control system called Autopilot at the time.
Plus, the best stocks for April; a GameStop earnings preview; and a bank stock that could lose steam.
The Wall Street Journal reported late Sunday that the United States and China started quietly negotiating to expand USA companies' access to Chinese markets.
The technology sector also weighed on markets Tuesday, with Twitter down 12 per cent and Facebook sliding another five per cent on continued scrutiny of data management practices. The remarks come ahead of a Senate hearing on data privacy set for next month.
The yield on the 10-year Treasury rose to 2.85 percent from 2.81 percent late Friday.
Financial stocks surged as bond yields rose. "They're a lot more vulnerable than Facebook". The Nasdaq composite lost 74 points, or 1 percent, to 6,935.
Lower bond yields helped boost demand for high-yield stocks, such as real estate investment trusts and utilities.
PRESCRIPTION FOR GROWTH: Walgreens Boots Alliance gained 2.6 percent after the largest US drugstore chain reported quarterly earnings and revenue that came in ahead of analysts' forecasts.
U.S. WTI crude oil -1.2% at $64.47/bbl, pulling back from YTD highs. Brent crude, used to price global oils, fell 52 cents to $68.94 per barrel in London. Silver dropped 14 cents to $16.54 an ounce.
CURRENCIES: The dollar rose to 106.81 yen from 105.54 yen Tuesday. The euro fell to $1.2402 from $1.2455.
That's on the assumption that a major bear market began at the January 26 highs, and that the ensuing bear market will be average both in terms of length and loss. Germany's DAX rose 1.6 percent, while France's CAC 40 gained 1 percent. Bank of America added $1.27, or 4.4 percent, to $30.44. Investors also bid up shares in CVS Health, which climbed $2.12, or 3.5 percent, to $62.72. Australia's S&P/ASX 200 added 0.7 percent.
The Dow Jones industrial average rose 18 points, or 0.1 percent, to 23,876.
While both sides said the move would benefit customers, analysts raised concerns a lack of competition could push up prices. New entrants and the strength of second-place regional players such as Lyft Inc.in the USA have complicated those efforts.
The current scare comes in the wake of the Austin package bombings that left two people dead and several injured. Law enforcement officials asked not to be identified discussing the case because the investigation continues.
Despite the increased clouds and rain chances, we could see our first 60-degree temperatures in over four weeks by Friday . Day: Partly cloudy with increasing clouds in the evening with a 30 percent chance for snow showers in the evening.
The play ultimately got him suspended one game, but he was not removed from the game that the hit occurred in. The league has signed off on a catch rule created to be more simple and more clear than in recent years.
Yet, the revised agreement likely will have little immediate impact on South Korea's exports to the United States. The auto sector is among the most contentious issues in South Korea's trade dealings with the U.S.
South Korea will change its pharmaceutical payment program for innovative drugs to make US companies eligible for reimbursements. The deal was hailed by the officials as innovative and visionary and one that may inform future negotiations as they arise.
Federal authorities opened a civil rights investigation immediately after the shooting and released their findings in May 2017. Body camera and surveillance video haven't been released, but cellphone video of the encounter went viral.
Kevin McCarthy (R-CA), as well as for the College Republican National Committee and the California Republican Party. The question "is nothing sacred anymore" has arguably become an irrelevant one when talking about 45's White House.
We're not looking to get rid of him, OK? "Neither Odell nor his agent have contacted us regarding either report ", Gettleman said. In no way does this suggest a trade is going to happen, or that the Rams and Giants are deep in talks on a deal.
The first time that a USA destroyer carried out a "freedom of navigation" operation under President Donald Trump, was in May 2017. Britain last month said one of its warships would pass through the South China Sea to assert freedom-of-navigation rights.
Fortnite is smashing YouTube records too
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Former Nederland vet "Doc Joe" pleads guilty to sexual assault
A Lexington County man has been sentenced to 50 years without parole after being convicted for sexually assaulting two minors. When the victim refused the man allegedl punched the windscreen of the man's auto with enough force to crack the windscreen.
CBSE Class X Maths, XII Economics to be held again
As Ananya Sanyal, a student from Noida, said: "This question paper was not too hard , I knew answers to most of the questions". Meanwhile, Human Resource Development Minister Prakash Javadekar said, the government has taken cognizance of CBSE paper leak.
NASA's James Webb Space Telescope again delayed
That panel's recommendations and NASA's own findings will be combined in a report to be delivered to Congress this summer. Since the project began in 1996, its scope has widened and its budget has ballooned from $0.5 billion to $8.8 billion.
Twitter to ban cryptocurrency ads
Facebook banned cryptocurrency ads in January and Google said it would outlaw such ads starting in June. Since the ads were running relevant to the cryptocurrency, promoting the ICOs (Initial Coin Offering).
Trump To Replace VA Secretary David Shulkin
Jackson recently presided over Trump's first presidential physical and gave the president a clean bill of health. The president has told a number of advisers that he wants to oust Shulkin , once a favorite in his Cabinet.
Mega Millions jackpot at $458M
Jackpot winners choose whether to receive 30 annual payments, each five percent higher than the last, or a lump-sum payment. The Mega Millions jackpot is growing as the jackpot has increased to an estimated $502 million for Friday's drawing.
64 dead in Russian shopping mall inferno
The investigators were checking information that emergency exits of the shopping mall were blocked when the fire broke out. Kemerovo Regional Governor Aman Tuleyev has signed an order declaring mourning in the region from Tuesday to Thursday.
New Porsche Design Huawei Mate RS Has Two Fingerprint Readers
The Huawei P20 Series' Kirin 970 processor and dedicated Neural Network Processing Unit (NPU) enable truly effortless photography. There's " Twilight ", which flows between black and petrol blue, and "Pink Gold", which transitions between gold and pink.