Monday, 23 July, 2018

Dow Jones falls almost 350 points as tech stocks decline

Asian shares gain on easing US-China trade war fears Tech Stocks Fear Premium Just Jumped to a 13-Year High
Cristina Norman | 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.

3 drug stocks that made big moves today.

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.

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