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11 October 2018, 04:03 | Hattie Nash
Companies that sell non-essentials to consumers dropped 1.6 percent.
USA stocks plunged Wednesday as investors ramped up their selling of high-flying technology and internet stocks. Snap, the parent company of the messaging app Snapchat, fell 4.8pc and sank to a new all-time low.
BHP was down 2.75 per cent at $33.765, a fall only marginally worse than fellow mining giant Rio Tinto's 2.37 per cent to $77.29.
But stocks have been under pressure since the yield on 10-year US Treasury bonds jumped above three percent last week, a sudden move that raised fears of an overheating economy, speeding inflation and more aggressive Federal Reserve interest rate increases.
The S&P 500 fell nearly 92 points, or just over 3 percent, the biggest daily loss since February this year.
The December copper contract was down 2.6 cents at US$2.78 a pound.
Amazon's stock plunged 6.1 percent while Apple's stock shed 4.6 percent in a late-day sell-off.
Earlier on Thursday, the SPI200 futures contract was down 109 points, or 1.81 per cent, to 5,914.0 at 7am AEDT, pointing to bleak open for the ASX, which had clawed back some ground on Wednesday after a turnaround in financial stocks and a strong performance by the healthcare sector.
Adams, of Bloomberg Intelligence, said investors have concerns about their future profitability, too. Insurance companies slumped as Hurricane Michael hit the Florida Panhandle. A move of more than two deviations, or 40 basis points now, leads to negative S&P 500 returns, Goldman says.
The 10-year yield is now 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August. Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks. The stock fell 15 per cent to 50 cents.
That's helped make technology stocks more volatile in the last few months.
Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores.
Earnings were a major driver of the market last quarter, and analysts see more robust results ahead, even if companies face growing issues like the yet-to-be-resolved trade war and higher raw-materials costs. "We saw stocks hanging in there pretty good as interest rates were moving and now they're starting to crack". Brent crude, the global standard, lost 2.2 percent to $83.09 a barrel in London.
Mona Mahajan, U.S. investment strategist at Allianz Global Investors in NY, said the market could potentially sell off as much as 10 percent from its records before advancing again. Silver dipped 0.5 percent to $14.33 an ounce.
After a long stretch of relative calm, the stock market has suffered sharp losses over the last week.
The CAC 40 in France dropped 2.1 percent, Germany's DAX lost 2.2 percent and the FTSE 100 in London fell 1.3 percent.
Tech stocks and companies that sell non-essentials to consumers have been some of the top performers over the past year, gaining almost twice as much ground as the S&P 500.
Japan's Nikkei 225 added 0.2 per cent, South Korea's Kospi dropped 1.1 per cent and the Hang Seng in Hong Kong gained 0.1 per cent. Brazil's Bovespa lost 2.5 per cent and the Merval in Argentina sank 2.2 per cent.
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The new projection is a marginal reduction of the 3.9 per cent projection of last April's World Economic Outlook report. It said that a full-blown trade war between the USA and China would put a significant dent in economic recovery.