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Dow Jones industrials sink 700 points as bond yields rise
11 October 2018, 01:59 | Hattie Nash
The Dow Jones Industrial Average has plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks.
Some of America's biggest tech stocks were caught up in the sell-off, with Netflix down 8%, Microsoft sliding 5%, Amazon off by 6% and Google's parent company Alphabet down 5%.
The broad-based S&P 500 slumped 3.3 per cent to end at 2,785.68, while the tech-rich Nasdaq Composite Index plummeted 4.1 per cent to finish the session at 7,422.05.
That all played into a market that is increasingly anxious about global growth after warnings from the International Monetary Fund this week and a rise in Treasury yields to a more than 7-year high above 3 percent that signals a tightening of available capital globally.
But historically, a monthly move of one to two deviations, or 20 to 40 basis points now, would result in flat S&P 500 returns.
The Dow Jones Industrial Average fell 109 points, or 0.4%, to 26322 shortly after the opening bell. The stock fell 34 percent to 38 cents in morning trading.
Hurricane Michael Expected to Grow into a Major Hurricane
" Hurricane Michael is forecasted to be the most destructive storm to hit the Florida Panhandle in decades", Scott said. Bill Nelson, said a "wall of water" could cause destruction along the Panhandle. "We've got supplies to last us a week".
U.S. Treasury yields held near multi-year highs after producer prices climbed 0.2 percent in September, feeding into the pressure on the Federal Reserve to continue to raise interest rates even as the global economy struggles with headwinds from President Trump's trade war with China.
Adams, of Bloomberg Intelligence, said investors have concerns about their future profitability, too. The stock fell 15% to 50¢. It was at just 3.05 per cent early last week and 2.82 per cent in late August.
In further evidence that stocks can rally despite rising Treasury yields, LPL Research found that in all 12 periods of rising 10-year yields since 1996, the S&P 500 ended the period higher than it began, according to senior market strategist Ryan Detrick. Over the years, Sears has closed hundreds of stores and sold several famous brands.
Luxury retailers tumbled. Tiffany plunged 9.5 percent to $111.28 and Ralph Lauren fell 7.3 percent to $118.42.
Technology and internet-based companies are known for their high profit margins, and many have reported explosive growth in recent years, with corresponding gains in their stock prices.
The S&P 500 fell 39 points, or 1.4 percent, to 2,840. USA gold futures settled up $1.9, or 0.16 percent, at $1,193.4. Copper fell 0.9 percent to $2.78 a pound.
DC Comics hires James Gunn after Disney fires him
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Twins’ Sano will not face charges for incident in DR
In an attempt to leave the scene, Sano ran over the officer's foot, breaking his fibula and tibia, the report said. The infielder was under investigation earlier this year after he was accused of sexual assault in December.
Tropical Storm Michael forms in the Caribbean
The Gulf of Mexico is home to 17 percent of U.S. crude oil and 5 percent of natural gas output daily, according to the U.S. Hurricane force winds extend 45 miles outside the center, and tropical storm force winds extend outwards 175 miles.
Google Quietly Launches Third-Gen Chromecast
It means the phone can have more screen real estate, without having to allow for a thicker bezel at the top of a phone. For example, you can have your Google Photos uploads automatically shown on the Hub like a fancy photo frame.
Japan overtakes Singapore as world's most powerful passport
The index, by Henley & Partners, a citizenship and planning firm, showed Japan to have the most powerful passport on the planet. The countries both climbed to 1st place in February, pushing Germany down to 2nd place for the first time since 2014.