Wall Street plunges as investors seek safety

Wall Street plunges as investors seek safety

Wall Street plunges as investors seek safety

A global measure of equity prices fell to a 1-year low on Thursday as Wall Street extended its October slide into a sixth session as investors feared an escalating US trade war with China and risks from a recent climb in interest rates. There have recently been several indications that the USA housing market has cooled, likely in part due to higher rates on mortgages.

At 9:59 a.m. ET the Dow Jones Industrial Average was down 202.46 points, or 0.77 percent, at 26,228.11, the S&P 500 was down 27.02 points, or 0.94 percent, at 2,853.32 and the Nasdaq Composite was down 129.45 points, or 1.67 percent, at 7,608.57.

What will fall hardest?

Wall Street was hammered on Wednesday as investors dumped high-growth names such as technology and FAANG stocks, with rising Treasury yields and trade-related worries sapping their risk appetite. The Dow and other major US stock indexes fell more than 3%.

The Dow ended down 831 points, or 3.1%, at 25,598.

"It can be pretty well validated by looking at monetary history that when you inflate the currency, distort interest rates, and live beyond your means and spend too much, there has to be an adjustment", Paul told RT on Tuesday, predicting that a stock market crash is just a matter of time.

US stocks are plunging toward their worst loss in six months on Wednesday as technology companies continue to take sharp losses.

The S&P 500 also fell 3.3 percent, marking its fifth straight decline, and the Nasdaq declined more than 4 percent, its worst percentage decline since June 2016.

"What we're seeing here is the market positioning for potential lower growth".

Galaxy S10 color options and processor details leaked
But unless you're in dire need of an upgrade, the smart move is to wait for what the next iPhone, Pixel and even Galaxy S10 bring. Besides those, the new Samsung Galaxy Note 9 will have the same offering as any other Note 9 .

It's not right! Saha hits out at Pogba's Mourinho comments
Pogba believes being in the World Cup-winning France team is in itself a big achievement and he never plays to get the armband. I said to myself that it is useless to speak".

Selena Gomez is Being Treated at Mental Health Facility Following Medical Issues
The Heart Wants What It Wants hitmaker announced on September 24 that she was taking a break from social media . Selena Gomez is seeking treatment after suffering an emotional breakdown while in hospital, PEOPLE reports.

Amazon ($AMZN) was the biggest loser in the sector, losing more than $56 billion in market cap on Wednesday alone. In the previous session, the stock jumped 15 per cent on a Globe and Mail report that Altria Group was in talks for acquiring a stake.

"The speed of changes in bond yields often matters more for equities than the level", Goldman Sachs strategists said in a note. Bond yields move in the opposite direction to price.

Globally, France's CAC 40 dropped 1 per cent and the DAX in Germany lost 0.6 per cent. Britain's FTSE 100 sank 1.3 per cent.

President Trump, who's been quick to tout recent record highs in the market as a result of his economic and foreign policy, took this opportunity to criticize the Fed, calling the central bank "loco" for increasing rates. In Asia, Tokyo's Nikkei 225 gave up 3.9 per cent and Hong Kong's Hang Seng index shed 3.5 per cent.

The drop led a wider drop in USA markets.

The dollar index fell 0.17 percent, with the euro up 0.25 percent to $1.1518.

Shares in upscale jewellery retailer Tiffany & Co and perfume maker Estee Lauder both fell 7 percent after a warning from French luxury goods firm LVMH about softening demand in China.

The dollar slipped to 112.17 Japanese yen from 112.27 yen late Wednesday.

Latest News