Dow ends brutal session with 3.1% loss, Nasdaq down 4%

11 Octobre, 2018, 03:28 | Auteur: Auguste Feret

USA government bonds resumed a selloff after rising to multi-year highs last week, with the 2-year yield rising to 2.906%, its highest level since June 2008.

US stocks plunged to their worst loss in eight months on Wednesday as technology companies continued to drop.

It was the fifth negative day for the S&P 500, and the longest losing streak during the Trump presidency.

Trade-sensitive industrial stocks also fell as tensions between Washington and Beijing persisted.

Today technology stocks saw their worst overall day since 2011 as investors concerns continue to mount over rising interest rates.

Highly performing companies are often hit the hardest when fears rise over rapidly increasing interest rates and the S&P Information Technology Index (INDEXSP:SP500-45) is comprised of some of the world's most valuable technology stocks such as Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOGL), and Facebook (NASDAQ:FB).

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.

The Dow Jones industrial average gave up 738 points, or 2.8 per cent, to 25,686.

The Dow Jones has dropped by 3.2 per cent to 25,599 points. The pan-European FTSEurofirst 300 index of leading regional shares closed down 1.57 percent.

This time around, strong economic data anxious bond investors, who sent the benchmark yield on Tuesday to 3.261 per cent, the highest since early May 2011.

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The Standard & Poor's 500 index fell 94 points, or 3.3%, to 2,785 on Wednesday, its biggest one-day loss since February 8.

Big moves in interest rates tend to unsettle investors, and they can also push them to sell stocks and buy bonds instead.

U.S. stocks notched solid gains in the third quarter as investors brushed aside worries about trade wars and focused on strong corporate earnings and solid United States economic data.

Tom Cahill of Ventura Wealth Management said investors were unnerved by remarks from luxury company LVMH of a crackdown on some goods in China amid the country's bitter dispute with the US. Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks. A move of more than two deviations, or 40 basis points now, leads to negative S&P 500 returns, Goldman says.

Oil prices fell more than two percent as US stocks plunged, even though energy traders anxious about shrinking supply from Iran due to US sanctions and kept an eye on Hurricane Michael, which closed almost 40 percent of US Gulf of Mexico output.

Tech is taking its lumps because bond yields have climbed in recent weeks, hovering at a more-than-seven-year high.

The Nasdaq fell 177 points, or 2.3 percent, to 7,560. Brent crude, the worldwide standard, lost 2.2 per cent to US$83.09 a barrel in London.

All 30 Dow stocks were in the red, sending the index below 26,000 points for the first time in a month.

Gold rose 0.2 per cent to $1,193.40 an ounce.

The Australian dollar slipped against major currencies, down to 70.7 U.S. cents, 53.6 British pence, 61.4 Euro cents and 79.5 Japanese yen. The British pound rose to $1.3197 from $1.3146.

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