Stocks Crushed: Dow Falls 550 Points, Retail and Tech Wrecked

23 November, 2018, 07:13 | Author: Darnell Patrick
  • Global stocks slide as futures point to Wall Street drop

Microsoft lost 2.5 percent to $102.07.

The Dow Jones Industrial Average sank 505 points, or 2 percent, to 24,513. The S&P 500 Index hit a level almost 10 percent below its September record close before recovering.

Analysts began warning about the potential for a recession next year.

Nervous investors have been dumping shares of USA companies for weeks, as worries about the global economy mount due to obstacles ranging from the fallout from the U.S.

Retail and tech stocks were some of worst performers in early trading.

"A resolution doesn't seem to be coming in the short term", she said. "A lot of the companies that are front and center - Alphabet, Apple, IBM - could be significantly limited in the way they export their technology".

Presidents Donald Trump and Xi Jinping are due to meet this month at a gathering of the Group of 20 major economies. The Dow Jones Industrial Average briefly fell 500 points.

All eyes were on Apple, whose shares were down 3 percent to trade at $180.07, adding to previous losses amid reports of weakened iPhone demand.

Wall Street investors lately have been quick to bail out of companies that show rising costs are eating into profits, and that was the case with retailers Tuesday.

Among tech stocks, Facebook sank 5.5 percent to $131.85, Microsoft fell to $104.44 and chipmaker Nvidia dropped another 11 percent to $146.38. Hong Kong's Hang Seng shed 2 percent to 25,840.34 and Seoul's Kospi retreated 0.9 percent to 2,082.58. Facebook, another longtime investor darling that has been falling out of favor, also fell sharply. SAP, which provides business software and cloud computing services, was down over 2 percent. In Paris, shares of Nissan's partner Renault dropped 8.4 percent. Devon Energy lost 7.4 percent. Brent crude, used to price global oils, fell 6 per cent to $US62.80 per barrel in London. The stock has plunged 51 percent since November 8 as investors try to assess the damages the company might have to pay if it's held liable for the blaze.

Amazon dropped to $1,509 and Nike slid 3.2 percent to $72.36.

Brent crude, used to price worldwide oils, was little changed at $66.79 a barrel in London.

The Dow is down 253.58 points, or 1 percent.

Schlesinger advises that people who have invested in stocks look at the numbers with a level head: "Don't worry about the big numbers that you're seeing, these moves are going to be really tough for you to weather day to day, try to just get your head on straight". The yield on the 10-year Treasury note remained at 3.06 percent. The two countries have raised tariffs on billions of dollars of each other's goods in a fight over China's technology policy. The dollar slipped to 112.54 yen from 112.83 yen. The euro declined to $1.1452 from $1.1454.



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