Wild Ride: US Stock Markets See Dramatic Drop Again

Anna Jefferson
November 23, 2018

The S&P 500 gained 21.79 points, or 0.82 per cent, to 2,663.68, Xinhua news agency reported. Hong Kong's Hang Seng index dropped 0.7 percent to 25,845.78 and the Shanghai Composite gave up 1.4 percent to 2,608.32. The Standard & Poor's 500 index fell 1.7 percent to 2,690.73.

The Nasdaq Composite Index was up 96.19 points, or 1.39 per cent, to 7,005.02. The Russell 2000 index of smaller-company stocks picked up 15 points, or 1.1 per cent, to 1,484. US markets will be closed on Thursday for Thanksgiving and the NYSE will close at 1 p.m.

Technology companies recovered a sliver of their recent losses.

Target fell 10.52 percent after reporting weaker-than-expected earnings for the third quarter. The company also posted lighter-than-forecast same-store sales - a key metric for retailers.

The Dow Jones Industrial Average lost 476 points, or 1.9 percent, to 24,526.

The Nasdaq is up 5.43 points, or 0.1 percent. Since late July, Facebook has lost $241 billion and Alphabet is down by $169 billion. That's about $900 billion in value lost by just those four companies. Apple is the most valuable company on the index and is now worth about $839 billion. Investors now value Apple at about $845 billion. Target plunged 9.5 percent after missing Wall Street's earnings estimates.

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Safe-play stocks like utilities lagged the market.

Most of the FAANG members saw their stock prices rose on Wednesday, as Amazon and Facebook leading the gainers with a 2.5-per cent increase.

Apple sank another 3.6 percent in early trading Tuesday and Microsoft gave up 3.3 percent. Natural gas fell 1.6 per cent to $4.45 per 1,000 cubic feet.

Brent crude, used to price worldwide oils, was little changed at $66.79 a barrel in London. Oil prices were little changed Monday, but they've nosedived since early October. Investors have also gotten nervous about the pace of global economic growth.

Bond prices were steady. Higher rates result in pushing up borrowing costs on things such as homes and cars.

Among tech and internet stocks, chipmaker Nvidia dropped 12% to $144.70, adding to its losses from last week. Those companies have done better than the rest of the market during turbulent trading in October and November, but when the market makes a broad rebound they usually get left behind. Advancing issues outnumbered decliners by a 2.62-to-1 ratio on the Nasdaq.

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U.S. -CHINA TRADE: Investors focused on simmering trade tension between Washington and Beijing after the two governments clashed at a weekend conference. The yield on the 10-year Treasury note held steady at 3.07 percent.

Worries about slowing global growth and peaking corporate earnings have sapped risk appetite in recent months, throwing into doubt the longevity of the almost 10-year-old bull market.

The S&P 500 is down 23.68 points, or 0.9 percent. Silver inched up 0.1 percent to $14.40 an ounce.

US crude rose 2.7 percent to $54.87 per barrel.

The dollar rose to 112.80 yen from 112.54 yen.

Shares of Nike Inc, a Foot Locker supplier, rose 1.3%.

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OVERSEAS: Germany's DAX jumped 1.6 percent.

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