Spanish oil company Cepsa postpones bumper IPO, blames market rout

Spain’s Cepsa postponed what would have been the largest oil company listing in a decade on Monday, the latest IPO to succumb to a global sell-off in equity markets. Spain’s IBEX stock market index registered its biggest weekly fall since February at Friday’s close, and remains at two-year lows. “The most recent international economic developments have sowed considerable uncertainty in international capital markets,” Cepsa said in a statement. Mubadala will consider returning to the stock market


Spain’s Cepsa postponed what would have been the largest oil company listing in a decade on Monday, the latest IPO to succumb to a global sell-off in equity markets. Spain’s IBEX stock market index registered its biggest weekly fall since February at Friday’s close, and remains at two-year lows. “The most recent international economic developments have sowed considerable uncertainty in international capital markets,” Cepsa said in a statement. Mubadala will consider returning to the stock market
Spanish oil company Cepsa postpones bumper IPO, blames market rout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: luke macgregor, bloomberg, getty images
Keywords: news, cnbc, companies, blames, stock, postpones, rout, selloff, market, company, plans, bumper, sonae, spanish, cepsa, uncertainty, ipo, global, international, oil


Spanish oil company Cepsa postpones bumper IPO, blames market rout

Spain’s Cepsa postponed what would have been the largest oil company listing in a decade on Monday, the latest IPO to succumb to a global sell-off in equity markets.

Cepsa’s owner, Abu Dhabi state investor Mubadala, had planned to raise about 2 billion euros ($2.3 billion) by selling 25 percent of Cepsa.

Markets have been roiled by anxiety about a potential trade war between the United States and China, uncertainty over Britain’s exit from the European Union, a global economic slowdown and higher U.S. interest rates.

Spain’s IBEX stock market index registered its biggest weekly fall since February at Friday’s close, and remains at two-year lows. The index opened down 0.15 percent on Monday.

“The most recent international economic developments have sowed considerable uncertainty in international capital markets,” Cepsa said in a statement.

“In this scenario, the appetite of international investors has retracted significantly, along with their willingness to participate in stock market listings such as the one being carried out by Cepsa,” it said.

Mubadala will consider returning to the stock market when conditions become more favourable, Musabbeh Al Kaabi, chief executive of Mubadala’s Petroleum and Petrochemicals platform, said.

“The feedback from potential investors reinforced our view of Cepsa’s value and the strengths of the underlying business,” Al Kaabi said in a statement.

Cepsa’s float would be the biggest by an oil company in terms of proceeds since Brazil’s OGX Petroleo e Gas in 2008.

IPO plans globally have been hit by market turmoil.

Last Friday alone, Tencent Music Entertainment, the owner of China’s most popular music app, delayed a U.S. share offering, sources said, and Portuguese holding company Sonae cancelled plans to list shares in food retail unit Sonae MC. Dutch car leasing company Leaseplan also shelved plans to float in Amsterdam, blaming a global sell-off in equity markets.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: luke macgregor, bloomberg, getty images
Keywords: news, cnbc, companies, blames, stock, postpones, rout, selloff, market, company, plans, bumper, sonae, spanish, cepsa, uncertainty, ipo, global, international, oil


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Tech tumbles again — three experts weigh in on whether the rout continues

Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57Technology stocks’ painful sell-off dragged into another session on Monday. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. I think there’s more asymmetry on


Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57Technology stocks’ painful sell-off dragged into another session on Monday. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. I think there’s more asymmetry on
Tech tumbles again — three experts weigh in on whether the rout continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: keris lahiff, marlene awaad, bloomberg, getty images, gabjones, maxim malinovsky, aly song, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, continues, tech, youre, rates, outside, theres, weigh, rout, tumbles, experts, strategist, market, think, stocks, sector


Tech tumbles again — three experts weigh in on whether the rout continues

Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57

Technology stocks’ painful sell-off dragged into another session on Monday.

FANG stocks Amazon, Netflix and Alphabet tumbled by more than 1 percent, while industry leader Apple fell 2 percent. The XLK technology ETF has tanked more than 8 percent since hitting the year’s highs in early October.

Here’s what three market watchers expect from the sector after recent weakness:

John Stoltzfus, chief market strategist at Oppenheimer Asset Management, says investors will jump back into a space that is now cheaper than before. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Likely people will come back into the story. It remains solid to us,” said Stoltzfus.

Scott Wren, senior global equity strategist at Wells Fargo Investment Institute, says this is a normal market rotation that should circle back to growth stocks such as tech. “From time to time when you’re later in the cycle and there’s a little more inflation and a little bit more growth and the Fed’s hiking rates, you’re going to have some bouts of value outperformance, but I think overall those would be pretty brief,” said Wren.

Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. They’ve cut the reserve requirement for central banks, so they’re kind of an outlier to the rest of the world,” said Davis. “I like looking at Chinese tech. I think there’s more asymmetry on the upside there versus some of the U.S. tech.”

Bottom line: Tech weakness looks temporary, and the market will move back into high-growth stocks again. In the meantime, consider tech sector opportunities outside the U.S.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: keris lahiff, marlene awaad, bloomberg, getty images, gabjones, maxim malinovsky, aly song, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, continues, tech, youre, rates, outside, theres, weigh, rout, tumbles, experts, strategist, market, think, stocks, sector


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European stocks close flat after global rout

Global markets had been shaken by two consecutive sessions of losses in the U.S., with Asian equities mixed Friday on the back of a 500-point drop for the Dow Jones Industrial Average at the close of Thursday’s session. Traders have got increasingly nervous about the prospect of rising interest rates and a tightening Federal Reserve, alongside warnings from the International Monetary Fund (IMF) about risks to global economic growth. U.S. bond markets have attracted much attention, with Treasury


Global markets had been shaken by two consecutive sessions of losses in the U.S., with Asian equities mixed Friday on the back of a 500-point drop for the Dow Jones Industrial Average at the close of Thursday’s session. Traders have got increasingly nervous about the prospect of rising interest rates and a tightening Federal Reserve, alongside warnings from the International Monetary Fund (IMF) about risks to global economic growth. U.S. bond markets have attracted much attention, with Treasury
European stocks close flat after global rout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: sam meredith, ryan browne
Keywords: news, cnbc, companies, global, yields, rates, firm, uk, stock, markets, european, close, irish, higher, rout, stocks, flat, reported


European stocks close flat after global rout

Global markets had been shaken by two consecutive sessions of losses in the U.S., with Asian equities mixed Friday on the back of a 500-point drop for the Dow Jones Industrial Average at the close of Thursday’s session. Traders have got increasingly nervous about the prospect of rising interest rates and a tightening Federal Reserve, alongside warnings from the International Monetary Fund (IMF) about risks to global economic growth.

U.S. bond markets have attracted much attention, with Treasury yields hitting multi-year highs this week — higher yields mean higher borrowing costs, seen as negative for corporates and their stock prices.

Meanwhile, President Donald Trump has continually criticized the Fed for raising rates too high too fast, on Thursday claiming the U.S. central bank had directly caused the stock market correction over the past couple of days.

Back in Europe, Italy and the U.K. remain in the spotlight in terms of political news. While excessive spending concerns continue to weigh on Italy’s government, the pressure to strike a European Union withdrawal deal is a big challenge for Britain.

On Thursday, the European Central Bank was reported to be unable to intervene in the event of an Italian crisis situation unless the country first seeks a bailout from the EU. In Brexit affairs, British Prime Minister Theresa May on Thursday said that negotiations between the U.K. and the EU on a so-called Irish backstop — a key alternative to a hard Irish border — were likely to continue through to November.

In corporate news, Anglo-Dutch oil major Royal Dutch Shell is in talks to sell its stake in a Venezuelan joint venture with French firm Maurel & Prom, Reuters reported Thursday, citing three sources. Shares of the firm were slightly lower at the open Friday.

On the data front, German September inflation numbers showed a 2 percent rise for the month, boosted by energy and food prices.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: sam meredith, ryan browne
Keywords: news, cnbc, companies, global, yields, rates, firm, uk, stock, markets, european, close, irish, higher, rout, stocks, flat, reported


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Asia markets broadly recover following extended rout on Wall Street

Asia stocks saw a broad recovery on Friday following another tumble on Wall Street overnight, with the Dow Jones Industrial Average dropping by more than 500 points. In Japan, the Nikkei 225 saw gains of 0.46 percent to close at 22,694.66 while the Topix index ended largely flat at 1,702.45. The energy sector, however, was lower by 1.5 percent, while the heavily weighted financial subindex was largely flat. The move in ANZ’s stock came following an announcement by its chief executive that the ba


Asia stocks saw a broad recovery on Friday following another tumble on Wall Street overnight, with the Dow Jones Industrial Average dropping by more than 500 points. In Japan, the Nikkei 225 saw gains of 0.46 percent to close at 22,694.66 while the Topix index ended largely flat at 1,702.45. The energy sector, however, was lower by 1.5 percent, while the heavily weighted financial subindex was largely flat. The move in ANZ’s stock came following an announcement by its chief executive that the ba
Asia markets broadly recover following extended rout on Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: eustance huang
Keywords: news, cnbc, companies, wall, extended, ended, following, asia, lower, index, gains, markets, higher, street, recovery, saw, rout, recover, largely, flat, broadly


Asia markets broadly recover following extended rout on Wall Street

Asia stocks saw a broad recovery on Friday following another tumble on Wall Street overnight, with the Dow Jones Industrial Average dropping by more than 500 points.

In the Greater China region, Hong Kong’s Hang Seng index advanced by 2.07 percent in afternoon trade.

Over on the mainland, the Shanghai composite bounced on the back of positive trade data for the month of September to close higher by 0.91 percent at around 2,606.91, while the Shenzhen composite advanced by 0.19 percent at about 1,296.36.

In Japan, the Nikkei 225 saw gains of 0.46 percent to close at 22,694.66 while the Topix index ended largely flat at 1,702.45.

The ASX 200 closed higher by 0.2 percent at 5,895.7 after losing 0.52 percent earlier in the session. The energy sector, however, was lower by 1.5 percent, while the heavily weighted financial subindex was largely flat.

Shares of major banks Down Under saw a recovery though some still ended the trading day lower, with Australia and New Zealand Banking Group down by 0.38 percent while Commonwealth Bank of Australia was largely flat. The move in ANZ’s stock came following an announcement by its chief executive that the bank had fired over 200 staff for wrongdoing.

Over in South Korea, the Kospi saw gains of 1.54 percent at 2,162.37, with shares of chipmaker SK Hynix advancing 5.07 percent.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: eustance huang
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‘We should not overreact to market movements,’ says Standard Chartered chairman

English banking giant Standard Chartered’s chairman suggests that investors should “de-dramatize” the recent market sell-off. “We should not overreact to market movements even if those market movements are sizable,” José Viñals told CNBC’s Geoff Cuttmore on Thursday morning. Viñals comments came amid a stock market rout in Asia following a major Wednesday sell-off on Wall Street. Commenting on the recent market rout, Viñals said he “would de-dramatize the situation,” urging investors to “remembe


English banking giant Standard Chartered’s chairman suggests that investors should “de-dramatize” the recent market sell-off. “We should not overreact to market movements even if those market movements are sizable,” José Viñals told CNBC’s Geoff Cuttmore on Thursday morning. Viñals comments came amid a stock market rout in Asia following a major Wednesday sell-off on Wall Street. Commenting on the recent market rout, Viñals said he “would de-dramatize the situation,” urging investors to “remembe
‘We should not overreact to market movements,’ says Standard Chartered chairman Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: eustance huang
Keywords: news, cnbc, companies, standard, investors, wall, chairman, vials, movements, rout, going, recent, dedramatize, rates, overreact, chartered, market


'We should not overreact to market movements,' says Standard Chartered chairman

English banking giant Standard Chartered’s chairman suggests that investors should “de-dramatize” the recent market sell-off.

“We should not overreact to market movements even if those market movements are sizable,” José Viñals told CNBC’s Geoff Cuttmore on Thursday morning.

Viñals comments came amid a stock market rout in Asia following a major Wednesday sell-off on Wall Street.

Commenting on the recent market rout, Viñals said he “would de-dramatize the situation,” urging investors to “remember what we have.”

“One needs to start from realizing that some valuations were stretched to begin with,” he said

“In a context where interest rates are going up and where growth prospects are significantly revised downwards,” he added, “this is something that is going to take some steam off equity markets.”

Nevertheless, Viñals said, the global and U.S. economies were “still growing strongly,” along with expectations and forecasts that they were going to “keep at good rates” for this year and the next.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: eustance huang
Keywords: news, cnbc, companies, standard, investors, wall, chairman, vials, movements, rout, going, recent, dedramatize, rates, overreact, chartered, market


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We’re being punished for ‘doing the right thing’: Philippine Finance secretary

The Philippines is in a good position to deal with emerging markets rout: its finance secretary says 1 Hour Ago | 02:18The Philippines is “being punished” for managing its economy in the right way, given the effect of tightening U.S. monetary policy on the embattled emerging market, Philippine Finance Secretary Carlos Dominguez suggested on Thursday. Speaking to CNBC at the IMF and World Bank meetings in Bali, Indonesia, Dominguez said that the U.S. should consider that its actions “affect every


The Philippines is in a good position to deal with emerging markets rout: its finance secretary says 1 Hour Ago | 02:18The Philippines is “being punished” for managing its economy in the right way, given the effect of tightening U.S. monetary policy on the embattled emerging market, Philippine Finance Secretary Carlos Dominguez suggested on Thursday. Speaking to CNBC at the IMF and World Bank meetings in Bali, Indonesia, Dominguez said that the U.S. should consider that its actions “affect every
We’re being punished for ‘doing the right thing’: Philippine Finance secretary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: weizhen tan
Keywords: news, cnbc, companies, strong, tightening, philippines, emerging, rout, finance, thing, spending, punished, dominguez, secretary, world, doing, markets, right


We're being punished for 'doing the right thing': Philippine Finance secretary

The Philippines is in a good position to deal with emerging markets rout: its finance secretary says 1 Hour Ago | 02:18

The Philippines is “being punished” for managing its economy in the right way, given the effect of tightening U.S. monetary policy on the embattled emerging market, Philippine Finance Secretary Carlos Dominguez suggested on Thursday.

Speaking to CNBC at the IMF and World Bank meetings in Bali, Indonesia, Dominguez said that the U.S. should consider that its actions “affect everybody.”

“It affects the entire world, capital flows back to the U.S., and we’re trying our darndest here, being punished for something we’re doing right,” he said, responding to the news that U.S. President Donald Trump said the Fed has “gone crazy” in continuing to raise interest rates.

The Philippine central bank in September raised rates for the fourth time in five months, and has signaled that it’s prepared to tighten monetary policy further to support its currency, if needed.

Despite having already embarked on tightening, the Philippine peso has taken a battering from the recent emerging markets rout, which analysts have blamed partly on weak sentiment and a strong U.S. dollar pushed by rising rates.

Still, Dominguez said that the Southeast Asian country is in a “pretty good” position to deal with the emerging markets rout. He pointed to its “solid” foreign exchange reserves, strong banking system and fiscal position.

The Philippines will not cut its infrastructure spending just to be cautious about its deficit spending, he said, but instead may look into dialing down on non-infrastructure expenditure.

“Infrastructure for us is a real critical investment that we have to make,” he said, adding that the Philippines only averaged 2.3 percent of GDP in infrastructure spending in the past 50 years.

“Our economy’s choking. We have very bad traffic situation, our ports and airports need to be upgraded … Some time in the future, we will have to re-think that this is the last thing we are going to cut,” Dominguez said.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: weizhen tan
Keywords: news, cnbc, companies, strong, tightening, philippines, emerging, rout, finance, thing, spending, punished, dominguez, secretary, world, doing, markets, right


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Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout

Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months. The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The S&P 500 dropped 3.3 percent to 2,785.68, with the tech sector underperforming. For October, the S&P 500 and the Dow are down more than 4.4 percent and 3.3 percent, respectively. For the overall tech sector in the


Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months. The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The S&P 500 dropped 3.3 percent to 2,785.68, with the tech sector underperforming. For October, the S&P 500 and the Dow are down more than 4.4 percent and 3.3 percent, respectively. For the overall tech sector in the
Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: fred imbert, scott mlyn, richard drew
Keywords: news, cnbc, companies, fell, points, lead, drop, rout, nasdaq, 500, worst, sector, day, plunges, shares, tech, dow, sp, stocks, amazon


Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout

Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months.

The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The Nasdaq Composite plummeted 4 percent to 7,422.05.

The Dow also closed near its lows of the day.

The S&P 500 dropped 3.3 percent to 2,785.68, with the tech sector underperforming. The broad index also posted a five-day losing streak — its longest since November 2016 — and fell below its 50-day and 100-day moving averages, widely followed technical levels.

Both the Dow and S&P 500 posted their biggest one-day drops since early February, while the Nasdaq notched its largest single day sell-off since June 24, 2016.

Stocks have fallen sharply this month. For October, the S&P 500 and the Dow are down more than 4.4 percent and 3.3 percent, respectively. The Nasdaq, meanwhile, has lost more than 7.5 percent.

Rising rate fears and a pivot out of technology stocks have made it a rough last few days. The Dow has dropped four of the last five sessions.

Shares of Amazon declined 6.2 percent on Wednesday, while Netflix slid 8.4 percent. Facebook and Apple also fell more than 4 percent each. These stocks are top performers for the year and for most of the bull market. For the overall tech sector in the S&P 500, it was the worst day in seven years, dropping 4.8 percent.

“People are getting out of the high-flying tech names right now,” said Larry Benedict, CEO of The Opportunistic Trader. “I think people are under-hedged; there could be more pain ahead.”


Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: fred imbert, scott mlyn, richard drew
Keywords: news, cnbc, companies, fell, points, lead, drop, rout, nasdaq, 500, worst, sector, day, plunges, shares, tech, dow, sp, stocks, amazon


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There’s been an unlikely winning group of stocks during this rate-driven market rout

But despite the 10-year yield sitting near a seven-year high, the S&P 500 utility sector has rallied from its September lows and is now up 2.5 percent in October. Meanwhile, every other sector is in the red and the broader S&P 500 is down 4.4-percent month to date. The October rout accelerated sharply on Wednesday, with the Dow Jones industrial average falling more than 800 points, or 3.2 percent, and the S&P 500 plunging by 3.3 percent. The utility sector saw the lightest losses on Wednesday, d


But despite the 10-year yield sitting near a seven-year high, the S&P 500 utility sector has rallied from its September lows and is now up 2.5 percent in October. Meanwhile, every other sector is in the red and the broader S&P 500 is down 4.4-percent month to date. The October rout accelerated sharply on Wednesday, with the Dow Jones industrial average falling more than 800 points, or 3.2 percent, and the S&P 500 plunging by 3.3 percent. The utility sector saw the lightest losses on Wednesday, d
There’s been an unlikely winning group of stocks during this rate-driven market rout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: tom dichristopher, david mcnew, newsmakers, getty images
Keywords: news, cnbc, companies, safe, market, group, winning, rout, theres, 500, unlikely, ratedriven, utility, sector, rate, month, interest, sectors, sp, stocks


There's been an unlikely winning group of stocks during this rate-driven market rout

But despite the 10-year yield sitting near a seven-year high, the S&P 500 utility sector has rallied from its September lows and is now up 2.5 percent in October. Meanwhile, every other sector is in the red and the broader S&P 500 is down 4.4-percent month to date.

The October rout accelerated sharply on Wednesday, with the Dow Jones industrial average falling more than 800 points, or 3.2 percent, and the S&P 500 plunging by 3.3 percent.

Given the stock market slump this month, investors are prioritizing another benefit of utility names: their status as a relatively safe haven.

“In a market like this, in a dramatic sell-off, the rotational effects will be higher than the interest rate effect,” said Jay Hatfield, portfolio manager at Infrastructure Capital Management.

The utility sector saw the lightest losses on Wednesday, down just a half a percent, compared with the technology sector’s 4.8 percent drop.

Not everyone believes it’s wise to hide out in utilities and other defensive sectors like REITs and consumer staples while the Federal Reserve is hiking interest rates.

Art Hogan, chief market strategist at B. Riley FBR, told CNBC on Wednesday the group is “not safe at all in a rising interest rate environment.” He advised investors who want to be defensive to raise cash rather than buy bond surrogates.


Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: tom dichristopher, david mcnew, newsmakers, getty images
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Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout

Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months. The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The S&P 500 dropped 3.3 percent to 2,785.68, with the tech sector underperforming. For October, the S&P 500 and the Dow are down more than 4.4 percent and 3.3 percent, respectively. For the overall tech sector in the


Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months. The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The S&P 500 dropped 3.3 percent to 2,785.68, with the tech sector underperforming. For October, the S&P 500 and the Dow are down more than 4.4 percent and 3.3 percent, respectively. For the overall tech sector in the
Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: fred imbert, scott mlyn, richard drew
Keywords: news, cnbc, companies, fell, points, lead, drop, rout, nasdaq, 500, worst, sector, day, plunges, shares, tech, dow, sp, stocks, amazon


Dow plunges more than 800 points in worst drop since February, Amazon and tech shares lead the rout

Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months.

The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The Nasdaq Composite plummeted 4 percent to 7,422.05.

The Dow also closed near its lows of the day.

The S&P 500 dropped 3.3 percent to 2,785.68, with the tech sector underperforming. The broad index also posted a five-day losing streak — its longest since November 2016 — and fell below its 50-day and 100-day moving averages, widely followed technical levels.

Both the Dow and S&P 500 posted their biggest one-day drops since early February, while the Nasdaq notched its largest single day sell-off since June 24, 2016.

Stocks have fallen sharply this month. For October, the S&P 500 and the Dow are down more than 4.4 percent and 3.3 percent, respectively. The Nasdaq, meanwhile, has lost more than 7.5 percent.

Rising rate fears and a pivot out of technology stocks have made it a rough last few days. The Dow has dropped four of the last five sessions.

Shares of Amazon declined 6.2 percent on Wednesday, while Netflix slid 8.4 percent. Facebook and Apple also fell more than 4 percent each. These stocks are top performers for the year and for most of the bull market. For the overall tech sector in the S&P 500, it was the worst day in seven years, dropping 4.8 percent.

“People are getting out of the high-flying tech names right now,” said Larry Benedict, CEO of The Opportunistic Trader. “I think people are under-hedged; there could be more pain ahead.”


Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: fred imbert, scott mlyn, richard drew
Keywords: news, cnbc, companies, fell, points, lead, drop, rout, nasdaq, 500, worst, sector, day, plunges, shares, tech, dow, sp, stocks, amazon


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Dow futures imply a loss of about 300 points at Thursday’s open, as stock market rout continues

Stocks are going to look more reasonably priced going into earnings season, says strategist 14 Hours Ago | 05:04Overnight Dow Jones industrial average futures were down by 183 points as of 2:28 a.m. ET, signaling the October stock market drop that intensified on Wednesday could continue on Thursday. Futures implied the Dow will open Thursday down by 274.74 points. Overnight S&P 500 futures, for their part, were lower by 0.63 percent and continued to point to a decline at Thursday’s open. The Dow


Stocks are going to look more reasonably priced going into earnings season, says strategist 14 Hours Ago | 05:04Overnight Dow Jones industrial average futures were down by 183 points as of 2:28 a.m. ET, signaling the October stock market drop that intensified on Wednesday could continue on Thursday. Futures implied the Dow will open Thursday down by 274.74 points. Overnight S&P 500 futures, for their part, were lower by 0.63 percent and continued to point to a decline at Thursday’s open. The Dow
Dow futures imply a loss of about 300 points at Thursday’s open, as stock market rout continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: michael sheetz, eustance huang, fred imbert
Keywords: news, cnbc, companies, lower, points, thursdays, loss, imply, market, dow, jones, futures, rout, stocks, sp, selling, strategist, open, intensified, stock


Dow futures imply a loss of about 300 points at Thursday's open, as stock market rout continues

Stocks are going to look more reasonably priced going into earnings season, says strategist 14 Hours Ago | 05:04

Overnight Dow Jones industrial average futures were down by 183 points as of 2:28 a.m. ET, signaling the October stock market drop that intensified on Wednesday could continue on Thursday. Futures implied the Dow will open Thursday down by 274.74 points.

Overnight S&P 500 futures, for their part, were lower by 0.63 percent and continued to point to a decline at Thursday’s open.

The SPDR S&P 500 ETF fell 0.57 percent in after hours trading Wednesday, after falling 3.2 percent during a day which saw stocks sell off throughout the afternoon.

“October weakness intensified today as volume surged and selling was widespread,” said Bruce Bittles, chief investment strategist at Baird, in a note after Wednesday’s close. “We may need to see evidence of exhaustive selling, increased investor pessimism and a healthier breadth back-drop to suggest that near-term risks are ebbing.”

The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The Nasdaq Composite plummeted 4 percent to 7,422.05 as Amazon and chip stocks declined. It was the worst for the Dow and S&P since February.


Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: michael sheetz, eustance huang, fred imbert
Keywords: news, cnbc, companies, lower, points, thursdays, loss, imply, market, dow, jones, futures, rout, stocks, sp, selling, strategist, open, intensified, stock


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