Buckle up: Wall Street volatility is back with a vengeance

29 October, 2018, 06:35 | Author: Elaine Woods
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The tech-heavy index closed down 4.4 percent - the largest single-day loss in seven years.

Profit growth at S&P 500 companies is expected to have slowed to 22.1 percent in the third quarter, from the previous two, according to Refinitiv data, and is expected to slow to 19.6 percent in the fourth quarter.

At 9.59am local time the Dow Jones Industrial Average was up 213.46 points, or 0.87 percent, at 24,796.88.

Dow Jones Industrial Average futures slipped 300 points, S&P 500 contracted 40 points, and Nasdaq futures indicate a 186-point drop at the opening bell. The Russell 2000 index of smaller-company stocks gave up 39 points, or 2.6 percent, to 1,487.

US stocks plunged again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and the S&P 500's gains for the year, as disappointing forecasts from chipmakers and weak home sales data fueled jitters about economic and profit growth.

U.S. stocks tumbled overnight, confirming a correction for the Nasdaq and erasing the Dow and S&P 500's gains for the year. Applied Materials lost 5.1 per cent, Micron 8.4 percent and Advanced Micro Devices 9.2 per cent.

USA stocks recovered some of their losses Friday following a steep slide in early trading, but the drop was enough to push the benchmark S&P 500 index back into the red for the year.

The 30-stock index rose 71 points, or 0.3 percent, to 25,259.

Ford Motor, which is struggling with sales in China, surged 7.4 percent as its earnings report raised hopes for a strong finish to the year, while Raytheon was up 1.2 percent after the U.S. defence contractor raised its full-year forecast.

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Technology and consumer-focused companied led the declines early Friday.

The FTSE 100, which has little exposure to the technology sector, was 1% lower in early deals.

Microsoft jumped 5.4 percent, Visa rose 2.9 percent and Comcast climbed 3.3 percent. AT&T, however, reported a 7.5 percent drop in quarterly results.

Adding to weaker sentiment in late trading, the Federal Reserve said in a report on the economy that US factories have raised prices because of tariffs.

Investors moved to the relative safety of U.S. government bonds, which move inversely to yields, with the 10-year falling 4.7 basis points to 3.089%, its lowest in three weeks. Bond prices rose, sending yields lower as traders sought safe-haven investments. National Oilwell Varco lost 7.8 percent to $34.12.

The dollar weakened to 112.44 yen from 112.47 yen on Tuesday.

Some investors, including David Meier, a portfolio manager at Motley Fool Asset Management, say the sense that stock prices have simply reached their peak is driving the markets, too.

Japan's Nikkei 225 index sank sharply on the open but levelled off, regaining some lost ground. Heating oil added 1.2 percent to $2.28 a gallon and natural gas gained 1.1 percent to $3.20 per 1,000 cubic feet.

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