Published: Sat, December 08, 2018
Business | By Eloise Houston

Markets Right Now: Stocks open lower on Wall Street

Markets Right Now: Stocks open lower on Wall Street

The decline has been especially big for companies such as Boeing, down almost 5 percent Tuesday, and Caterpillar, which lost almost 7 percent, that export heavily and stand to be hurt by the China-U.S. tariff war.

A flattening yield curve tends to hurt the profitability of banks as well.

The S&P 500 index lost 8 points, or 0.3 per cent, to 2,782.

ENERGY: Benchmark U.S. crude fell 53 cents to $52.72 per barrel in electronic trading on the New York Mercantile Exchange.

The Dow is up 307.85 points, or 1.2 per cent.

Asian stocks fell with American futures on Tuesday after confusing signals over U.S. The contract for the Dow lost 1.6 percent and that for the S&P 500 declined 1.5 percent. The Shanghai Composite index dropped 1.7 percent to 2,605.18. The yield on the 10-year Treasury note fell to 2.91 percent from 2.99 percent late Monday, a large move.

Bond prices rose sharply. Long-term yields dropped, which while reducing the threat of inflation suggests investors are expecting an economic slowdown, if not a recession in the next two years. US stock and bond markets will be closed Wednesday in observance of a national day of mourning for former President George H.W. Bush.

AutoZone climbed 5.6 percent to $870.65 after the auto parts retailer delivered third-quarter earnings that exceeded analysts' forecasts.

The Dow lost 536 points, or 2.1 percent, to 25,292.

Wall Street is down after plunging 800 points in a single trading day.

Technology companies, banks and industrial stocks accounted for much of the broad sell-off.

Apple lost 3.7 percent to $177.99 after the consumer electronics giant was downgraded by HSBC analysts, citing the possibility that iPhone volume and value growth may moderate due to a saturated mobile phone market. The FTSE 100 index of leading British shares slid 0.6 per cent.

Stocks tumbled Tuesday, sending the Dow Jones Industrial Average down nearly 800 points, as investors anxious that a U.S.

That pressured bank stocks, with the KBW Bank index falling 1.78 percent, while the overall S&P financial sector dropping 1.41 percent.

Wall Street fell more by than three per cent overnight, led by ongoing investor scepticism over the trade truce between US President Trump and China's President Xi Jinping.

Apple lost 1.7 percent early Tuesday and Bank of America was down 1.3 percent.

Dollar General Corp fell 5 percent after lowering its full-year profit and sales forecasts, hit by higher costs related to hurricanes.

The Dow Jones Industrial Average fell 65 points, or 0.3 percent, to 25,761. The Nasdaq Composite Index fell 283.09 points, or 3.80 percent, to 7,158.43. The 10-year yield is still higher, but not by much.

Like this: