LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Wall Street slips, turns risk averse on strong dollar, trade worries

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Aug 15, 2018
11:00 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

U.S. stock indexes slid on Wednesday in a broad decline over concerns of a strengthening dollar, Turkey`s currency crisis and United States` trade relations with its partners.

Seven of the 11 major S&P sectors were lower, with energy and metal and mining companies hit by rising commodity prices. While trade-sensitive companies such as Boeing and Caterpillar fell, the usually trade-agnostic technology stocks also dropped.

The dollar index hovered near a 13-month high, also bumped by strong U.S. retail sales. U.S. crude oil prices slid nearly 4 percent, while metal prices fell on the greenback`s strength, which also hurts the overseas income of U.S. multinationals.

Turkey doubled tariffs on some U.S. imports in retaliation to Washington`s moves, while Beijing lodged a complaint with the World Trade Organization to help determine the legality of U.S. tariff and subsidy policies.

"The real question that comes up is if this is a start of a bear market or is this another correction in normal volatility that we`re experiencing this year," said Jason Browne, chief investment strategist at FundX in San Francisco, California.

"Investors are worried if the markets have gotten ahead of itself and therefore there is a fear-based and broad-based selling, it`s not based on fundamentals."

MSCI`s widely tracked 24-country emerging market stocks index entered a technical bear market, as fresh selling took its drop since late January to 20 percent.

The S&P energy sector tumbled 2.88 percent and the materials sector shed 1.81 percent. The industrial sector fell 0.70 percent, with Caterpillar and Boeing slumping more than 2 percent.

At 12:57 a.m. EDT the Dow Jones Industrial Average was down 209.93 points, or 0.83 percent, at 25,089.99, the S&P 500 was down 24.74 points, or 0.87 percent, at 2,815.22 and the Nasdaq Composite was down 104.89 points, or 1.33 percent, at 7,766.00.

The technology sector fell 1.35 percent.

The high-flying FAANG stocks – Facebook, Apple, Amazon, Netflix and Google-parent Alphabet – fell between 0.3 percent and 3.5 percent.

Macy`s sank 14.4 percent on concerns over the company`s gross margin forecast for the fall season.

The bleak outlook dragged down other retailers. The S&P 500 retailers index slid 1.59 percent despite data showing U.S. retail sales rose more than expected in July.

Nordstrom and JC Penney, both of which report results on Thursday, fell 5.6 percent and 8.7 percent, respectively. Walmart, which also reports on Thursday, dipped 1.2 percent.

Retailers make up the majority of the S&P 500 companies yet to report results. Of the 460 companies that have reported, 79.1 percent have beaten analysts` estimates, according to Thomson Reuters I/B/E/S.

Tesla fell 3.3 percent after Fox Business Network reported the U.S. securities regulator has subpoenaed the company regarding CEO Elon Musk`s plans to take it private and his statement that funding was "secured."

Declining issues outnumbered advancers for a 2.65-to-1 ratio on the NYSE and for a 3.30-to-1 ratio on the Nasdaq.

The S&P index recorded 10 new 52-week highs and 11 new lows, while the Nasdaq recorded 51 new highs and 126 new lows.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Twitter to block users tweeting Covid misinformation

Stocks in Focus on March 2: BPCL, Auto Stocks, IGL, NMDC to Coal India; here are the 5 Newsmakers of the Day

Sara Ali Khan: My mother has gone through so much more than I have

Gold Price Today 2-03-2021 – MCX Gold cheaper by Rs 400 on Tuesday morning, Silver expensive by Rs 69; BUY or SELL?

PAN Aadhaar Link: Last date is fast approaching! Failing to do this may lead to Rs 10,000 penalty

Aditya Birla Fashion and Retail share price: Sharekhan maintains Buy rating with a revised price target of Rs 255

SBI mega e-Auction: Chance to buy your dream home, other properties at affordable prices

LIVE: Gujarat Municipal Election Results 2021: BJP wins 803 seats - Check latest news updates, seat details here

Lincoln Pharmaceuticals revenue is likely to grow by 10% in FY21: Mahendra Patel, MD

Gujarat Election Result: Another big win for BJP, defeat for Congress! Check latest seats update in local body municipal, panchayat and taluka polls

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved