Wall Street tumbles, spooked by growth and trade worries

Wall Street tumbles, spooked by growth and trade worries

globalMarketsNews, Market Trends, US Economy
(Reuters) - Wall Street tumbled more than 3 percent on Tuesday, led lower by bank and industrial shares, as the U.S. bond market sent unsettling signs about economic growth and investors worried anew about global trade. A prominent Federal Reserve official’s comments about the path of interest rate hikes added to the uncertainty for investors, as did setbacks for Britain’s plans to leave the European Union. The S&P 500 .SPX posted its biggest single-day percentage drop in about two months, giving back some gains from Monday and a week earlier, when the benchmark index tallied its largest weekly percentage gain in nearly seven years. The small-cap Russell 2000 dropped 4.4 percent, its biggest one-day plunge in more than seven years. Investors were focused on U.S. Treasury yields, where the benchmark 10-year yield…
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Wall Street drops on trade truce doubts, bond market jitters

Wall Street drops on trade truce doubts, bond market jitters

globalMarketsNews, marketsNews
(Reuters) - U.S. stocks dropped on Tuesday, as skepticism over chances of a breakthrough in the U.S.-China trade talks weighed on industrial and technology companies, while banks fell as flattening U.S. bond yield curves raised fears of a slowing domestic economy. [caption id="attachment_3728" align="alignnone" width="858"] Traders work on the floor of the New York Stock Exchange.[/caption] The three major indexes pulled back just over half a percent following a rally on Monday after Washington and Beijing agreed to a three-month truce, offering relief to a market clouded for much of the year by the prospect of an all-out trade war. However, different dates from the White House regarding start of the ceasefire and skepticism over an actual resolution in the agreed negotiating window dampened the mood. Traders were questioning the…
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Trumps Tariffs, Trade Wars, Brexit, Longest Bull Run, are these indicators of a Global Recession?

Trumps Tariffs, Trade Wars, Brexit, Longest Bull Run, are these indicators of a Global Recession?

globalMarketsNews, Market Trends
In March 24th 2000 the stock market peaked before the the bubble burst, known as the dot.com bubble, in one of the worst market corrections in decades, some companies, such as Pets.com and Webvan, failed completely and shut down. Others, such as Cisco, whose stock declined by 86%, and Qualcomm, lost a large portion of their market capitalization but survived, and some companies, such as eBay and Amazon.com. The S&P 500 eventually bottomed out at on October 10th 2002 to 769 that was a 51% drop from the high in a matter of two and a half years. In October 11th 2007 the stock market again peaked and the S&P 500 hit a high of 1576 before the bubble burst again this time know as the financial crisis. The S&P…
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China says will hit back after U.S. proposes fresh tariffs on $200 billion in goods

China says will hit back after U.S. proposes fresh tariffs on $200 billion in goods

globalMarketsNews, marketsNews, US Economy
BEIJING/WASHINGTON (Reuters) - China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods. [caption id="attachment_3723" align="aligncenter" width="1054"] A worker helps load steel bars onto a truck at a warehouse of the Baifeng[/caption] China’s commerce ministry said on Wednesday it was “shocked” and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. In a statement, it called the U.S. actions “completely unacceptable”. The foreign ministry described Washington’s threats as “typical bullying” and said China needed to counter-attack to protect its interests. “This is a fight between unilateralism and multilateralism, protectionism and free trade, might and rules,” foreign ministry spokeswoman Hua…
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Futures flat as investors focus on Fed meeting

Futures flat as investors focus on Fed meeting

globalMarketsNews
(Reuters) - U.S. stock index futures were little changed on Wednesday as investors awaited clues from the Federal Reserve meeting on whether the central bank will raise interest rates for a third time this year. * The policy statement and projections are due to be released at 2 p.m. ET (1800 GMT). Fed Chair Janet Yellen will hold a press conference half an hour later. * The Fed is likely to say that it will start unwinding its holdings of about $4.2 trillion in bonds and mortgage-backed securities from October. * While a September interest rate increase is not expected, investors will closely study Yellen’s views on inflation. * Though inflation remains stubbornly below the Fed’s 2- percent target rate, a recent data showed uptick in domestic consumer prices, which…
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Wall St. indexes eke out fresh record highs

Wall St. indexes eke out fresh record highs

globalMarketsNews
(Reuters) - The three major Wall Street indexes inched up to record highs on Friday, as investors shrugged off North Korea’s latest missile test and domestic economic data that did little to move the needle on the timing of an interest rate hike. Earlier in the day, Pyongyang fired a second missile in as many weeks over Japan, drawing criticism from global leaders but barely moving shares as investors await the next catalyst - the Federal Reserve’s meeting on Sept. 19-20. No monetary policy change is expected at the meet, but the odds of a December rate hike jumped on Thursday after a strong report on consumer prices, a closer read through on inflation, which the central bank is closely monitoring. U.S. retail sales unexpectedly fell last month, the Commerce…
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Wall St. lower as Apple, Disney weigh

Wall St. lower as Apple, Disney weigh

globalMarketsNews
(Reuters) - U.S. stocks slipped in early afternoon trading on Thursday, dragged down by big names such as Apple, Walt Disney and Comcast. Apple (AAPL.O) fell 0.65 percent on a report that the new iPhone had faced production glitches that could result in supply shortfalls. Comcast’s (CMCSA.O) 7 percent fall weighed the most on the S&P and the Nasdaq, after the company said it expected to lose 100,000 to 150,000 video subscribers in the quarter due to competition. The Dow was pulled lower by a 3.36 percent fall in Walt Disney (DIS.N) shares, after its chief executive warned earnings per share growth for this year would roughly be in line with what it reported last year. Disney's fall weighed on other media stocks, with CBS (CBS.N) down 3 percent and…
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U.S. gasoline price sink as Harvey subsides

U.S. gasoline price sink as Harvey subsides

globalMarketsNews
(Reuters) - Benchmark U.S. gasoline prices fell by more than 4 percent on Monday as oil refineries and pipelines in the U.S. Gulf Coast slowly resumed activity after Hurricane Harvey subsided, easing concerns over supply shortages in the world’s top oil consumer. Brent crude oil futures were however trading lower, down 40 cents at $52.35 a barrel by 0915 GMT, after a powerful North Korean nuclear test triggered a shift away from crude markets to assets perceived to be safer, such as gold. U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, up 6 cents at $47.35 barrel. NYMEX gasoline futures RBc1 were down 4.2 percent to $1.6755 a gallon, levels last seen on Aug. 25, the day Harvey struck. Damage to the oil infrastructure in the Gulf…
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Stocks, dollar advance ahead of U.S. jobs data

Stocks, dollar advance ahead of U.S. jobs data

globalMarketsNews
LONDON (Reuters) - Gains for Europe and Asia pushed world shares back towards record highs on Friday, while the dollar crept up ahead of the monthly excitement of U.S. payrolls data. Euro zone stocks .STOXXE had been at risk of their second red week in a row but a 0.5 percent early rise looked to have dug them out of trouble, following gains in Asia and on Wall Street overnight. [.N] Near 6 percent jumps in French media firm Vivendi (VIV.PA) and Swedish car and truck maker Volvo (VOLVb.ST) lifted spirits, as did a rise in euro zone manufacturing data that showed the fastest rise in export orders since February 2011. On-form mining companies .SXPP remained hot as copper and iron ore [MET/L] headed for their eighth straight week of…
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U.S. gasoline futures surge after Harvey, euro holds gains on Draghi comments

U.S. gasoline futures surge after Harvey, euro holds gains on Draghi comments

globalMarketsNews
(Reuters) - U.S. gasoline futures hit a two-year high on Monday after Hurricane Harvey pummeled the heart of America’s energy industry, while the euro hit a 2-1/2-year peak after the European Central Bank President refrained from talking down the single currency. Gasoline futures soared as much as 6.8 percent at one point as the storm battered Texas, whose coastal refineries account for a quarter of U.S. crude oil refining capacity. They were 5.9 percent by mid-morning. Though it has been downgraded to a Tropical Storm, Harvey was still lashing the region on Monday, with some areas expected to see a year’s worth of rainfall in the span of a week. “This is not like anything we have ever seen before,” said Bruce Jefferis, chief executive of Aon Energy, a risk…
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