Markets Right Now: Stocks open slightly lower on Wall Street

24 November, 2018, 04:38 | Author: Mary Valdez
  • NEW YORK Nov. 21 2018- Traders work at the New York Stock Exchange in New York the United States Nov. 20 2018. U.S. stocks plunged on Tuesday with the Dow erasing more than 500 points amid

All five stocks, which had been leading the market higher during the bull market, are now down more than 20 percent from their highs in the past year, which puts them in bear-market territory.

"All they have to do is agree on a high-level framework that can delay the increase in the tariffs", Young said.

The Dow Jones Industrial Average dipped 0.95 points to 24,464.69.

The Nasdaq Composite Index was up 96.19 points, or 1.39 per cent, to 7,005.02. The Russell 2000 index of smaller-company stocks surged 25 points, or 1.7 percent, to 1,494.

Some market watchers have said the fall has been exacerbated by light trading volumes this week ahead of Thursday's Thanksgiving holidays when markets will be closed.

Among individual stocks, Dow member Johnson & Johnson dropped 3.1 per cent after a United States appeals court refused to block sales of a generic version of its prostate cancer drug Zytiga. The CAC 40 in France added 0.6 per cent. Some tech companies were also having a rough day.

Stocks are opening sharply lower on Wall Street as a rout in major technology companies continued. USA crude prices have dropped for six weeks in a row and are trading around their lowest level in about nine months.

That contributed to a rebound for retailers after they dropped on Tuesday.

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Crude oil recovery help energy recover its recent losses.

Target stock tumbled 11 percent after reporting weaker-than-expected earnings for the third quarter.

Industrial companies also took a beating. Defense contractor Raytheon lost 3.2 percent to $176.18. Since late July, Facebook has lost $241 billion and Alphabet is down by $169 billion. That's about $900 billion in value lost by just those four companies.

Latest economic data showed new orders for key US -made capital goods were unexpectedly unchanged in October and shipments rebounded modestly, which could temper expectations of an acceleration in business spending on equipment early in the fourth quarter. The yield on the 10-year Treasury note rose to 3.08 percent from 3.04 percent. Brent crude, the global standard traded in London, rose 1.5 per cent to $63.48 a barrel.

The dollar index, which tracks the greenback against a basket of six major currencies, slipped 0.2 percent after having advanced in Tuesday's risk-off session.

Nixon said Saudi Arabia and other countries started producing more oil after the Trump administration announced renewed sanctions on Iran. If the global economy slows significantly, that would also reduce demand for oil.

Safe-play stocks like utilities lagged the market. The S&P 500 gained 21.79 points, or 0.82 per cent, to 2,663.68, Xinhua news agency reported. It lost 88 cents to $62.60 in London. The pound extended its gains to $1.2880 from $1.2879, on news that Britain and the European Union had reached a deal in principle on future relations. Apple inched up 0.2 per cent to $177.32.

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