Tech Shares Tumble Again as Regulatory Risks Rattle Investors

29 March, 2018, 02:29 | Author: Kathy Ellis
  • Dow Jones industrial down 700 points

That would mean we face 11 more months of a declining market, in which the Dow (^DJI) will drop another 5,205 points (or 22.1%) from its January 26 peak.

To be sure, you might worry that we are due for a larger-than-average decline, given the length and gains of the bull market that began in March 2009. Investors bid up shares in safe-play stocks like utilities and real estate companies.

The market rebound followed the worst week for USA stocks in two years as investors traded last week's jitters for a more optimistic outlook on trade, and an opportunity to buy. "Until we get better guidance as to whether this correction is truly over, we will take a very choppy rise possibly to new highs a few months down the road". The Dow tumbled 344.89 points, or 1.4 percent, to 23,857.71.

Twenty-nine of 30 companies on the Dow gained Monday.

Stocks open mostly higher but with more losses among techs, which are weighing on the Nasdaq; Dow +0.2%, S&P +0.1%, Nasdaq -0.4%. The Russell 2000 index of smaller-company stocks picked up 33.63 points, or 2.2 percent, to 1,543.72.

The major stock indexes appeared headed for more gains early Tuesday after their strong finish on Monday, but the rally didn't last.

Asian shares rose Tuesday as news that the US and China are open to negotiating to avert a trade war put investors in a buying mood, setting off a rebound on Wall Street.

Apple fell 1.3 percent and chipmaker Intel lost 2.4 percent early Wednesday.

The S&P is down 1.8 percent so far this year, while the Nasdaq index is hanging on to positive territory. The agency said on Twitter that it's not clear whether the Tesla Model X was operating on its semi-autonomous control system called Autopilot at the time. The stock lost $24.38 to $254.80.

CBSE To Conduct Re-examination of Class 10 Mathematics & Class 12 Economics Papers
It was alleged that a hand written question paper had been doing rounds on the messaging service WhatsApp a day prior to the exam. Meanwhile, Human Resource Development Minister Prakash Javadekar said, the government has taken cognizance of CBSE paper leak.

History also suggests that bear markets are erased relatively quickly.

Twitter dived 12.0 per cent after a report from Citron Research warned the company was vulnerable to a regulatory crackdown over its data privacy policies. The remarks come ahead of a Senate hearing on data privacy set for next month. Occidental Petroleum gave up $2.18, or 3.3 percent, to $63.64.

But the sinking yields also narrowed the closely-watched gap between short and long-term rates, known as the yield curve.

The decline in bond yields helped pull banks and other financial stocks lower.

Amazon climbed 4 percent Monday, Boeing was up 2.5 percent and Starbucks rose 2.6 percent. Brent crude, used to price worldwide oils, fell 52 cents to $68.94 per barrel in London. Oracle lost 2.4 per cent.

BOND YIELDS: Bond prices were little changed. Natural gas rose 7 cents, or 2.8 percent, to $2.69 per 1,000 cubic feet. Silver dropped 29 cents to $16.25 an ounce. Copper gained 3 cents to $3 a pound.

CURRENCIES: The dollar rose to 105.64 yen from 105.41 yen late Monday. The euro fell to $1.2402 from $1.2455.

The Cboe Volatility Index (VIX - 22.50) finished 1.5 points, or 7%, higher.

Japan's benchmark Nikkei 225 added 1.7 percent in morning trading to 21,110.68. Tencent Holdings Ltd. was down 2.6 percent. Australia's S&P/ASX 200 retreated 0.8 percent to 5,786.70. Hong Kong's Hang Seng added 0.8 percent.

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