Dow plunges almost 800 pts: Aus share to drop at open

Trade-sensitive shares were undermined by a failure by Donald Trump’s aides to detail the deal that he said he had struck with China

The Dow Jones Industrial Average lost 3.1 percent to 25,027.07.

Bond prices soared, sending yields lower, as traders shoved money into lower-risk investments. Shares of major USA banks also took a dive with Citigroup, Morgan Stanley and Capital One bottoming out at 52-week lows.

Investors were focused on U.S. Treasury yields, where the benchmark 10-year yield fell to its lowest point since mid-September.

Interested in Stock Market?

Hong Kong's Hang Seng index fell 1.6 percent to 26,840.74 points and the Shanghai Composite Index lost 0.7 percent to 2,647.55. The Dow plunged 690 points, or 2.8 per cent, to 25,130, more than erasing its 488-point gain over the previous two trading days.

Big technology companies also suffered, including Apple, which fell 4.4 per cent, Amazon, down 5.9 per cent and Microsoft, which lost 3.2 per cent.

The wave of selling erased the market's gains from a day earlier, when stocks rallied after the USA and China agreed to a temporary truce in their trade dispute.

Stock and bond trading will be closed in the U.S. Wednesday in observance of a national day of mourning for former President George H.W. Bush.

The jitters helped drive demand for government bonds Tuesday, pushing prices higher. Citigroup fell 4.5 percent to $62.26. Advanced Micro Devices dropped 10.9 percent to $21.12, while Micron Technology lost 7.9 percent to $36.88.

The trade-sensitive industrial sector .SPLRCI fell 4.4 percent, with Boeing BA.N and Caterpillar CAT.N declining 4.9 percent and 6.9 percent, respectively.

In other stocks, utilities software developer Gentrack, which has extensive operations in the United Kingdom and Europe, led the market lower, down 4 per cent at $5.52 in light trading, continuing its weakness since acknowledging concerns about its growth outlook. Brent crude, used to price worldwide oils, lost 63 cents to $61.45 per barrel in London.

Yankees Rumors: Patrick Corbin’s free agent decision coming soon
For a Yankees team that has made starting pitching a priority this offseason, Corbin was an initial favorite to land in the Bronx. The Yankees , who were also in pursuit of Corbin, are interested in bringing back Happ so there is competition for his services.

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

The S&P 500 index slid 79 points, or 2.9 percent, to 2,710 as of 1:29 p.m.

Apple lost 3.7 per cent 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 Russell 2000 index of smaller-company stocks gave up 51 points, or 3.3 per cent, to 1,497.

European markets fell on Tuesday, with Germany's DAX losing 1.1 percent and France's CAC 40 dropping 0.8 percent.

The Dow sank as much as three percent Tuesday afternoon as losses on Wall Street accelerated amid worries about the US economic outlook and skepticism over the US-China trade truce.

The Toronto Stock Exchange's S&P/TSX composite index was down 197.31 points, or 1.29 per cent, at 15,077.67.

Dollar General sank 5.6 percent after reporting weak results.

Bond prices rose. The yield on the 10-year Treasury fell to 2.95 percent.

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

The Dow Jones Transport Average .DJT declined 4.4 percent, its biggest one-day percentage drop since June 2016.

Related News:

  • Sixers' Markelle Fultz diagnosed with injury impacting ability to shoot

    Sixers' Markelle Fultz diagnosed with injury impacting ability to shoot

    The Sixers, 17-8, will take on the Toronto Raptors Wednesday night in a nationally televised game airing on ESPN at 8pm ET. Sources tell Adrian Wojnarowski that there is optimism that Fultz could return in three to six weeks.
    USC Trojans hire Kliff Kingsbury to be offensive coordinator

    USC Trojans hire Kliff Kingsbury to be offensive coordinator

    Quarterbacks coach Bryan Ellis also left, accepting a job as the new offensive coordinator for Tyson Helton and Western Kentucky. In 2012, he was the offensive coordinator and quarterbacks coach for Texas A&M when Johnny Manziel won the Heisman Trophy.
    Microsoft to ditch EdgeHTML in favor of Chromium

    Microsoft to ditch EdgeHTML in favor of Chromium

    The project is presently named as Anaheim and will host web pages in a fashion pretty similar to how Google's Chrome handles it. The Redmond giant is no more in the mood to work further on the EdgeHTML rendering engine and hence axe development on Edge.
  • Robert Mueller Has Filed Michael Flynn’s Sentencing Memo (READ IT)

    Robert Mueller Has Filed Michael Flynn’s Sentencing Memo (READ IT)

    Papadopoulos is now serving a 14-day sentence after a judge denied his 11th-hour appeal to delay a prison sentence. Stone told ABC News on Sunday he would not testify against Trump and has not discussed a pardon with the president.
    Anthony Joshua breaks silence on Deontay Wilder, Tyson Fury

    Anthony Joshua breaks silence on Deontay Wilder, Tyson Fury

    Fury and his team have consequently called for a rematch, yet Wilder appears to be again showing interest in facing Joshua. Deontay Wilder claims he broke his right arm and required surgery in the leadup to his sensational fight with Tyson Fury.
    Sydney house prices down 9.5 percent from peak

    Sydney house prices down 9.5 percent from peak

    But the situation is deteriorating even more quickly in the key Sydney and Melbourne markets. This story first appeared in Business Insider.
  • Prime Minister Narendra Modi attends Priyanka and Nick’s wedding reception

    Prime Minister Narendra Modi attends Priyanka and Nick’s wedding reception

    In a video that has surfaced on social media, the Desi Girl of Bollywood is seen introducing husband Nick and his family to Modi. The Prime Minister attends Priyanka and Nick's reception, in his trademark Modi jacket and white kurta-pyjamas.
    Journalist critical of Philippines' Duterte pays bail

    Journalist critical of Philippines' Duterte pays bail

    The rights group Amnesty International, meanwhile, claimed it was "an alarming attempt to silence independent journalism". Duterte's office has since banned Rappler from covering his official activities.
    Travis Scott responds to claims that he 'cheated' on Kylie Jenner

    Travis Scott responds to claims that he 'cheated' on Kylie Jenner

    But - not wanting to end up like Thompson - Scott quickly took to Instagram to put an end to the rumors once and for all. While he did shut down the rumors of cheating, he also furthered engagement or marriage rumors with his baby momma .
  • Filipinos streamed LANY on Spotify most in 2018

    However, the Top 5 most-streamed artists in the United Kingdom were men, led by Drake, Post Malone and Eminem. No women made the Top 5, but Ariana Grande ranks first among female artists globally on Spotify.
    Jay Gruden Says Redskins Considering Signing Colin Kaepernick, But Likely Won't

    Jay Gruden Says Redskins Considering Signing Colin Kaepernick, But Likely Won't

    He's the second Redskins quarterback to go down with a season-ending injury - joining starter Alex Smith . Washington entered Monday a half-game behind the Cowboys for the NFC East lead.
    Ex-NFL Player Brandon Browner Sentenced to 8 Years in Prison

    Ex-NFL Player Brandon Browner Sentenced to 8 Years in Prison

    His robbery, burglary and false imprisonment chargers consequently were dropped in a plea deal. Prosecutors had accused Browner of stealing a $10,000 rolex watch from the apartment.


Most liked

Drake dominates streaming on Spotify, Apple Music
The Grammy victor scored 8.2 billion streams on Spotify in 2018, making him the most-streamed artist ever on the platform. In the podcast category, Fest & Flauschig was the most-streamed exclusive Spotify podcast.

Panthers Fire Assistant Brady Hoke After Loss to Buccaneers
Winston now has 81 touchdown passes in his career, surpassing Josh Freeman for the top spot in franchise history. If Newton morphed into the Winston we're used to seeing, the Bucs' maligned starter looked more like Drew Brees.

Donald Trump Spins 90 Day China Truce as 'Big Leap Forward'
The meeting - featuring a menu of sirloin steak, caramel rolled pancakes and Argentine wine - went on longer than scheduled. But hawkish advisers like Peter Navarro and US Trade Representative Robert Lighthizer were also present.

Bengals placing A.J. Green (toe) on IR
This week's game at the Los Angeles Chargers will be the Bengals' first without Dalton or Green since Green was drafted. The plan was to give it to their 190-pound running back and let him live up to his new nickname.

Google removes two Cheetah Mobile, Kika apps after ad fraud allegation
Occasionally, fortunately, Google acts and today it does so by removing two applications: CM File manager and Kika keyboard . This was the first year Google gave users the chance to vote for their favorite game, app, and movie of the year.

Falcons' free-fall continues as offense shut down in loss
Kenneth Tepper, director of hip preservation and arthroscopy at MedStar Union Memorial Hospital in Baltimore. The lack of production against the Ravens stands out even in that string of offensive ineptitude.

Ohio State's Urban Meyer to retire from coaching
Meyer , Day and athletic director Gene Smith will conduct a 2 p.m. press conference Tuesday afternoon to discuss the developments. If the Buckeyes make it to the College Football Playoff finals, Day will receive a $350,000 bonus.

Yankees MLB Rumors: Latest on Patrick Corbin
Indeed, the other teams in the hunt for Corbin (Yankees and Nationals ) are realizing that as well. Corbin, 29, will nearly certainly get the most lucrative contract of any available pitcher.

Australia axe Mitchell Marsh as Usman Khawaja returns against India
Mitchell Johnson was going after Virat Kohli and I was enjoying from the end as well as playing my own game. A Video on Social Media showed Mohammed Shami bowling to his Captain Virat Kohli .

Gautam Gambhir announces retirement from cricket
The 37-year-old left-hander took to Twitter and wrote: "The most hard decisions are often taken with the heaviest of hearts". A trophy I'll look at very fondly is the one I got for being awarded the ICC best Test batsman of the year in 2009 .

United States senators: 'Zero doubt' MBS ordered killing of Jamal Khashoggi
Khashoggi, a US resident who wrote for the Washington Post , was killed inside the Saudi consulate in Istanbul in October. Human rights groups say the war is wreaking havoc on the country and subjecting civilians to indiscriminate bombing.

Congress seeks 2-week extension to avert government shutdown
President Trump wants $5 billion for his border wall, which is something he is willing to shut down the government over. The country shouldn't have to endure a shutdown over "Trump's temper tantrum", Schumer said last week.

Ohio State to face Washington in 105th Rose Bowl
But, like I said, we accept it and our focus shifts now. "Other than that I don't know anything". Petersen said he has a "really good" relationship with Meyer: "Known him for a while".

Migrants jump border fence in Tijuana to try to reach US
So its direct representation of why we need that improved infrastructure at the border'. They turned around and waved to those still on the Mexican side.

Huddersfield Town vs. Brighton & Hove Albion - Football Match Report
This is why at the moment football is no fun; absolutely no fun", he said. There is no doubt he has caught him because Bissouma's shin shows that".