Stocks open higher on Wall Street after 2 days of big losses

23 November, 2018, 14:05 | Author: Corey Lynch
  • Global stocks slide as futures point to Wall Street drop

USA stocks finished mostly higher, a break after two days of steep losses. "A lot of the companies that are front and center [like Google's parent company] Alphabet, Apple, IBM. could be significantly limited in the way they export their technology".

The S&P 500 index skidded 48.84 points, or 1.8 percent, to 2,641.89. Hong Kong's Hang Seng index dropped 0.7 percent to 25,845.78 and the Shanghai Composite gave up 1.4 percent to 2,608.32. Nasdaq Composite also declined 1.7 percent to 6,908.82, though it managed to secure a slight gain for 2018. The Russell 2000 index of smaller-company stocks picked up 15 points, or 1.1 per cent, to 1,484.

The Dow and S&P 500 erased gains for this year while the Nasdaq dropped into correction territory on Tuesday at close.

Apple fell 4.7 percent to $177.10 and is down 24.2 percent from the peak it reached October 3, though it's still up for the year.

Gap Inc rose 4.7 percent after several Wall Street brokerages took positively to Chief Executive Arthur Peck's more aggressive plan to close underperforming stores, which is expected to eliminate significant losses. Its stock price erased almost 4 percent on Monday at close after reports said the company cut production of orders for the new iPhones that came out earlier this year.

The Dow is down 254.53 points, or 1 percent. USA -traded shares of Nissan lost 5.8 percent, while Renault shares dropped 8.4 percent in Paris.

Among tech and internet stocks, chipmaker Nvidia dropped 12% to $144.70, adding to its losses from last week.

Advancing issues outnumbered declining ones on the NYSE by a 2.77-to-1 ratio; on Nasdaq, a 2.91-to-1 ratio favoured advancers.

Autodesk Inc rose 10.5% after the software company reported third-quarter results ahead of analysts' estimates and announced an US$875 million deal to buy cloud-based software company PlanGrid.

Nixon said OPEC countries will probably cut back on oil production, but some investors are anxious that the buildup in crude stockpiles is a sign the global economy isn't doing as well as expected.

Most of the FAANG members saw their stock prices rose on Wednesday, as Amazon and Facebook leading the gainers with a 2.5-per cent increase.

Benchmark U.S. crude reversed an early loss and rose 0.5% to $56.76 a barrel in NY. The yield on the 10-year Treasury note rose to 3.07 per cent from 3.04 per cent.

France's CAC 40 gave up 0.8% and Germany's DAX slid 0.9%.

The losses came after benchmark United States oil prices slid 6.6% to US$53.43 (RM223.84) per barrel, the lowest level in more than a year, amid worries over excess supply.

Gold rose 0.2 percent to $1,225.30 an ounce. Apple inched up 0.2 per cent to $177.32.

CURRENCIES: The dollar rose to 113.05 yen from 112.40 yen. The euro fell to $1.1370 from $1.1453. Copper held steady at $2.80 a pound.



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