Markets Right Now: Stocks open slightly lower on Wall Street

Marcus Newton
November 23, 2018

The Dow was down 551.80, or 2.21 percent, at the end of trading on Tuesday, while the S&P 500 fell 1.82 percent and the Nasdaq slid 1.7 percent, as retailers including Target and Kohls as well as tech giant Apple took losses. The Dow Jones Industrial Average briefly fell 500 points.

The S&P 500 index rose 25 points, or 1 percent, to 2,667.

The tech-heavy Nasdaq composite lost 87 points, or 1.2 per cent, to 6,941.

Energy companies are slumping because of a 7 percent plunge in the price of oil. Nokia, a big supplier of telecom networks, fell 3 percent.

Lingering optimism on U.S. Its revenue was 17.82 billion dollars, slightly higher than analysts' expectations.

In a sign of just how bad the carnage on Wall Street has been in the recent sell-off, more than 45 percent of the stocks in the S&P 500 are down more than 20 percent from their highs in the past year, according to Bloomberg data. Boeing was the biggest drag on the Dow Jones Industrial Average with a loss of 4.5 percent. Brent crude, used to price worldwide oils, fell 6 per cent to $US62.80 per barrel in London.

Trump's remarks came two weeks ahead of a meeting between Saudi-led OPEC and world's other oil producers to discuss about potential output cut and potential global oil policy in December, in a bid to grapple with the current supply glut worrying investors.

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FILE- In this Friday, Nov. 9, 2018, file photo trader Michael Urkonis. left, works with specialists John McNierney, center, and Douglas Johnson on the floor of the New York Stock Exchange. It measures the daily stock price movements of 30 large, publicly-owned US companies. -China trade was soiled, meanwhile, following Vice President Mike Pence's remarks Sunday, asserting that there would be no end to US charges on $250 billion worth of Chinese goods unless China changed its practices toward trade.

Most large technology companies dropped again, including Apple and Microsoft, which shed 4.8% and 2.8% respectively.

Apple sank 2.8 percent and Microsoft lost 2.2 percent. As of 3 p.m., the S&P is down almost 10 percent from the peak it reached in September.

The parent company of California utility Pacific Gas & Electric fell again after it disclosed that it had a power line failure near the start of a deadly wildfire the morning the fire began.

Tech stocks were among the biggest decliners in Europe, too. The dollar slipped to 112.54 yen from 112.83 yen.

France's CAC 40 gave up 0.8 percent and Germany's DAX slid 0.9 percent. The euro fell to $US1.1370 from $US1.1453. Japan's benchmark Nikkei 225 rose 0.7 percent and Hong Kong's Hang Seng added 0.7 percent. South Korea's Kospi gained 0.4%.

Other reports by MaliBehiribAe

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