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U.S. Stocks Resume Rout as Tech, Amazon and Alphabet, Weigh On The Broader Market


Friday, 26 October 2018 20:54 WIB

S & P 500Saham AS


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U.S. stocks opened lower on Friday, putting the benchmarks in position to cap a volatile week squarely in negative territory.

The Dow Jones Industrial Average was down 214 points, or 0.9%, at 24,763, the S&P 500 index fell 1.4% at 2,665, while the technology oriented Nasdaq Composite Index sank 2.2% to reach 7,130.

The moves come after Amazon.com Inc. and Google-parent Alphabet Inc. produced quarterly results late-Thursday that disappointed Wall Street. Those companies are a part of a contingent of so-called FANG companies, including Netflix Inc. and Facebook Inc. which had been the pillars of the equity markets updraft.

However, worries about rising rates, global growth and fears that trade battles between the U.S. and China are harming both economies, have combined to badly dent enthusiasm for stocks. A day earlier, stocks enjoyed a partial recovery from an ugly sell-off on Wednesday.

Meanwhile, a first read of third-quarter gross domestic product on Friday showed that it was a better-than-expected 3.5%, but does reflect some deceleration from the previous quarters reading above 4%.

Source : Market Watch


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