logo-loader

Wall Street stocks dive to weak close to erase 2018 gains for Dow, S&P 500

Last updated: 16:05 20 Nov 2018 EST, First published: 08:05 20 Nov 2018 EST

Wall Street street sign

US stocks buckled to a weak close Tuesday, with losses in tech stocks practically erasing the gains of the Dow and S&P 500 for 2018.

The Dow Jones Industrial Average sank by almost 554 points, or 2.2% to end at 24,463, again dropping below the 25,000 mark.

The tech-laden Nasdaq fell by nearly 120 points, or 1.7% to settle at 6,908.  

The S&P 500 Index declined 1.8% to end at 2,641.

The Russell 2000 of small cap stocks retreated 1.64% to conclude at 1,471.

In Canada, the TSX lost 1.4% to trade around 14,860.

1:05 pm: Stock market skid escalates, wipes out 2018 gains for Dow, S&P 500

The wave of selling on Wall Street intensified midday Tuesday, with big losses in popular tech stocks essentially wiping out the 2018 gains of the Dow and broad S&P 500 stock index.

The Dow Jones Industrial Average decreased by 409.66 points, or 1.64% to 24,591.72 led lower by Apple which was down nearly 3.6% and Goldman Sachs which was down 3.2%. 

The tech-laden Nasdaq was down by 92 points, or 1.3% to 6,936.21 led lower by JD.com Inc, Ross Stores, and MercadoLibre Inc.   

The broader S&P 500 Index declined 1.50% to 2,650.39.

Small-cap stocks were also caught in the market maelstrom, with the Russell 2000 down 22.22 points, or 1.5% to 1,474.32.

11:50 am: Stocks close to erasing 2018 gains as Apple extends decline

Stocks were close to wiping out their 2018 gains Tuesday as technology shares extended their rout.

Apple Inc. (NASDAQ: AAPL) was the biggest loser among blue chips, sinking 3% to $180.27. A day earlier, the technology giant dropped after a report indicated that it had cut production orders for all three iPhone models launched in September.

In a sign of concern over Black Friday, Walmart Inc (NYSE:WMT) slid 2.6% to $94.29.

The Dow Jones Industrial Average decreased by 328.59 points to 24,688.85 and earlier in the session was down almost 600 points. The tech-laden Nasdaq was down by 39.63 points to  6,988.84. The broader S&P 500 Index declined 1.3% to 2,654.61.

Small-cap stocks took a hit, with the Russell 2000 down 11.81 points, or 0.8%, to 1,484.72.

The decline in stocks triggered a flight to quality, with the 10-year Treasury note yield decreasing 2 hundredths of percentage point to 3.05%.

7:25 am: US stocks poised to plunge again as trade fears and tech sell-off weigh on markets  

US stocks are seen starting lower Tuesday after plunging into the red in the previous session due to a tech sell-off, as traders continue to fret about global uncertainty, including Brexit.

The FAANG stocks, Facebook Inc (NASDAQ:FB), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Alphabet, dragged down benchmarks on Wall Street on Monday, with each stock falling off 52-week highs.

The Dow Jones Industrial Average closed down around 396 points at 25,017, while the Nasdaq closed down 219 at 7,028.

The broader S&P 500 index finished 45 points lower at 2,690.

Up in Toronto, the TSX, the largest stock market there, closed down more than 84 points at 15,071.

In futures trade, the Dow Jones has plunged a further 140 points, the Nasdaq has lost 75, and the S&P 500 lost over 17.5 points.

In Europe, at the time of writing, the  FTSE 100 in London was off around 35 points at 6,965, while the German DAX was down around 97. The French CAC 40 was 42 lower at 4,942.

Connor Campbell, financial analyst at spreadbetter Spreadex, summed up this morning: "With the Dow Jones tumbling back to 25000 following a US-China trade war-inspired tech sell-off on Monday, and the Asian session following suit overnight, the European indices had little option but to open in the red."

In Asia, the Nikkei 225 lost 238 points at 21,583 and the Shanghai Composite Index lost around 57 at 2,645.

Coniagas Battery Metals secures new key ground with focus on...

Coniagas Battery Metals (TSX-V:COS) CEO Frank Basa joined Steve Darling from Proactive to announce the company's strategic acquisition of key ground near SOQUEM’s Cardinal Property, located 80 km southeast of Chibougamau, Quebec. This acquisition underscores Coniagas’ commitment to capitalizing...

27 minutes ago