Published: Wed, April 04, 2018
Markets | By Terence Owen

Investors Crash on Faangbreaker Island: Technology Stocks Lead Stock Market Plunge

Investors Crash on Faangbreaker Island: Technology Stocks Lead Stock Market Plunge

All the 11 major S&P sectors fell, with markets also coming under pressure from renewed fears of a global trade war after China imposed additional tariffs on 128 USA products. Technology companies took some of the worst losses, and while it's too soon to call it the beginning of a trade war, investors aren't sticking around to find out if one is coming. Two out of three of the major indexes ended up posting 2.0% gains, however, it was the road traveled to get there that drew the most attention with the S&P 500 Index moving by more than 1.5% on three of the four trading days.

The Russell 2000 index of smaller-company stocks sank 36.90 points, or 2.4 percent, to 1,492.53. The Dow lost 458.92 points, or 1.9 percent, to 23,644.19.

At around 8:45 a.m. ET, Dow Jones industrial average futures rose 169 points, indicating a gain of 100 points at the open. The Nasdaq composite increased 18 points, or 0.2 per cent, to 6,887.

Benchmark U.S. crude lost $1.83, or 2.8 percent, to $63.12 a barrel in NY. The company has lost $83 billion in market value since mid-march.

In other data, core personal consumption expenditures (PCE) rose by 1.6 percent year-on-year. He claimed again that Amazon has an unfair tax advantage that is forcing other retailers out of business, as well as claiming the U.S. Postal Service is losing a fortune on Amazon shipping.

Most other leading technology companies were higher, with Amazon, Google-parent Alphabet and Intel all up about one percent or more. "Amazon should pay these costs (plus) and not have them bourne [sic] by the American Taxpayer".

After a 91 Year Ban Pubs Open On Good Friday
Chief executive Padraig Cribben said "the Good Friday ban is from a different era and is rightfully consigned to history". Brian Conlon, landlord of Slattery's Bar, in the centre of Dublin, was one of the first to pull a legal pint at 7am.

Giants 'Listening To Trade Calls' For Odell Beckham Jr
Shurmur met with Beckham in Los Angeles earlier in the offseason when he ventured to California to visit college prospects. The Giants could conceivably trade Beckham, although it's unclear what kind of return they could expect.

Steve Smith, David Warner banned from playing for Australia for 1 year
Most of the players and backroom staff had been interviewed by Cricket Australia's integrity chief Iain Roy, Sutherland said. In South Africa, wicketkeeper Tim Paine will take over as Australia captain for the final test, which starts on Friday.

Ten of the 11 stock sectors closed in correction territory Monday.

Wall Street is quivering as its recent superstars stumble, valuations look uncomfortably stretched and an unpredictable White House adds to fears of a global trade war.

Trump still plans to place additional tariffs on $50 billion worth of Chinese goods, with Beijing promising to respond, as reported by CNN.

Tesla declined after the electric auto maker said Friday that the vehicle in a fatal crash last week in California was operating on Autopilot mode, making it the latest accident to involve a semi-autonomous vehicle. The yield on the 10-year Treasury note fell to 2.72 percent from 2.74 percent after a sharp decline last week. Brent crude, used to price global oils, slid $1.33, or 1.9 percent, to $68.01 a barrel in London.

Specialist Peter Giacchi, center, stands on the floor of the New York Stock Exchange, Tuesday, April 3, 2018. Natural gas picked up 1 cent to $2.70 per 1,000 cubic feet.

The dollar edged down to 105.87 yen from Monday's 105.89 yen as currency traders shifted money into the Japanese currency, seen as a haven in times of market turmoil. The euro dipped to $1.2288 from $1.2306. Hong Kong's Hang Seng bucked the trend, ending up 0.2 per cent at 30,137.49.

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