Posted on 10/10/2018 12:37:22 PM PDT by BradtotheBone
Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in six months.
The Dow Jones Industrial Average traded more than 600 points lower as Intel and Microsoft fell more than 2.5 percent each. The Nasdaq Composite plummeted 3 percent.
The S&P 500 dropped 2.5 percent, with the tech sector underperforming. The broad index was also headed for a five-day losing streak — which would be its longest since late 2016 — and fell below its 50-day moving average, a widely followed technical level.
Both the Dow and S&P 500 were also on pace for their worst day since March.
The major indexes have fallen sharply this month. For October, the S&P 500 and the Dow are down more than 3.6 percent and 2.5 percent, respectively. The Nasdaq, meanwhile, has lost more than 6.5 percent.
Rising rate fears and a pivot out of technology stocks have made it a rough last few days. The Dow has dropped four of the last five sessions, losing nearly 900 points over that span.
Shares of Amazon declined nearly 4 percent on Wednesday, while Netflix slid 6.3 percent. Facebook and Apple also fell more than 2 percent each.
"People are getting out of the high-flying tech names right now," said Larry Benedict, CEO of The Opportunistic Trader. "I think people are under-hedged; there could be more pain ahead."
(Excerpt) Read more at cnbc.com ...
Amazing how that always seems to happen...
A bunch of people at the FANG - N tech companies are going to be arrested soon, so yeah. People are going to start selling.
Windows 10 new 1809 update was deleting your data until they pulled the it ,LOL
Who did Trump pick and why .
Another Gope operative like Sessions . This smells like a political hit .
Finally something for the left to cheer about!!!!
The Fed did this on purpose and were not subtle about it.
Time to buy.
“There’s been a Duke ever since this was founded. Turn those machines back on.”
We’ve still got four weeks to go...but feel free to PANIC! :)
Gold is up, today. Diversity in investing is your friend.
> Is the Federal Reserve getting political ?
The Fed has been political from the very start.
Several days ago, the DOW 30 hit a 50% increase since 11/04/2016. In January when it came close the market plunged. Here we go again.
It looks a lot like some people are trying to defeat the appearance of success of Trump’s policies.
What disastrous news hit the Tech sector today?
Nothing.
How is CALPERS doing?
I’ll know there’s a real problem when CALPERS starts reducing retirement checks.
-744
Ah, right on schedule, the October Surprise.
Not only un-shocking but un-concerning.
Fundamentals are different now with the tax cuts, repatriation amnesty, deregulation, the greatest trade deals in a century, and solid fundamentals on all sorts of industries.
The Dow drop always happens in October for a variety of reasons. People need to remember that.
Weird thing is I updated it the day it came out and did not experience any data disappearing, but I did update it yesterday to the latest version(Apparently fixes the issue)
Who told Trump to pick this snake .
This looks like another Sessions .
DOW -750 and still dropping. WTF! My 401k will be in the red YTD, sucks!
“This smells like a political hit . “
Biden could’ve spooked the markets with his prediction that the dems take the house and senate ;)
Hi.
In the fwiw dept, the Fortune 50 (insures etc.) are going to take a big hit in the next 30 days.
DIY (Lowe’s Home Depot) will help the rebound.
Happens all the time.
5.56mm
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.