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 ...
Goldman Sachs
Wasn’t all that long ago 300 point swings up and down were nearly daily occurrences... 600 is a big drop... for one day, but hardly the end of the world
Done by the Deep State
If a tiny rate hike can cause this much of a market panic, it tells you what a fraud the whole thing and what a foundation of sand our entire economy rests on.
It is starting to look like outright panic. I don’t understand the markets. That is why I am not a day trader.
Trump will seize the assets of the political hacks like he did before and will break them.
People just taking profits, no big deal.
When the stock market goes up by 50% in a short period of time, sometimes it goes down a little bit, too.
I predict tomorrow it will go back up 200-300 points.
Hedge funds have built in buy sell e trading .
They should be banned .
Once they hit a loss % it sells off .
a three percent selloff after the markets we’ve had is FAR from a panic.
The economy is the healthiest it has been in 30 years.
This is a blatant deep state job, a deliberate attempt by the Fed to undermine the spectacular success of the Trump Boom
It’s because bond yields are rising, which is happening because the economy continues to boom and therefore no one wants to buy bonds with anemic yields when they could invest in soaring equities. So ironically, the stock market is suffering because of its own success in a way. Now that the Fed is increasing bond yields, they look relatively more attractive given their perceived safety, and money then moves out of the stock market and into bonds.
Corrections are healthy. Assets go from weak hands to strong hands.
around - 2.5%
Maturities for those “10 years” issued like candy on Halloween starting in the Fall of 2008 by the government pressure/Fed compliance are calling.
Got family in the Panhandle, so need to be short.
JUST BUY THE F**KING DIP
I appreciate the dig.
Please explain the 600 point drop in tech stocks today.
Any little bit of negative news would be accepted.
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