Published: Fri, November 23, 2018
Finance | By Jaime Brady

Markets Right Now: Stocks open slightly lower on Wall Street

Markets Right Now: Stocks open slightly lower on Wall Street

All eyes were on Apple, whose shares were down 3 percent to trade at $180.07, adding to previous losses amid reports of weakened iPhone demand. Facebook, another longtime investor darling that has been falling out of favor, also fell sharply.

Foot Locker soared 14.9 percent after turning in solid quarterly results. Victoria's Secret parent company L Brands fell 17.7 percent.

The S&P 500 index rose 8 points, or 0.3 percent, to 2,649. Japan's benchmark Nikkei 225 rose 0.7 percent and Hong Kong's Hang Seng added 0.7 percent.

The Dow Jones Industrial Average lost 551 points, or 2.2 percent, to 24,465. It was down 648 earlier.

The Nasdaq composite skidded 219 points, or 3 percent, to 7,028.

The selling was widespread.

Traders work at the New York Stock Exchange in New York, the United States, Nov. 20, 2018.

That contributed to a rebound for retailers after they dropped on Tuesday. Amazon rose 1.7 per cent to $1,522 and Facebook picked up 1.9 per cent to $135.

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Wall, Brooks and the Wizards are a bit of a mess , with the team struggling to an underachieving 5-11 start. Beal, on the other hand, is 3 years younger than Wall and has a more manageable contract.

This pressured the broader tech sector as Microsoft and Twitter also joined the retreat, while Amazon curbed losses.

Target stocks fell 10.5 percent after a reporting lesser earnings than expected for the third quarter as major retailers prepare for Black Friday and the holiday shopping season at large.

The European STOXX 600 index also advanced 1.1 percent as beaten-down stocks in the tech and banking sectors recovered. The Dow Jones Industrial Average briefly fell 500 points. It was down 596 earlier. Boeing gave up 4.5 percent to $320.94, but is still one of the best-performing stocks in the 30-stock index. Crude is on track for its biggest loss in three years.

Tech stocks were among the biggest losers in Europe, too. Nokia, a big supplier of telecom networks, fell 4 percent, and Ericsson lost 3.5 percent.

The Dow and the S&P 500 also erased year-to-date gains on Tuesday. SAP, which provides business software and cloud computing services, was down over 1 percent, as was chip maker Infineon Technologies. It was down 524 earlier. Census Bureau announced retail sales improved 0.8 percent to $511.5 billion, led by purchases of motor vehicles and building materials.

All five stocks, which had been leading the market higher during the bull market, are now down more than 20 percent from their highs in the past year, which puts them in bear-market territory. Caterpillar fell 3.1 percent to $125.98 and Nike lost 3 percent to $72.52.

Though the S&P technology index rose 0.6 percent, helped by a 9.7 percent gain in shares of Autodesk Inc, Apple shares ended down 0.1 percent at $176.78 after trading as high as $180.27 during the session.

Benchmark U.S. crude reversed an early loss and rose 0.5% to $56.76 a barrel in NY. Microsoft lost 2.5 percent to $102.07. It fell 6.6 per cent on Tuesday and finished at its lowest price in a year.

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