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Stocks - S&P Sees Worst Loss Since August on Global Economic Fears

Stock Markets Oct 02, 2019 04:59PM ET
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Investing.com – U.S. stocks suffered their worst losses since late August on Wednesday as worries built up about slowing global growth.

The selloff in the United States followed a nasty slump in Europe, with indexes in Germany, the U.K. and France falling around 3%. The violence of the slump boosted expectations the Federal Reserve will cut interest rates later this month.

The S&P 500 was down 1.79%. The Dow fell 1.86% and the Nasdaq Composite was down 1.56%. The Nasdaq 100 Index, weighted toward big technology companies, fell 1.74%.

The Dow was off as many as 598 points before bargain hunters stepped in and trimmed the losses nearly down to about 400 points before late selling set in again. It closed off nearly 500 points. The S&P and Dow have fallen about 3% in two days, with the Nasdaq dropping 2.7%.

U.S. stocks have been buffeted by the ongoing U.S.-China trade fight and slowing economies elsewhere, especially Europe. Both the trade fight and slowdown issues are starting to affect domestic manufacturing and financial stocks. The issues have been visible since the market peaked in mid-July.

The S&P 500 is now down 4.64% from its July all-time high. The Dow's decline is 4.8% and the Nasdaq's is 6.65%. But it should be noted stocks for the year are still up nicely. The problem is that most of the gains came in the first quarter as equities recovered from last year's ugly fourth-quarter slump.

Only one of the 30 Dow stocks was higher. Johnson & Johnson (NYSE:JNJ) moved up 1.55% after settling an opiod suit in Ohio for $20 million. Only 10 stocks in the Nasdaq 100 Index showed gains, led by payroll processor Paychex (NASDAQ:PAYX) and Charter Communications (NASDAQ:CHTR).

Apple (NASDAQ:AAPL) dropped 2.5% with Amazon.com (NASDAQ:AMZN) down 1.29% and Microsoft (NASDAQ:MSFT) off 1.77%.

Energy, consumer staples and financials were the weakest sectors, all falling more than 2%. Industrial stocks were off 1.9%. No S&P 500 sector was positive on the day.

An exception was homebuilder Lennar (NYSE:LEN), up 3.77% after easily beating expectations for third-quarter earnings. Shares of the second-largest builder (by units sold) briefly hit a 52-week high of $57.92.

Lennar was top performing S&P 500 stock, followed by Paychex (NASDAQ:PAYX), Johnson & Johnson (NYSE:JNJ) and Charter Communications (NASDAQ:CHTR).

Among the biggest S&P 500 losers were retailers, including Macy’s (NYSE:M), Kohl's (NYSE:KSS), L Brands (NYSE:LB) and Nordstrom (NYSE:JWN).

The selloff helped push oil prices and oil stocks lower. West Texas Intermediate crude fell 98 cents to $52.64 a barrel and is off 5.85% this week. Brent crude, the global benchmark, fell $1.20 to $57.69.

Gold futures jumped $18.90 to $1507.90 an ounce, along with other precious metal prices, as investors sought safety. They also sought safety in bonds. The 10-Year Treasury yield fell to 1.601% from Tuesday's 1.644%.

Stocks - S&P Sees Worst Loss Since August on Global Economic Fears
 

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Comments (11)
Russell Carter
Russell Carter Oct 02, 2019 8:24PM ET
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trumps economy still blows Obama's out of the water
Ross Dre
Ross Dre Oct 02, 2019 8:02PM ET
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You know it’s bad when you raise your spectacles to rest on your brow while you pinch your lips in deep thought.
Bade Sahib
Bade Sahib Oct 02, 2019 7:48PM ET
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It is a temp glitch
Strela Fxxx
Strela Fxxx Oct 02, 2019 7:01PM ET
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United States tariffs on goods from Europe
john sayen
john sayen Oct 02, 2019 5:35PM ET
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Democrats has told china to wait out the election before trade deal.
Bade Sahib
Bade Sahib Oct 02, 2019 5:35PM ET
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Nancy wants her tarriff free makeup and Botox from China
Brady Murray
Brady Murray Oct 02, 2019 5:35PM ET
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geez 2024 is a looooong wait.
john sayen
john sayen Oct 02, 2019 5:34PM ET
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Democrats has told china to wait out the election before trade deal.
Andrew Gatlin
JustaGuy Oct 02, 2019 5:04PM ET
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The sad thing is the market still has a ways to go down.  All the Fed and Trump pumping just made the inevitable correction worse.  We are not even close to the December 2018 lows yet.
Jedrek Zak
Jedrek Zak Oct 02, 2019 5:04PM ET
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this market will fall roughly 50% eventually. just like in 2000 and 2007. Probably back to 2007 highs. it's gonna be brutal
Super Vicious
Super Vicious Oct 02, 2019 5:02PM ET
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La Bomba is coming, evacuate now, or buy negatives:)
Super Vicious
Super Vicious Oct 02, 2019 5:02PM ET
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chit going down, all in on negative CFDs for me.. Jacuzzi Bath on me in November, after a crash on -30% I will drink good whiskey.
Dan Baldwin
Dan Baldwin Oct 02, 2019 4:35PM ET
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no, not Trump but the liars, leakers and liberals who seek to take a duly elected president down.
Erski Gumby
SB20 Oct 02, 2019 4:35PM ET
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...while wasting tax payers’ money.
 
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