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Stocks - Wall Street Extends Selloff at Start, but Tame Inflation Pares Losses

Stock MarketsOct 11, 2018 09:45AM ET
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Tame CPI numbers helped the bulls a bit in early trading.

Investing.com - Stocks in New York opened lower Thursday, extending the recent selloff, although weaker-than-expected retail inflation gave bulls some relief.

The Dow fell 107.19, or 0.42%, to 25,491.55 at the start of trading, while the broader S&P 500 index lost 15.76, or 0.57%, to 2,769.92. The Nasdaq Composite, which has been the hardest hit of late, was down 37.69, or 0.51%, to 7,384.36.

Tame consumer price index numbers gave buyers a glimmer of sunshine after the previous day’s rout, which saw Wall Street’s biggest one-day loss in eight months.

CPI and core CPI, which excludes food and energy prices, both rose 0.1% in September, lower than forecasts for a 0.2% rise.

Treasury yields, which many have pointed to as a catalyst for the stock market carnage, were down as the stock market opened.

The 10-year yield was at 3.195% just before the CPI numbers were released, then dropped sharply, hitting a low of 3.155% before rebounding somewhat.

Tech stocks were hammered in yesterday’s session and still found difficulty gaining traction today.

Among the big FAANG losers yesterday, Netflix (NASDAQ:NFLX) fell 1% in early trading, while Amazon (NASDAQ:AMZN) lost about 3.5% and Facebook (NASDAQ:FB) was down about 0.4%.

Among other active individual stocks, shares of Dow component Walgreens Boots Alliance (NASDAQ:WBA) slumped 2.6% after the drugstore chain beat fiscal fourth-quarter profit expectations, but fell short on sales.

Delta Air Lines (NYSE:DAL) rose 2.4% after the No. 2 U.S. airline reported a third-quarter profit that beat analysts' estimates and forecast total unit revenue, a closely watched performance metric, to increase between 3% and 5% in the fourth quarter.

In Europe, Germany’s DAX fell 0.7%, while in France the CAC 40 decreased 1.2% and in London the FTSE 100 was down 1.5%. Meanwhile, the pan-European Euro Stoxx 50 lost 1%, while Spain’s IBEX 35 slumped 0.9%.

Stocks - Wall Street Extends Selloff at Start, but Tame Inflation Pares Losses
 

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Bi Ba
Bi Ba Oct 11, 2018 9:41AM ET
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It all depends on buybacks... Money flies looking for a reason
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Jaeger Vash Rabanes
Jaeger Vash Rabanes Oct 11, 2018 9:41AM ET
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is the buyback news set to happen tomorrow?
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