Stock market skid intensifies, erasing 2018 gains for Dow, S&P 500

Stock market skid intensifies, erasing 2018 gains for Dow, S&P 500

Facebook, Amazon, Apple, Netflix and Google's parent company Alphabet - known collectively as "FAANG" - all closed down more than 20 percent from their 52-week highs, placing them in bear market territory.

The Standard & Poor's 500 index slid 45.54 points, or 1.7%, to 2,690.73.

Analysts began warning about the potential for a recession next year. -China trade was soiled, meanwhile, following Vice President Mike Pence's remarks Sunday, asserting that there would be no end to US charges on $250 billion worth of Chinese goods unless China changed its practices toward trade.

Katie Nixon, the chief investment officer for Northern Trust Wealth Management, said investors have been selling tech stocks because of signs that trade tensions between the US and China are getting worse instead of improving.

"A resolution doesn't seem to be coming in the short term", she said. Pence's comments come ahead of a crucial meeting between President Donald Trump and Chinese President Xi Jinping at the G20 summit slated for the end of November. The Dow sank 1.6 percent to 25,017.44.

Other retailers experienced losses Tuesday, with Kohl's dropping 9.2 percent, L Brands plummeting 17.7 percent and Macy's falling 3.4 percent.

The turmoil on Wall Street followed downturns around the world.

The Dow Jones Industrial Average rose 136 points, or 0.6 percent, to 24,604.

Among tech stocks, Facebook sank 5.5 percent to $131.85, Microsoft fell to $104.44 and chipmaker Nvidia dropped another 11 percent to $146.38.

The S&P 500 index fell 53 points, or 1.9 percent, to 2,683.

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Industrial companies also took a beating.

All eyes were on Apple, whose shares were down 4.8 percent to close at $176.98, adding to previous losses amid reports of weakened iPhone demand. SAP, which provides business software and cloud computing services, was down over 2 percent. The stock has plunged 51 percent since November 8 as investors try to assess the damages the company might have to pay if it's held liable for the blaze. In Paris, shares of Nissan's partner Renault dropped 8.4%.

Nissan's USA -listed shares slumped 5.1 percent after the carmaker's chairman, Carlos Ghosn, was arrested after allegedly under-reporting his income.

Crude oil prices climbed 2.2 percent a day after sinking to their lowest level in a year.

Brent crude, used to price global oils, was little changed at $66.79 a barrel in London. The yield on the 10-year Treasury note remained at 3.06 percent.

Tokyo's Nikkei 225 lost 1.1 per cent and Hong Kong's Hang Seng shed 2 per cent while Seoul's Kospi retreated 0.9 per cent.

So far, the United States has slapped tariffs on $250 billion worth of Chinese goods, about half the value of USA imports from the country.

Amazon dropped to $1,509 and Nike slid 3.2 percent to $72.36.

CURRENCY: The dollar edged up to 112.59 yen from Monday's 112.53 yen. The euro fell to $1.1370 from $1.1453.

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