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Dow drops 100 points as tech shares resume decline, Ford falls on downgrade

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Dow drops 100 points as tech shares resume decline, Ford falls on downgrade Stocks fell on Tuesday, weighed down by a continuing decline in tech shares while Ford was pressured by a downgrade to its credit rating The Dow Jones Industrial Average traded 110 points lower, or 0

4 percent The Nasdaq Composite lost 09 percent while the S andP 500 slid 07 percent Shares of Facebook, Amazon, Netflix and Alphabet all fell at least 0

4 percent The Technology Select Sector SPDR Fund XLK slid 14 percent The S andP 500 tech sector was one of the worst performers on Monday, sliding 07 percent

The sectors decline pushed the broad index to close lower for the first time in four sessions Ford Motor was the biggest decliner in the S andP 500 on Tuesday, dropping 35 percent The stock fell after Moodys downgraded the auto makers credit rating to junk status, citing below expectations profit margins and cash flow The Dow posted its fourth straight day of gains Monday, on the back of renewed optimism in U

S China trade talks The US Treasury Secretary, Steven Mnuchin, said that there is a conceptual agreement around intellectual property theft with China

This is one of the most contentious issues between both countries Meanwhile, Huawei dropped Tuesday one of its lawsuits against the US This happened after some equipment seized by Washington nearly two years ago was returned to the company, CNBC reported Huaweis lawsuit drop is the latest sign that tensions between the U

S and China are easing ahead of a meeting scheduled for Oct 1 The worlds largest economies have been engaged in a trade war since last year Over that time, they have slapped tariffs on billions of dollars worth of their goods

Investors looked ahead to a European Central Bank policy meeting scheduled for Thursday The central bank is expected to lower rates as well as unveil a new round of quantitative easing The ECB will meet ahead of the Federal Reserve, which is forecast to lower rates by 25 basis points next week The major central banks are providing yet another round of monetary easing, Ed Yardeni, president and chief investment strategist at Yardeni Research, wrote in a note Tuesday They are doing their best to stimulate their economies and boost inflation closer to their 2

0 percent targets However, their ultra easy monetary policies havent worked as expected, so they keep doing more of the same On the data front, a new Job Openings and Labor Turnover Survey JOLTS is due for release at 10 am ET

Source: Youtube

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