US stocks whacked by more volatility
Hugh Johnson Advisors CIO Hugh Johnson and Nuveen Asset Management’s Bob Doll discuss the longevity of the record-breaking bull market run and the fundamental reasons to be concerned.
Stocks slipped Monday after late-day selling driven by renewed concerns over trade tensions between the U.S. and China.
The Dow Jones Industrial Average swung more than 900 points between its intraday high and low, and the index dropped as much as 566 points in the final hour of trading before clawing back some of those losses.
The Dow closed 245 points lower, or nearly 1 percent, at 24,443. The S&P 500 fell about 0.65 percent to 2,641. The Nasdaq Composite was down 1.6 percent at 7,050.29.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43444.99 | -305.87 | -0.70% |
| SP500 | S&P 500 | 5870.62 | -78.55 | -1.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18680.120875 | -427.53 | -2.24% |
Bloomberg reported that the Trump administration is preparing to announce new tariffs on all remaining Chinese imports if talks between President Trump and Chinese President Xi Jinping next month fail to ease an ongoing trade dispute.
Boeing, which is vulnerable to global tariffs, led the Dow lower. The aircraft maker's stock retreated 6.6 percent.
Traders are looking to leave what has been a rollercoaster month behind and will turn their attention to big earnings this week from the likes of Apple and Facebook, as well as the October employment report on Friday.
Stocks continued a week of see-saw trading Friday as falling shares of major tech companies offset optimism over a strong third-quarter GDP report. The selling was led by large-cap tech companies, including Amazon and Google, both of which posted mixed quarterly results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 202.61 | -8.87 | -4.19% |
| FB | NO DATA AVAILABLE | - | - | - |
| AAPL | APPLE INC. | 225.00 | -3.22 | -1.41% |
Third-quarter earnings season is almost half over, and so far 57 percent of the companies in the S&P 500 have beaten their revenue forecasts. That’s a sharp decline from this point in second-quarter earnings season, just three months ago, when 72 percent of S&P 500 firms had topped revenue estimates.
In Asian market trading on Monday, China’s Shanghai Composite finished the session 2.2 percent lower.
Japan's Nikkei ended the day off 0.16 percent.
FOX Business’ Ken Martin contributed to this article.