Wall Street tumbles, spooked by growth and trade worries

Wall Street tumbles, spooked by growth and trade worries

Stock and bond trading will be closed in the U.S. Wednesday in observance of a national day of mourning for former President George H.W. Bush. -China agreement faltered after a series of confusing and conflicting comments from President Donald Trump and some senior officials.

"Violent volatility resumed as tumbling bond yields, a flattening yield curve and lingering questions about the G20 US-China trade truce combined to stoke increasing recession fears".

REVVED UP: AutoZone climbed 4.2 percent to $859.11 after the auto parts retailer delivered third-quarter earnings that exceeded analysts' forecasts. Advanced Micro Devices dropped 9.4 percent to $21.49, while Micron Technology lost 6.4 percent to $37.47.

The technology sector fell 2.80%, while industrials dropped 3.47% over a lack of specifics on the Sino-US trade truce, including no written commitments and when the truce period starts.

Encana Corp. lost 3.6 per cent, while Crescent Point Energy Corp. was down 2.3 per cent. The Russell 2000 index of smaller-company stocks gave up 51 points, or 3.3 per cent, to 1,497.

Large banks were among the big losers, with JPMorgan Chase shedding 4.4 percent, Bank of American losing 5.7 percent and Citigroup 5.6 percent.

Bond prices rose. The yield on the 10-year Treasury fell to 2.95 per cent. -China trade cease-fire. That revived fears their tariff battle could chill global economic growth.

Markets in Europe also fell.

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"Maybe we're not going to get as dovish a Fed as some think", said Joseph LaVorgna, chief economist, Americas at Natixis in NY. During a briefing with reporters, Williams said that, given his outlook for strong economic growth, he continues to "expect that further gradual increases in interest rates will best sponsor a sustained economic expansion".

The focus now is on the spread between the two-year and 10-year yields, currently at its narrowest in over a decade and whose inversion has preceded the past three United States recessions. Toll Brothers also gave weaker-than-expected guidance for 2019, citing a slowing housing market. Toll's shares rose 0.4 percent to $33.67, recovering from a morning sell-off.

Apple lost 2.2 per cent and Bank of America slumped 3.7 per cent. Morgan Stanley analysts said in a note that the market was underestimating the challenge those companies would face from Amazon Air.

Brent crude, the global standard, added 0.6 percent to close at $62.08 per barrel in London.

CURRENCY: The dollar gained to 113.17 yen from Wednesday's 112.78 yen. The euro was little changed at $1.1342.

Gold gained 0.6 percent to $1,246.60 an ounce. The pound erased a gain as the threat of a vote to bring down British Prime Minister Theresa May's government looms should Parliament reject her Brexit deal. The S&P ASX/200 in Australia gave up 1 per cent.

The Dow Jones Industrial Average fell 211 points, or 0.8 percent, to 25,611.

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