Asian shares lower as sentiments get dragged by Wall Street

05 March, 2018, 01:25 | Author: Natasha Holloway
  • Financial-Markets-Wall-Street-1512

"You get the algorithms responding to the technical break and initiating sell programs", said Ken Polcari, director of the NYSE floor division at O'Neil Securities in NY.

Industrial companies that could be hurt by higher steel prices fell.

Stocks slumped on Wednesday, breaking the longest streak of positive monthly returns in the history of the Standard & Poor's 500 index. The Nasdaq composite lost 127 points, or 1.8 per cent, to 7,145.

Booking Holdings Inc (BKNG.O), formerly known as Priceline, rose 6.8 percent after reporting upbeat quarterly profit, helped by higher hotel bookings, while off-price apparel seller TJX (TJX.N) jumped 6.9 percent after posting upbeat same-store sales.

Stocks are turning sharply lower in afternoon trading as talk of steep tariffs on steel and aluminum spook investors.

Big exporters like Apple and drugmaker Pfizer, which would suffer if trade tensions picked up, also fell.

Boeing, United Tech, Caterpillar and Apple are all Dow Jones components, while those four stocks and GM are S&P 500 index members. The benchmark index is coming off its worst month in two years. The Dow took the worst of the punishment with losses over 300 points.

The S&P 500 fell 30 points, or 1.1 percent, to 2,713.

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Global stocks mostly fell Thursday as investors braced for a testimony by Federal Reserve Chairman Jerome Powell and monitor the lack of progress on Brexit in Europe.

USA stocks fluctuated between gains and losses in the morning session on Thursday as Wall Street meditated on a string of economic reports.

For the month, the Dow lost 4.3 percent and the S&P 500 fell 3.9 percent.

U.S. blue-chips have pared early losses but the Dow Jones is still showing a triple-digit fall. Britain's FTSE 100 shed 0.8 percent at 7,177.

Wednesday was another down day for the broad US markets with all three of the major exchanges closing lower on the day. Canada is the biggest supplier of both products to the country.

"The first quarter of 2018 will likely see the continuation of sales and margins in line with trends in the second half of 2017", added chief financial officer Lauren Peters. CNBC reported that Trump will make an announcement on tariffs at 11am ET (1600 GMT).

The S&P 500 is down 3.7 percent since Monday's close.

The Dow Jones industrial average sank 77 points, or 0.3 percent, to 24,954.



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