Apple, Philip Morris, chip stocks lead Wall Street slide; financials gain

US stocks dropped on Thursday, weighed down by a broad-based decline in technology stocks from Apple to chipmakers as well as a tumble in consumer staples such as Philip Morris and P&G.
A warning from Taiwan Semiconductor (TSMC), the world's largest contract chipmaker and an Apple supplier, on soft demand for smartphones and on the semiconductor industry's growth this year sparked a tumble in chip stocks.

Apple's shares also fell 2.3 percent, with analysts telling Reuters that TSMC's warning was related to the iPhone maker. Apple was the biggest drag on the Dow Jones Industrial Average and the Nasdaq.

TSMC's US-listed shares fell 6.3 percent. Intel declined 3.1 percent, falling the most on the Dow. All stocks on the Philadelphia SE Semiconductor index were in the red, with the index itself tumbling 3.9 percent.

The S&P consumer staples sector declined 3.2 percent as Philip Morris plunged 17.4 percent after the tobacco company's weak results and forecast.

Wall Street's Nasdaq, S&P, Dow Jones post biggest one-day gain in 2-1/2 yrs

Wall Street's three major indexes jumped to their greatest one-day gain in two-and-a-half years on Monday, led by the tech sector, as trade war fears eased on reports that the United States and China were willing to renegotiate tariffs and trade imbalances.

The Dow Jones Industrial Average <.DJI> rose 669.4 points, or 2.84 percent, to 24,202.6, the S&P 500 <.SPX> gained 70.29 points, or 2.72 percent, to 2,658.55 and the Nasdaq Composite <.IXIC> added 227.88 points, or 3.26 percent, to 7,220.54.

US stocks roar back as trade war fears fade; Dow jumps 2.84%

Stocks rose almost everywhere on Monday, reflecting optimism that the United States and China are set to begin negotiations on trade.

MSCI's world equity index, which tracks shares in 47 countries, rose 1.53 percent after touching its level since Feb. 9, stirred by expectations that U.S. Treasury Secretary Steven Mnuchin would try to reach an agreement with China.

Hope of a rapprochement abbreviated the markets' hangover about a trade war pitting the world's two largest economies against one another.

The Dow Jones Industrial Average rose 669.4 points, or 2.84 percent, to 24,202.6, the S&P 500 <.SPX> gained 70.29 points, or 2.72 percent, to 2,658.55 and the Nasdaq Composite added 227.88 points, or 3.26 percent, to 7,220.54. Each index turned in its best day of performance since August 2015. 

Global stocks tank most since Nov; Facebook data breach drags tech stocks

US stocks joined a broad decline in global equity markets on Monday as traders turned cautious ahead of the Federal Reserve's policy meeting this week and amid continuing concerns about the threat of a global trade war.

The Dow Jones Industrial Average fell as much as 425 during the session and ended won 335.60 points, or 1.35 per cent, at 24,610.91. The S&P 500 index lost 39.09 points, or 1.42 per cent, to 2,712.92 and the tech-heavy Nasdaq Composite index dropped 155.07 points, or 1.8 per cent, to 7,334.24.
MSCI's main 47-country world stock index fell 1.1 per cent in afternoon trading after European stocks dipped and benchmark US indexes declined. Global equities are on their worst run since November.
Facebook shock to tech stocks

At the same time, shares of Facebook Inc shed nearly 7 per cent after reports that a political consultancy that worked on US President Donald Trump's 2016 campaign gained inappropriate access to data on 50 million of the social network's users. That decline dragged other technology stocks, which have led the market higher over the last two years.

S&P, Dow move higher as bank stocks climb again

The S&P 500 and the Dow indexes rose in morning trading on Wednesday as bank stocks added to gains following strong economic data and encouraging comments from Federal Reserve officials that sealed the case for a December rate increase.
JPMorgan climbed 1.9 percent and Bank of America rose 2.2 percent, making the S&P financial index the biggest gainer among S&P 500 sectors.

Fed chair nominee Jerome Powell said on Tuesday the case for a December rate hike was coming together and also hinted at lighter bank regulation, while Fed chair Janet Yellen said on Wednesday that a strengthening economy will warrant continued rate increases.

"Economic data has been very strong and the economy looks as good now as it ever has," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

The second revision of third-quarter gross domestic product showed growth increased at a 3.3 annual rate, up from the previously reported 3 percent.

The Fed's preferred gauge of inflation, the personal consumption expenditures (PCE) price index excluding food and energy, rose 1.4 percent in the third quarter, in line with the forecast by economists polled by Reuters.

Investors are keeping a keen eye on progress on US tax bill. Senate Republicans on Tuesday rammed forward the bill, which corporate America is hoping will slash business tax rates, in an abrupt, partisan committee vote that set up a full vote by the Senate as soon as Thursday.
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Wall Street ends at record high, led by financial stocks; Apple weighs

The major Wall Street indexes hit record closing highs on Tuesday, with financial stocks leading the charge, but gains were stunted by a decline in Apple Inc shares after it unveiled its latest line of iPhones.

The S&P 500, Dow Jones industrials and Nasdaq Composite clocked record closes, with investors drawn to riskier assets as concerns about US tensions with North Korea eased and the financial impact from Hurricane Irma appeared less severe than was feared last week.

After the closing bell, Nordstrom shares jumped 8.8 percent after reports that the high-end retailer chose private equity firm Leonard Green & Partners to help take the company private.

The financial sector was the S&P 500's biggest driver during the regular session as bank stocks were helped by rising US Treasury yields, while the utilities and real estate sectors lost ground.

"It's a better environment for risk assets. As long as these two issues - North Korea and the hurricane - have receded as concerns, it gives investors a green light to focus on stronger fundamentals," said David Joy, chief market strategist at Ameriprise Financial in Boston.
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Wall Street opens lower as investors remain cautious amid N Korea tensions

Wall Street opened lower on Tuesday as investors remained cautious after North Korea conducted its most powerful nuclear test over the weekend.

North Korea on Sunday conducted its sixth nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, marking a dramatic escalation of the regime's stand-off with the United States and its allies.

The United States blamed North Korea's trading partners on Monday of aiding its nuclear ambitions and the White House declared that "all options to address the North Korean threat are on the table."

"We see no panic in the market just as yet, it feels like it is the calm before the storm and investors are being somewhat cautious," said Peter Cardillo, chief market economist at First Standard Financial in New York.

Equity markets have shown resilience to geopolitical events surrounding North Korea of late, with initial losses erased relatively quickly.

Safe-haven gold pulled back from a one-year high in its first drop in four days. [GOL/]

At 9:39 a.m. ET (1339 GMT), the Dow Jones Industrial Average was down 99.19 points, or 0.45 percent, at 21,888.37 and the S&P 500 was down 8.52 points, or 0.34 percent, at 2,468.03.
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Wall Street slips as tensions with North Korea rattle investors

US stock indexes opened lower on Wednesday as investors turned risk averse following rising tensions between North Korea and the United States.

North Korea said it was considering plans to fire missiles at Guam, a US-held Pacific island, after President Donald Trump on Tuesday warned the nuclear-armed nation that it would face "fire and fury" if it threatened the United States.

Safe-haven assets gained following the mounting geopolitical tensions. Gold rose 1.2 percent, while the Swiss franc was on track to post its biggest single day rise in about two-and-a-half years.

Trump's comments also sparked a late afternoon selling on Tuesday, with the Dow ending a nine-day streak of closing records.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, was up 1.03 points at 11.98 points, its highest level in a month.

"The geopolitical tensions have prompted a risk off trade amid investors," said Naeem Aslam, chief market analyst at Think Markets UK.

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