Tuesday, 20 August, 2019

U.S. stocks swing in wild trading after steep sell-off

Richard Drew | AP | BDN Richard Drew | AP | BDN
Russell Knight | 08 February, 2018, 00:54

On Tuesday, major companies reported another round of strong profits, with General Motors, BP, Allergan, health-care companies and others beating analysts' expectations. Letting out some of the air might even be healthy, some say.

Federal Reserve Bank of St. Louis President James Bullard told reporters after a speech in Lexington, Kentucky, that "this is the most predicted sell-off of all time because the markets have been up so much and they have had so many days in a row without meaningful down days, " Bloomberg News reported. The earnings season has played into it, by that I mean it's been a great earnings season but it has been very hard to understand because of the tax stuff.

Despite these large drops, the stock markets have been rising for about nine years now, and many analysts say it's time to hit the pause button.

Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, said the plunge wasn't caused by inflation fears alone. "It definitely had an impact on market moves", he said. At a House hearing Tuesday, Treasury Secretary Steven Mnuchin was asked whether the administration would take any responsibility for the recent market drops.

"But often, the stock market does not reflect the underlying economy, and that is why we are seeing the stock market doing insane stuff right now".

Torsten Slok, chief worldwide economist at Deutsche Bank, told the Financial Times: "Markets are coming to the conclusion that the USA economy is close to overheating and therefore that the risks of inflation are bigger than the risks of a recession".

The Dow posted a 2.3 percent increase, its biggest daily percentage gain since January 29, 2016, while the S&P 500 rose 1.7 percent, its biggest one-day gain since November 7, 2016, the day before the election of Donald Trump as president. Historically, he said, market corrections of 10 percent or so happen about once a year and drops of 20 percent occur about every three to five years.

Lebanon: Israeli wall 'assault on Lebanese land'
The message was delivered to Jerusalem via UNIFIL, the report said. "We will move forward as fast as possible", Lieberman said. An Israeli Navy Sa'ar 5 corvette defends a natural gas extraction platform off Israel's coast, in an undated photograph.

Credit Suisse Roiled by Volatility Bet
Larry McDonald, founder of the Bear Traps Report , warned that such a huge spike in volatility could have a cascading effect. As of this writing, both XIV and SVXY were halted for trading, but were expected to resume trading later in the day.

Microsoft Cortana Now Available for iPad
Rivals Alexa and Google Assistant were amongst the most popular apps this holiday season. Version 2.6.8 adds the feature with an "exclusive layout and interface for your iPad".

Japan's Nikkei stock index closed down almost 4.7 percent Tuesday, recovering from a 7 percent plunge earlier in the day. The CAC 40 in France picked up 1.5 per cent. Hong Kong's Hang Seng fell 0.9 per cent while Japan's Nikkei 225 stock average closed up 0.2 per cent. The problem is that markets react in real time, often based on a single piece of data, while earnings increase over time. USA 10-year yields rose back as high as 2.8 percent after approaching two-week lows around 2.65 percent on February 6.

"Bull-market tops tend to be a process, not an event", he said.

Investors began to scramble for safe havens such as bonds and Treasury notes, putting yet more downward pressure on stocks.

So, with this being a normal response in the stock market, Patrick said investors should play the long game, and for those that have not invested in the stock market, now may be good time to do so.

Trading was choppy Tuesday, which was likely to be one of the most watched days on the markets in years. We saw it Friday. We believe, now could be that buying opportunity'.

Investors will keep a close eye on the bond market. A United States department of labour report said wages were rising at their fastest rates since 2009, triggering inflation fears and the prospect of interest rate rises to cool an overheating economy.

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