Markets Right Now: Stocks fall sharply on Wall Street

Irving Hamilton
October 23, 2018

Stocks are falling sharply on Wall Street, sending the Dow Jones Industrial Average down 400 points and extending the market's recent string of losses.

Shares in Caterpillar fell nine percent despite beating third-quarter earnings and revenue estimates. The S&P 500 index was down 49.05 points at 2,706.83, while the Nasdaq composite was down 160.22 points at 7,308.41.

All the three major Wall Street indexes were trading below their 200-day moving averages, a key technical indicator of long-term momentum, and all 11 major S&P sectors were in the red, continuing what has been a punishing month for U.S. stocks. Industrial stocks slid 1.90 percent.

The US stock decline was preceded by a sharp sell-off in Asia, where China's Shanghai Composite declined 2.26 percent and Japan's Nikkei plunged 2.67 percent.

Main US equities crashed after the opening bell on Wall Street. Caterpillar, which makes construction equipment, fell 7 percent.

Alibaba expands cloud computing business to the UK
Alibaba Cloud , the data-centre business arm of Alibaba Group Holding, has opened its first data centres in the UK. Alibaba's first EU-based data centre sprung up in Frankfurt, Germany, where it had it built together with Vodafone.

Canada's main stock index was down more than 200 points on a broad-based decline led by the energy sector, while US markets also sank deep into the red.

Profits of S&P 500 companies are expected to have jumped almost 22 percent in the third quarter, slower than the previous two quarters, according to Refinitiv data.

The Dow lost 367 points, or 1.5 percent, to 24,939.

Aurora Cannabis Inc., which debuted on the New York Stock Exchange, was down US$1.38 cents at US$7.31 on the USA market.

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