Wall Street fell for the third day in a row on Monday, amid heightened tensions and worries over the possible global trade war between China and the United States. The fears led to US Treasury yields recording multi year highs.<\/p>\n
Beijing has announced a sharp cut in cash levels that major banks should keep as reserves, with the aim of reducing financing costs and stimulating growth amid the trade spat. However, Chinese stocks fell and also affected global markets.<\/p>\n
Concerns about the deterioration of the Chinese economy have impacted growth and global trade. Investors in major markets around the world have already begun to measure and study the real effects of the recent tariffs applied by the two largest economies in the world.<\/p>\n
On Wall Street, fears of a slowdown in global growth have emerged amid concerns about price valuations, especially with the corporate earnings season.<\/p>\n
Technology companies suffered the biggest losses, with the technology sector on Wall Street losing 1.98%. Apple fell 1.5%, Microsoft fell 1.6%, and NVIDIA fell 2.9%.<\/p>\n
The communications services sector declined by 0.86%, with Netflix shares down 2.6%, and Facebook and Alphabet shares losing 1.4% each.<\/p>\n
The industrial sector also fell 0.7%, with the biggest decline being Boeing, by 1.10%.<\/p>\n
The US Treasury Department said it was concerned about the devaluation of the Chinese currency and was monitoring developments related to the yuan.<\/p>\n
While the US bond market closed on Columbus Day, 10-year yields reached their highest level in seven years and kept investors in uncertainty.<\/p>\n
According to financial experts, there is concern about how the bond market will be reopened, and when it gets a bit of a decline, the sentiment will build over it.<\/p>\n
The Dow Jones Industrial Average fell 164.98 points, or 0.61%, to 26,283. The Standard & Poor’s 500 Index was down 18.83 points, or 0.67 percent, to 2,868. The NASDAQ Composite Index dropped 111.25 points, or 1.43 percent, to 7,678.<\/p>\n
Three of the 11 major sectors were the gainers in the S & P. Utilities and consumer staples rose 1.2%, while real estate shares rose 1.53%.<\/p>\n
Among the gainers were General Electric, which rose for a sixth day in a row. The latest rise was 2.4%, after Barclays reassured investors about CEO Larry Culp, saying the new chief executive would be able to push for a stronger restructuring.<\/p>\n","protected":false},"excerpt":{"rendered":"
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