The DJIA fell by 98.89 points to 21310.66 while the S&P 500 Index declined by 19.69 points to 2419.38. The Nasdaq Composite Index plunged by 100.526 points to 6146.623 while the Nasdaq 100 plummeted by by 105.990 points to 5671.598. The yield on 10-year Treasury notes soared by 6.8 basis points to 2.205 percent after ECB President Draghi’s statements that the reflation of the euro-area economy creates room to pull back unconventional measures without tightening the stance. The U.S. dollar strengthened against the yen by 0.49 to 112.35. WTI crude futures gained by 86 cents to $44.24 a barrel. Volatility erupted again in the biggest U.S. technology stocks, sending such high-tech companies as FANG and Tesla, reeling in bursts of volume that mirrored the rout of two weeks ago. The Nasdaq 100 Index dropped 1.8 percent, closing at its lowest point of the session, and has fallen 2.3 percent in the last two days for the biggest decline since June 9 and 12. A key technical level, the gauge’s 50-day moving average, was breached at the close for the first time in seven months. The decline came amid a setback for President Donald Trump’s healthcare agenda, a multibillion-dollar fine for Google and cautious comments about asset valuations by Federal Chair Janet Yellen. Speaking in London, Yellen gave no indication that her plans for continued monetary policy tigtening had shifted while acknowledging that some asset prices had become “somewhat rich.” The Nasdaq 100 traded as high as 26.8 times earnings before the mid-June rout occurred, roughly its level in late 2002 as the dot-com bubble was bursting. In her first public remarks since the U.S. central bank hiked rates on June 14, Yellen said that asset valuations, by some measures,”look high, but there’s no certainty about that.” The velocity of selling picked up in U.S. stocks just after 1:30 p.m. New York time as volume in the most-traded futures tracking the S&P 500 Index rose by a factor of almost 20 over a two minute stretch. The sudden selloff occurred as Senate Majority Leader Mitch McConnell faced mounting presuure to delay this week’s planned debate over his party’s health-care bill. The midday selling was led by tech shares in the FANG block as the Nasdaq resumed a selloff that at its lowest point earlier this month erased more than $250 billion from equity values. Facebook Inc. closed down almost 2 percent, Amazon.comInc. lost 1.7 percent, Netfile Inc. slid 4.1 percent and Google parent Alphabet Inc. dropped 2.5 percent. FOr an industry that already faces investor fleeing 2017’s best-performing stocks, Google’s record-breaking 2.4 billion-euro($2.7 billion) from European Union fine cast a shadow as EU demanded that the company stop skewing search results to favor its own shopping site.
June 27 New York
The DJIA fell by 98.89 points to 21310.66 while the S&P 500 Index declined by 19.69 points to 2419.38. The Nasdaq Composite Index plunged by 100.526 points to 6146.623 while the Nasdaq 100 plummeted by by 105.990 points to 5671.598. The yield on 10-year Treasury notes soared by 6.8 basis points to 2.205 percent after ECB President Draghi’s statements that the reflation of the euro-area economy creates room to pull back unconventional measures without tightening the stance. The U.S. dollar strengthened against the yen by 0.49 to 112.35. WTI crude futures gained by 86 cents to $44.24 a barrel. Volatility erupted again in the biggest U.S. technology stocks, sending such high-tech companies as FANG and Tesla, reeling in bursts of volume that mirrored the rout of two weeks ago. The Nasdaq 100 Index dropped 1.8 percent, closing at its lowest point of the session, and has fallen 2.3 percent in the last two days for the biggest decline since June 9 and 12. A key technical level, the gauge’s 50-day moving average, was breached at the close for the first time in seven months. The decline came amid a setback for President Donald Trump’s healthcare agenda, a multibillion-dollar fine for Google and cautious comments about asset valuations by Federal Chair Janet Yellen. Speaking in London, Yellen gave no indication that her plans for continued monetary policy tigtening had shifted while acknowledging that some asset prices had become “somewhat rich.” The Nasdaq 100 traded as high as 26.8 times earnings before the mid-June rout occurred, roughly its level in late 2002 as the dot-com bubble was bursting. In her first public remarks since the U.S. central bank hiked rates on June 14, Yellen said that asset valuations, by some measures,”look high, but there’s no certainty about that.” The velocity of selling picked up in U.S. stocks just after 1:30 p.m. New York time as volume in the most-traded futures tracking the S&P 500 Index rose by a factor of almost 20 over a two minute stretch. The sudden selloff occurred as Senate Majority Leader Mitch McConnell faced mounting presuure to delay this week’s planned debate over his party’s health-care bill. The midday selling was led by tech shares in the FANG block as the Nasdaq resumed a selloff that at its lowest point earlier this month erased more than $250 billion from equity values. Facebook Inc. closed down almost 2 percent, Amazon.comInc. lost 1.7 percent, Netfile Inc. slid 4.1 percent and Google parent Alphabet Inc. dropped 2.5 percent. FOr an industry that already faces investor fleeing 2017’s best-performing stocks, Google’s record-breaking 2.4 billion-euro($2.7 billion) from European Union fine cast a shadow as EU demanded that the company stop skewing search results to favor its own shopping site.