Wall Street Drops

All eyes on August nonfarm payrolls report on Friday; Nvidia, AMD falls after US export ban on AI chips to China

Asian stocks followed Wall Street lower Wednesday after strong U.S. jobs data fuelled expectations of further interest rate hikes and Chinese manufacturing activity weakened. Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices rose more than USD 1 per barrel. U.S. government data Tuesday that showed there were two jobs for every unemployed person in July appeared to support arguments the economy can tolerate more rate hikes to tame inflation that is running at multi-decade highs. Some investors had hoped the Federal Reserve would back off due to indications economic activity is cooling. The jobs data supported the argument for the Fed to stick to an aggressive stance, said Edward Moya of Oanda in a report. The Shanghai Composite Index fell 1.1% to 3,191.00 after an index of manufacturing showed activity contracted again in August. The Nikkei 225 in Tokyo shed 0.5% to 28,063.06 and the Hang Seng in Hong Kong sank 0.4% to 19,867.17. The Kospi in South Korea gained 0.7% to ..

US economy contracts again in second quarter; Meta Platforms revenue drops for first time; Qualcomm flags weak smartphone demand

US stocks are on their longest losing streak since the Great Depression by at least one key measure.

Rising oil prices boosted energy shares more than 2.8%, though most of the 11 major S&P 500 sector indexes declined, led by technology and consumer discretionary

US markets are falling after a report showed inflation in the US is running hotter than previously thought. Futures for the Dow Jones Industrial dropped 0.6%, while futures for the S&P 500 declined by 1.2%. Nasdaq futures dropped more sharply, down 1.9%. Labour Department data showed that inflation soared over the past year at its highest rate in four decades, hammering America's consumers, wiping out pay raises and reinforcing the Federal Reserve's decision to begin raising borrowing rates across the economy. The consumer price index rose 7.5% year over year in January, while the expectation was for an increase of 7.3%. Bond yields rose on the news. The yield on the 10-year Treasury rose to 1.99%. The yield has been at 2% since August 2019. European markets moved lower after the US inflation numbers came out. Germany's DAX slipped 0.1% and France's CAC 40 edged down 0.5% after being up earlier. The Walt Disney Co. gained more than 6.2% in off-hours trading after it reported a ..

Wall Street stocks fell on Tuesday, with technology shares turning lower in late New York trading, while the US dollar touched its lowest level since late February

It will take some time for the US economy to get back to where it was, Powell said in a webcast, and called for more fiscal stimulus

Wall Street stocks tumbled in opening trading Friday, suffering another steep decline as fears of an economic slowdown due to coronavirus again pummeled global markets. Shortly after the opening bell, the Dow Jones Industrial Average was down nearly 800 points, or 3.0 per cent, at 24,986.27. The index had shed more than 11 per cent this week heading into Friday's session. The broad-based S&P 500 sank 3.1 per cent to 2,887.31, while the tech-rich Nasdaq Composite Index plunged 3.3 per cent to 8,285.87.

The Dow Jones Industrial Average was down 557.26 points, or 2.12%, the S&P 500 was down 62.63 points, or 2.14%. The Nasdaq Composite was down 190.71 points, or 2.38%

The Dow Jones Industrial Average fell 277.24 points, or 1.12 percent, to 24,405.07