Economy

Wall Street drops: Aus market to open lower

Wall Street drops: Aus market to open lower

USA stocks closed mostly higher in a wild action on Friday, with the Nasdaq and S&P 500 snapping a three-session losing streak as President Donald Trump escalated the rhetoric around a potential trade war in the wake of a pledge for tariffs on steel and aluminum imports.

"It's helping about a dozen stocks in those industries but has raised the specter of trade wars, and trade wars don't help the stock market".

USA 10-year Treasury bond has given a breakout of its recent lows of 120.03 raising concern in equity markets.

Dow futures are down 194 points, the index having closed 420 points lower yesterday, while S&P 500 futures are trading over 13 points lower.

Earlier in the week, Powell helped send Treasury yields jumping and stocks tumbling when he said that he's feeling more optimistic about the economy.

Tiger Woods adds another start in Tampa to pre-Masters run
Woods also says he is playing the following week at the Arnold Palmer Invitational, which he has won eight times. This will be the first time Woods plays two stretches of back-to-back events before the Masters since 2006.

Federal Reserve chair Jerome Powell had earlier given the market a boost by saying in his second round of congressional testimony that the central bank did not see strong evidence of wage inflation or signs of overheating. "When they hike, it's three yards and a cloud of dust".

Dick's Sporting Goods rose 1 percent.

The biggest loss in the S&P 500 came from Foot Locker, which plunged after it said sales trends were weaker last quarter than analysts expected.

McDonald's stock dropped on fears that its value menu isn't drumming up much in sales, and an analyst at RBC Capital Markets cut his expectations for the chain's sales in the United States.

The shares were down 7.4% at US$42.50 ahead of the start of open outcry trading. Consequently, markets overseas fell sharply on Friday.

Stoneman Douglas marks first day of classes with 17 seconds of silence
The officers were there to send a message that Marjory Stoneman Douglas High School is now one of the safest schools in America. We may not be able to understand the depth of their pain, but however deep and dark it is, we can pray for their healing .

The Dow Jones industrial average fell 503 points, or 2 per cent, to 24,525.

Shares in Caterpillar, a buyer of raw materials and a big exporter of construction machinery products, were down 2.6 percent after falling 2.8 percent in the previous day's session. The FTSE 100 fared slightly better but declined just over 1 percent. Benchmark U.S. crude fell 68 cents, or 1.1 per cent, to $60.96 per barrel. Brent crude, the worldwide standard, rose 54 cents to $64.37 a barrel. Gold usually rises when investors are feeling more nervous about inflation and the economy.

Crude oil was down 2.5% at $61.46.

Its earnings (EBITDA) grew by 42 per cent to $25 million dollars. The euro inched up to $1.2205 from $1.2203, and the British pound slipped to $1.3732 from $1.3771.

JR Smith was suspended for throwing bowl of soup at coach
He added that Smith will be ready for practice Friday and return for the team's game against the Denver Nuggets on Saturday. Rodney Hood started in Smith's place and struggled, shooting 5-of-14 for 11 points with a plus-minus of minus-20.


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