Dow dives around 400 points
The “FAANG” trade consists Facebook, Amazon, Apple, Netflix, and Alphabet is presently in the red with most of the members dropping more than 20% from their twelve-month highs. Yesterday stocks sank while the largest and most popular tech shares fell. The biggest losers were Facebook and Apple that drove the declines. The S&P 500 descended about 1.7% to 2,690.70 while the tech sector drew back 3.8%.
The Dow Jones Industrial Average plunged 395.77 points to 25,017.43. The tech-driven Nasdaq Composite faltered and fell 3% to end the day at 7,028.47 while Amazon sank about 5.1 %.
Gold falling slowly down in weak trading
U.S. gold futures were falling about 0.3% at $1,222.0 per ounce while the popular spot gold fell about 0.2% lower to $1,221.20 per ounce.
On Tuesday gold went lower while trading in a tight area forward of a U.S. holiday. The popular yellow metal continued over the 1,219 area while the greenback remained constrained by soft U.S. economic data and a much clouded interest rate expectation. Peter Fung, head of dealing at Wing Fung said “The market is very quiet today and appears to be in a holiday mood ahead of the U.S. Thanksgiving.” “The dollar has come under some pressure giving some support to gold.”
Japanese Market fell while Nissan’s chairman Arrested
On Tuesday the popular Shares of the Japanese automaker Nissan plunged about 5.44% after Carlos Ghosn, the company chairman was arrested a day earlier on accusations of financial wrongdoing.
On Monday the popular automaker announced in a statement that “over many years” Ghosn and board director Greg Kelly had been under-reporting payment amounts to the Tokyo Stock Exchange securities report.
Nissan also stated regards to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” Now The broader Japanese market weakened by the fact, with the Nikkei 225 dropping almost 1.10% to end at about 21,583.10 while Topix index went down by 0.73% to 1,625.65. In South Korea, the Kospi slid about 0.80% to close at 2,082.58.
U.S. crude oil prices lost momentum again
On Tuesday oil markets lost momentum and gave back their initial profits, while a falling economic forecast and a surge in U.S. production exceeded the anticipated supply cuts by the OPEC.
Brent crude oil futures, the global benchmark for oil rates, were at about $66.54 a barrel and that translates to a decline of about 24 cents, or 0.4% from their last close. Oil prices are now about a quarter under their recent tips last month, pulled downward by rising supply, particularly from the United States.