{"id":4576,"date":"2018-11-20T16:25:16","date_gmt":"2018-11-20T16:25:16","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/markets-slide-as-tech-slowdown-fears-mount\/"},"modified":"2018-11-20T16:25:16","modified_gmt":"2018-11-20T16:25:16","slug":"markets-slide-as-tech-slowdown-fears-mount","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/markets-slide-as-tech-slowdown-fears-mount\/","title":{"rendered":"Markets slide as tech slowdown fears mount"},"content":{"rendered":"\n
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\"AppleImage copyright<\/span>
\n Reuters<\/span><\/p>\n

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A sell-off continued on Wall Street on Tuesday led by Apple and retailers, with the S&P 500 falling into negative territory for the year to date.<\/p>\n

The Dow Jones Industrial Average shed more than 500 points, with the broader S&P and Nasdaq indexes also down about 2%.<\/p>\n

Apple fell another 4% to $178, down from a record high of $223 and four months after its value hit $1 trillion.<\/p>\n

The FTSE 100 fell more than 1% and oil prices also tumbled on Tuesday.<\/p>\n

Brent crude sunk $3 to $63.77 a barrel – the lowest level since March. <\/p>\n

Connor Campbell at Spreadex described the sell-off as a “macro-car crash, with Brexit fears, the post-APEC pre-G20 US-China trade war flare-up and the continuation of a nasty US tech sell-off resulting in absolute carnage”.<\/p>\n

Analysts at Goldman Sachs Sachs cut their price target on Apple from $209 to $182, blaming very weak demand from Chinese in the late summer and a stronger US dollar.<\/p>\n

“Investors are concerned that sooner rather than later the tech sector is going to be fully embroiled in the US-China trade battle, exacerbating the softness caused by reports of a slowdown in iPhone demand,” Mr Campbell added.<\/p>\n

Retailers were punished for weak results and forecasts, with shares in Target sinking 10%, while Kohl’s tumbled 9% and Walmart was dragged 3% lower.<\/p>\n

Michael O’Rouke at Jonestrading said retailers as well as big technology firms such as Amazon and Facebook had pushed the market higher for most of this year. <\/p>\n

“Now that’s fading, so people are more apt to take profit and de-risk going into the year-end. There are the headwinds of the trade war out there. The fiscal stimulus from tax cuts is starting to fade … we don’t have many positive catalysts,” he said.<\/p>\n

Hans Redeker at Morgan Stanley commented: “For the US equity market to stabilise, either the rest of the world will have to show better growth or the Fed will have to moderate its stance.”<\/p>\n

Frankfurt and Paris fell 1.5% and 1.2%, with Deutsche Bank down 4% hitting a new record low. <\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Reuters A sell-off continued on Wall Street on Tuesday led by Apple and retailers, with the S&P 500 falling into negative territory for the year to date. The Dow Jones Industrial Average shed more than 500 points, with the broader S&P and Nasdaq indexes also down about 2%. Apple fell another 4% to … <\/p>\n","protected":false},"author":0,"featured_media":4577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4576"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/4577"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}