International markets roundup
NEW YORK: Wall Street shares plunged on Monday as investors fled technology stocks amid resurgent trade war worries, with key indexes trading below their 200-day moving averages and the S&P 500 closing below that pivotal technical level for the first time since Britain's vote to leave the European Union in June 2016.
The first trading day of the second quarter began with a broad selloff concentrated in the technology and consumer discretionary sectors, as losses by Amazon.com, Tesla and Microsoft, among others, took centre stage from retaliatory trade measures China unveiled on Sunday.
"It's more complicated than just a tech selloff. What's hurting everything is that the S&P went through its 200-day moving average," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. "That attracts momentum sellers and they don't care what the fundamentals are."
At the close of trade, the Dow Jones Industrial Average was down 458.92 points, or 1.9 per cent, to 23,644.19 after dipping below its 200-day moving average. The S&P 500 fell 58.99 points, or 2.23 per cent, to 2,581.88 and the Nasdaq Composite dropped 193.33 points, or 2.74 per cent, to 6,870.12.
Amazon.com was the biggest drag on the S&P 500, down 5.2 per cent, as President Donald Trump continued his twitter attacks on the online retailer.
All 11 major sectors of the S&P 500 closed lower, with the biggest losses seen by the consumer discretionary and technology indexes, which were down 2.8 per cent and 2.5 per cent, respectively.
The tech-heavy Nasdaq was dragged lower by Microsoft , Intel, Apple Inc, Facebook and Alphabet.
Shares of Tesla Inc ended the day down 5.1 per cent after the company was reported to be making 2,000 Model 3s per week, missing its 2,500 target.
The electric automaker's losses extend last week's near 14-per cent decline as investigations of a fatal California crash and a Moody's credit downgrade weighed on the stock.
Health insurer Humana Inc's shares closed up 4.4 per cent on news it was in talks with Walmart to expand their partnership or possibly be acquired by the retailer . Walmart stock fell 3.8 per cent.
US Treasury yields fell to two-month lows as investors fled sliding stocks for safety ahead of Friday's closely watched jobs report.
LONDON: Major European markets were closed on Friday and Monday for the Good Friday and Easter Monday public holidays.
TOKYO: Asian stocks began the new quarter on Monday with modest gains following a strong performance by global equities last week, while the dollar held steady ahead of key economic indicators.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent.
South Korea's KOSPI was down 1.7 per cent, and Japan's Nikkei fell 0.3 per cent. Shanghai was down 0.3 per cent.
Many major financial centres were closed for the Good Friday Easter holiday. Markets in Australia, and Hong Kong remained shut on Monday while the US market resumed trading.
WELLINGTON: The New Zealand stocks market was closed on Friday and Monday, for the Good Friday and Easter Monday public holidays, and on Thurday the S&P/NZX 50 index fell 0.82 per cent, to 8,319.07.
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