Dow tumbles over 600 points as selling accelerates
U.S. stocks posted sharp losses Wednesday, reflecting concerns over corporate profit outlooks and geopolitical tensions.
In overnight trading, equity futures seemed to stablize with Dow, S&P and Nasdaq futures all in the green.
The selling picked up during the final hour of trading with the Dow Jones Industrial Average closing near session lows. Meanwhile, the Nasdaq finished in correction territory.
The Dow tumbled 608 points, or 2.4 percent, to 24,583.42. The S&P 500 dropped 84.6 points, about 3 percent, to 2,656. The tech-heavy Nasdaq was down 329 points, or 4.4 percent, at 7,108.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38085.8 | -375.12 | -0.98% |
| SP500 | S&P 500 | 5048.42 | -23.21 | -0.46% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15611.759799 | -100.99 | -0.64% |
Investors digested earnings resports from the likes of Boeing, AT&T and UPS. Dow member AT&T shares tumbled after quarterly profits rose less than expected and UPS also dipped as investors mulled the impact of a trade war. Still, Boeing maintained its gains, after the plane maker topped expectations and boosted its profit and revenue guidance.
Additionally, investors were also watching reports of a series of suspicious packages being delivered to CNN and the home of Bill and Hillary Clinton, this after billionaire George Soros also received something similar. A suspicious package was also reportedly addressed to former President Barack Obama.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| T | AT&T INC. | 16.59 | -0.23 | -1.34% |
| UPS | UNITED PARCEL SERVICE INC. | 147.39 | +0.77 | +0.53% |
| BA | THE BOEING CO. | 166.81 | +2.48 | +1.51% |
Microsoft, along with carmakers Ford and Tesla, payments processor Visa, life and health insurer Aflac and home appliances giant Whirlpool, were due to report earnings after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 399.04 | -10.02 | -2.45% |
| TSLA | TESLA INC. | 170.18 | +8.05 | +4.97% |
| F | FORD MOTOR CO. | 13.04 | 0.00 | 0.00% |
| V | VISA INC. | 275.16 | +0.14 | +0.05% |
| AFL | AFLAC INC. | 83.73 | -0.56 | -0.66% |
| WHR | WHIRLPOOL CORP. | 94.96 | -10.69 | -10.12% |
On the economic calendar, investors received the latest reading of September’s new home sales, which came in at a seasonally adjusted annual rate of 553,000, the lowest rate since December 2016.
Commodities were mixed with oil slipping for Brent and WTI crude.
FOX Business’ Ken Martin contributed to this article