October 15, 2021

The Queens County Citizen

Complete Canadian News World

The S&P 500 will fall in the worst way in almost two months

The S&P 500 will fall in the worst way in almost two months

Stocks fell in the US and Europe as rising coronavirus infections and tougher lockdowns raised concerns about financial damage from the pandemic.

The S&P 500 index fell about 3 percent, leading to the biggest decline since early September, in the COVID-19 hospital, especially in the Midwest. Energy stocks plunged with oil prices and technology stocks were also at worst.

Boeing Co. fell to a one-month low as it announced plans for further job cuts. Microsoft Corporation is one of the biggest pulls on the S&P 500 because investors have rated it to meet analysts’ high expectations, which will see a decisive hilarious profit and sales report. General Electric Co. Gained after reporting a surprising gain.

The Stocks Europe 600 index fell to a five-month low of more than 3 percent after German Chancellor Angela Merkel signed a one-month partial lockdown to curb the spread of the virus. Auto and real estate shares fell sharply.

Heaven assets such as treasuries and German wagons increased. The VIX index, a measure of US equity volatility, has risen to its highest level since June.

Markets in the U.S. and Europe fell sharply this week as virus cases rose and American lawmakers failed to agree on a financial aid package ahead of the November 3 election. Analysts warn of increased volatility in the markets before and after the presidential vote, with some saying the outcome of the contest is still likely.

“The fact that you see cases rising and declining activity across the country directly translates into GDP growth,” said Phil Toves, chief executive officer of asset manager Toves Corp. “Lack of financial stimulus means that unemployed people will be able to continue to buy goods and can no longer do so.”

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Elsewhere, oil fell sharply, with concern lockdowns reducing demand. Bitcoin, which has been at its highest level since January 2018, has reached its biggest fall in almost two months.

In Asia, stocks are better. The MSCI Asia Pacific Index was lower on Wednesday, while the South Korean and Shanghai markets registered modest gains. In China, indicators tracked by Bloomberg remained broadly stable in October, while recovery continued to show mixed signs.

Here are the major moves in the markets:

Stocks

The S&P 500 index fell 2.9 percent at 11:06 New York time.
The Stokes Europe 600 index was down 3.3 percent.
The MSCI Asia Pacific index fell 0.5 percent.

Currencies

The Bloomberg Dollar Spot Index rose 0.6 percent.
The British pound fell 0.4 percent to $ 1.2995.
The Japanese yen rose 0.1 percent to 104.27 against the dollar.

Bonds

Yields on ten-year treasuries fell one basis point to 0.76 per cent.
Germany’s ten-year yield fell one basis point to -0.63 percent.
Britain’s ten-year yield fell one basis point to 0.22 percent.

Objects

West Texas Intermediate crude fell 5.3 percent to $ 37.47 a barrel.
Gold weakened 1.6 percent to $ 1,876.79 an ounce.