Global Markets: Stocks on the Wallstreet tumbled post upsetting economic report inflated fears of a slowdown, with the broader benchmark index of the NYSE, the S&P 500 index sank 61.35 points or 2.09% to 2,878.90, price-weighted, the Dow Jones Industrial Average Index plummeted 557.23 points or 2.10% to 26,015.81, and the technology benchmark index Nasdaq Composite tumbled 152.43 points or 1.93% to 7,756.26, respectively (at the time of writing 04:50 PM GMT, before the US market close).
Global News: Manufacturing activities across the developed economies is narrowing, many assumes, it is because of US President Donald Trump’s trade policies. This led the World Trade Organization (WTO) to slash its trade growth estimates by half for the current year, claiming heightened trade spat between the world’s two large economies behind the slowdown. It estimated that trade volume growth was just 1.2% this year. Wallstreet’s benchmark indices touched fresh one month low at the NYSE, main indices at the NYSE extended losses from the previous session, post contraction in domestic manufacturing activities which reflects long-standing US-China trade war.
Among the top 11 S&P sectors, technology stocks declined significantly by around 2.1 per cent followed by industrial and materials sector, which contracted by around 2 per cent each. At the time of writing, Activision Blizzard Inc shares dipped by 3.1 per cent after Bernstein downgraded videogame maker’s shares (“market perform”). In the third quarter, Ford Motor Co reported a 5 per cent fall in US auto sales which lead to a drop in the shares to 3.9 per cent. On the same ground, before the auto sales quarterly report released, General Motors shares declined by 3.5 per cent. Due to cheaper mortgage rates, Lennar Corp reported good profit numbers better than estimated and was in a bright green spot, up by 2 per cent. To settle claims by two Ohio counties, drug maker Johnson & Johnson agreed to pay $20.4 million which will allow them to avoid upcoming Federal trial. During the session, Johnson & Johnson shares accelerated by 1.7 per cent after the news.
S&P 500 (SPX)
Top Performers*: Lennar Corp, Charter Communications Inc and Paychex Inc are top gainers and increased by 3.32%, 1.45% and 1.28% respectively.
Worst Performers*: Delta Air Lines Inc, United Airlines Holdings Inc and American Airlines Group Corp. are the top three laggards and decreased by 6.70%, 6.27% and 6.19% respectively.
NASDAQ Composite (IXIC)
Top Performers*: Stars Group Inc, Nanovibronix Inc and Naked Brand Group Ltd are top gainers and increased by 28.54%, 21.60% and 15.88% respectively.
Worst Performers*: Savara Inc, Sienna Biopharmaceuticals Inc and Tetraphase Pharmaceuticals Inc are the top three laggards and decreased by 55.65%, 21.94% and 21.00% respectively.
Worst Performing Sectors*: Consumer Non-Cyclicals (down 2.41%), Technology (down 2.34%), and Industrials (down 2.20%).
Dow Jones Industrial Average (DJI)
Top Performers*: Johnson & Johnson was the only gainer and increased by 1.27%.
Worst Performers*: Cisco Systems Inc, Walgreens Boots Alliance Inc and Intel Corp are the top three laggards and decreased by 3.45%, 3.33% and 3.29% respectively.
European Markets: The major indices at London Stock Exchange ended lower, with the broader index of 100 large-cap companies, the FTSE 100 index closed at 7,122.54, down by 237.78 points or 3.23%, FTSE 250 Index gave up 395.91 points or 1.99% to 19,476.91, and the FTSE All-Share tumbled 119.73 points or 2.96% to 3,918.73 respectively. Another pan-European STOXX 600 plummeted 10.47 points or 2.70% to 377.52, respectively.
European News: With 29 days left to Brexit, PM Boris Johnson extended a last Withdrawal offer to the EU bloc on October 02 (Wednesday) and commented that unless the EU members compromise, the UK would crash out from the bloc without a withdrawal deal on the scheduled date of Brexit October 31. The “final Brexit offer” pushed leading indices of the LSE lower. Deutsche Bank on October 02 (Wednesday) said that it still believes a 50% probability for Britain to crash out of the EU bloc without any divorce deal. In today’s session (October 02), Stocks across Europe hit a one month-low, with UK stocks lagging the most over Brexit saga, while global slowdown risks after disappointing US manufacturing data numbers reported on October 01, also sent European stocks lower.
London Stock Exchange*
Top Performers: METRO BANK PLC (MTRO), FLUTTER ENTERTAINMENT PLC (FLTR) and QINETIQ GROUP PLC (QQ.) are top gainers and increased by 22.11%, 7.41% and 5.97% respectively.
Worst Performers: FULLER, SMITH & TURNER PLC ‘A’ (FSTA), INDIVIOR PLC (INDV) and DIALIGHT PLC (DIA) are the top three laggards and decreased by 11.48%, 8.74% and 7.58% respectively.
FTSE 100 Index*
(Source: Thomson Reuters) Price Performance in Last Five days (October-02-2019), before the market closed
Top Gainers: FLUTTER ENTERTAINMENT PLC (FLTR) and TESCO PLC (TSCO) are top gainers and increased by 7.41% and 0.08% respectively.
Top Laggards: KINGFISHER PLC (KGF), HARGREAVES LANSDOWN PLC (HL.) and ASSOCIATED BRITISH FOODS PLC (ABF) are top losers and decreased by 6.55%, 6.48% and 5.90% respectively.
Volume Leaders: (LLOY) LLOYDS BANKING GROUP PLC; (VOD) VODAFONE GROUP PLC; (TSCO) TESCO PLC.
Worst Performing Sectors*: Basic Material (down 3.97%), Energy (down 3.78%), and Healthcare (down 3.43%).
Forex Rates*: GBP/USD and EUR/GBP were quoting at 1.2319 and 0.8898, respectively.
Bond Yields*: U.S 10-Year Treasuries yield was quoting at 1.589%, and the UK 10-Year Government Bond yield was trading at 0.492%, respectively.
*At the time of writing