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FEATURE – On Friday, November 9, 2018, Mario Picone, an archival photo specialist, at the center, works with traders at his ground office on the New York Stock Exchange. The US stock market opens at 9:30 am EST Wednesday, November 14. (AP Photo / Richard Drew, File) The Associated Press
By ALEX VEIGA, AP Business Writer
US stocks fell in the morning session, wiping out a modest recovery and prolonging market losses from yesterday. Technology stocks and banks are experiencing some of the heaviest losses, outpacing gains in industrial and other industries. Energy stocks quickly fell, although crude oil prices, which have fallen sharply in recent weeks due to concerns over rising supplies, have risen.
SAVE THE SCORE: The S & P 500 Index lost 8 points, or 0.3%, to 2713 at 11:35 Eastern Time. The Dow Jones Industrial Average Index lost 86 points, or 0.3%, to 25,199. The Nasdaq composite lost 32 points, or 0.5%, to 7,168 points. The Russell 2000 Small Business Index yielded 1 1 point, or 0.1%, to 1,512. The S & P 500 benchmark has just lost four consecutive days.
QUOTE: "We are still facing the consequences of the October sale," said David Lefkowitz, senior equity strategist at UBS Global Wealth Management. "The market is still somewhat volatile and unstable, with investors equating this move and repositioning themselves for what they believe will happen next."
OIL REBOUND: The price of US crude oil has risen one day after its largest decline in more than three years. The benchmark US crude oil gained 1.8% to 56.67 dollars a barrel in New York. Brent crude, used for the price of international oil, rose 1.8% to 66.66 dollars a barrel in London.
Oil was down for 12 days on Tuesday, amid fears of increased global oil production and declining demand from developing countries.
Natural gas jumped 10.1% to $ 4.51 per 1,000 cubic feet.
The rebound in oil prices helped boost energy stocks. Cimarex Energy gained 2.5% to $ 86.45.
TECHNICAL SLIDE: Technology stocks suffered the heaviest losses. Apple lost 2% to $ 188.41.
SCORCHED: Pacific Gas & Electric shares fell 20.3% to $ 26.06, extending the company's steep slide this week. The company told regulators last week that it had encountered a problem on a transmission line in a northern California area, where a devastating fire broke out last week. People who lost their homes in the fire continued on Tuesday PG & E, accusing the utility of negligence and accusing it of being responsible for the fire. The fall of PG & E led to a large sale of utility shares.
RETAIL THERAPY: Macy's published quarterly results that exceeded Wall Street's forecasts and its annual earnings forecast. The report had initially increased inventory in the chain of stores, but it had dropped in the middle of the morning, slipping 2.9% to $ 34.74.
Underestimated: Blue Apron shares fell 4.1% to $ 1.17 after the meal transport company posted disappointing fourth-quarter forecasts and said it was taking "strategic measures" "consisting in particular of reducing its workforce by 4%.
BOND RETURNS: Bond prices have risen. The yield of the 10-year Treasury bill fell to 3.13%, against 3.14% Tuesday night. Lower bond yields, which affect interest rates on mortgages and other consumer loans, have contributed to a decline in bank shares. Citizens Financial Group dropped 2.5% to $ 36.76.
CURRENCIES: The dollar has weakened to 113.69 yen against 113.89 yen on Wednesday. The euro strengthened to go from 1.1262 dollar to 1.1315 dollar.
ABROAD: The main European stock indexes fell, which made the anticipated gains faster. The German DAX fell by 0.4%, while the French CAC lost 0.5%. The FTSE 100 index of major UK stocks fell 0.3%. In Asia, the Japanese benchmark Nikkei 225 rose 0.2%, while that of the Australian S & P / ASX 200 lost 1.7%. Kospi of South Korea declined slightly by 0.2 percent. Hang Seng Hong Kong fell 0.5%.
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