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Reuters

Wall Street indices continued their slide in Thursday’s volatile session as investors worried about rising interest rates and braced for a trade war hit to corporate earnings a day ahead of the quarterly reporting season kick-off.
In its sixth consecutive day of declines, the S&P closed down 2.1 per cent after shedding 3 per cent in Wednesday’s session. But at its session low the benchmark fell 2.7 per cent to its lowest level since early July.
LATEST: Chinese stocks drop further as US market rout continues
Investors worried that equity markets would have trouble recovering as rising interest rates coincide with uncertainty about how much earnings growth would be hurt by a US trade war with China.
Are we out of the woods here? I don’t think so
Dennis Dick, proprietary trader at Bright Trading
“People fear that it will be harder to snap back if we’re seeing a cyclical top in earnings with those two headwinds, which are not going away,” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
The Dow Jones Industrial Average fell 2.13 per cent, the S&P 500 lost 2.06 per cent and the Nasdaq Composite was down 1.25 per cent.
After hitting an intraday high of 28.84, the CBOE Volatility Index, popularly known as the “fear gauge,” ended the day up 2 points at 24.98, its highest close since February 12.

“We saw a rally this morning, and that ended up being a suckers’ rally. Then you had buy-the-dippers coming in here saying this was too much too fast,” said Dennis Dick, proprietary trader at Bright Trading in Las Vegas.
“Are we out of the woods here? I don’t think so,” he said. “You’re going to see a lot of volatility in the next week or so.”
The energy sector, pressured by a drop in oil prices, was the lead decliner, while insurers were some of the biggest losers in the financial sector a day after powerful Hurricane Michael slammed into Florida.
The S&P’s 11 major sectors all ended the day down, with only the communications services sector managing a decline of less than 1 per cent.
Opinion: Global recession? No need to panic just yet
Energy was the biggest loser with a 3.1 per cent drop as oil prices hit two-week lows after an industry report showed a bigger-than-expected build in US crude inventories.
The financial sector fell 2.9 per cent, also hurt by a 2.7 per cent drop in bank stocks a day before three of the biggest banks were to report quarterly results.
The technology sector, the biggest loser in Wednesday’s sell-off, closed down 1.3 per cent on Thursday.

Stocks had seen some support earlier in the session from US data showing a smaller-than-anticipated rise in consumer prices as it helped ease fears of increasing inflation pressures.
The data helped push US Treasury yields to a one-week low, further soothing equity investors.
Opinion: Reign of US equities isn’t ending, whatever the market chatter
But investors still faced a sea of worries, including uncertainty ahead of US midterm congressional elections on November 6, and hawkish comments last week from US Federal Reserve officials.
Volume on US exchanges was 11.44 billion shares, its highest level since February and compared with the 7.65 billion-share average for the full session over the last 20 trading days.


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Stocks

‘We’re not out of the woods yet’: US stocks continue to fall in turbulent trading

Investors worried that equity markets would have trouble recovering as rising interest rates coincide with uncertainty about how much earnings growth would be hurt by a US trade war with China

NEW YORK, NY - OCTOBER 11: Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE), October 11, 2018 in New York City. The Dow closed over 500 points down on Thursday, bringing 2-day losses to more than 1,300 points. Drew Angerer/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

epa07086823 A trader works on the floor of the New York Stock Exchange in New York, New York, USA, on 11 October 2018. The Dow Jones industrial average lost nearly 550 points today. EPA-EFE/JUSTIN LANE

A monitor displays the day’s final numbers after the closing bell on the floor of the New York Stock Exchange on Thursday in New York City. Photo: Getty Images via AFP

Wall Street bloodbath spills over to Hong Kong, China stocks

The US stock rout spilled over to Hong Kong and China markets on Thursday. Photo: AFP

Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on October 10, 2018 in New York. - Wall Street stocks plunged Wednesday, with major indices losing more than three percent in a selloff prompted by the sudden jump in US interest rates. At the closing bell, the Dow Jones Industrial Average had lost 3.1 percent or 830 points to finish at 25,613.35, in the biggest fall since February. (Photo by Bryan R. Smith / AFP)

As US stocks slump, Donald Trump blames ‘crazy’ Fed and traders urge against panic

More than three per cent was slashed from major indices, with the S&P 500 and Dow falling the most since February and the Nasdaq 100 having its worst day in seven years

US President Donald Trump speaks to the press as he arrives at Erie International Airport on October 10, 2018, in Erie, Pennsylvania, for a "Make America Great Again" rally. (Photo by MANDEL NGAN / AFP)

NEW YORK, NY - OCTOBER 10: Traders work on the floor of the New York Stock Exchange (NYSE) on October 10, 2018 in New York City. Stocks fell sharply on Wednesday following a decline in tech shares and concerns over rising rates. The Dow Jone Industrial average closed down over 800 points. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

A monitor on the floor of the New York Stock Exchange displays market numbers on Wednesday, following a day of trading that saw indices drop substantially. Photo: Getty Images via AFP

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Investors worried that equity markets would have trouble recovering as rising interest rates coincide with uncertainty about how much earnings growth would be hurt by a US trade war with China


Investors worried that equity markets would have trouble recovering as rising interest rates coincide with uncertainty about how much earnings growth would be hurt by a US trade war with China.
