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Dow drops nearly 200 points, extending its eight-day losing streak

Amazon and Google contributed to a nearly 70-point drop in the Nasdaq
Wall Street
Oil prices dragged the S&P 500 nearly 20 points lower

The US benchmarks were in the red the closing bell.

The Dow Jones Industrial Average fell nearly 200 points as trade worries loom, continuing its 8-day losing streak.

Intel (NASDAQ:INTC) was the worst-performing stock in the index after its CEO stepped down amid an investigation into a relationship with an employee. Shares of the tech company fell more than 2% to US$52.19 by the closing bell.

The tech-heavy Nasdaq fell nearly 70 points after reaching an all-time high Wednesday, pulled lower by Amazon.com Inc (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOG).

The S&P 500 dropped nearly 20 points. Energy companies Marthon Oil Corp (NYSE:MRO) and Concho Resources Inc (NYSE:CXO) both fell more than 5% due to falling oil prices.

Up north, the TSX slipped more than 90 points dragged down by oil prices as well.

The Russell 2000 small-cap index fell more than 1%, weighed down by Veritone Inc (NASDAQ:VERI) and Syros Pharmaceuticals Inc (NASDAQ:SYRS).

1:00 PM: Wall Street wobbles with weak dollar, trade war fears mounting

All the major stock indices were in the red in midday trade after the dollar slipped from a peak as investors flocked to bonds after weak economic data. Industrials fell hard on fears about the US-China trade spat escalating and Amazon led a decline in online retailers after the Supreme Court let states force the companies to collect sales tax.

The Dow Jones Industrial average fell for the eight straight day shedding 171 points, or 0.70% to 24,485.90, led lower by Boeing which fell 1.2%.

Elsewhere, the Nasdaq slipped 0.72% to 7,725 led lower by Amazon which dropped as much as 1.9% before recouping some of its losses to trade 1% lower in afternoon trade.    

Selling pressure picked up in the afternoon pushing the S&P 500 down 0.52% to 2,749, while the Russell 2000 of small-cap stocks was down 0.64% to 1,696.

The dollar index fell 0.19%, with the euro up 0.29% to US$1.1604.

10:00 AM: US stocks open mixed as tech-laden Nasdaq jumps higher while the Dow slumps

US stocks opened mixed on Thursday as the tech-laden Nasdaq jumped higher while the Dow Jones Industrial Average Index traded in the red.

The trade spat between the US and China is still casting a shadow over the market. This week, President Trump threatened to impose tariffs on another US$200bn worth of Chinese goods at a rate of 10%. China, meanwhile, is threatening retaliatory tariffs in response.

Shortly after the opening bell, Nasdaq added 19 points to 7,800, pushed up by Western Digital and Micron Technology, which whizzed past market estimates and recorded a 40% increase in sales for its fiscal third-quarter.

Elsewhere, the Dow Jones Industrial average index shed 68 points to 24,589, led lower by Intel, United Technologies Corp, General Electric and Chevron.

The S&P 500 clung closer to the line, dropping 2 points to 2,765 while the Russell 2000 of small-cap stocks added 13.5 points to hover at 1,707.

Up in Canada, Toronto's TSX shed 21 points to trade at about 16,399.7.


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