U.S. Stocks Close Sharply Lower On Growth Worries; Nasdaq Tumbles 4 Percent

RTTNews | 7h 19min ago

(RTTNews) - U.S. stocks tumbled on Monday and the major averages all closed sharply lower, with the tech-laden Nasdaq recording a more pronounced losses. Uncertainty about President Donald Trump's tariff moves, fears of a recession in the world's largest economy, and weak global growth outlook weighed on investor sentiment.

In a Fox News interview on Sunday, U.S. President Donald Trump declined to rule out the possibility of a recession following his tariff actions on Mexico, Canada and China.

"There is a period of transition, because what we're doing is very big. We're bringing wealth back to America," Trump told the "Sunday Morning Futures" program.

With a slew of crucial economic data due later in the week, the mood in the market is extremely cautious.

Reports on consumer and producer price inflation, as well as readings on consumer sentiment and inflation expectations, are due this week.

The Dow closed down 890.01 points or 2.08 percent, at 41,911.71. The S&P 500 ended lower by 155.64 points or 2.7 percent, at 5,614.56, while the Nasdaq dropped 727.90 points or 4 percent to 17,468.32.

Tesla tanked nearly 16 percent. Meta Platforms, Nvidia, Alphabet, Oracle and Apple lost 4 to 5 percent, Microsoft declined 3.3 percent, Intel drifted down 3.2 percent, and Amazon ended lower by about 2.3 percent.

Morgan Stanley, Wells Fargo, US Bancop, Goldman Sachs, Citigroup, American Express, JP Morgan and Bank of America all closed sharply lower.

United Airline Holdings, Delta Airlines, Boeing, Nike, FedEx, Netflix, Moody's and Airbnp ended weak as well.

Regeneron Pharmaceuticals, Exxon Mobil, Vertex Pharmaceuticals, ResMed, Constellation Brands, General Motors and Pepsico were among the notable gainers in the session.

In overseas trading, Asian stocks turned in a mixed performance on Monday amid lingering tariff worries, the threat of a U.S. recession and signs of deepening deflationary pressures in China.

European stocks closed on a weak note on Monday as rising economic uncertainty and tariff concerns rendered the mood bearish. Recent weak U.S. and Chinese economic data hurt as well.

In the currency market, the dollar gained marginally against the Euro, at 1.0826. Against the Japanese currency, the dollar weakened to 147.32 yen from Friday's closing value of 148.03 yen.

Singapore Stock Market Poised To Open Under Water On Tuesday

The Singapore stock market has tracked lower in back-to-back sessions, sinking almost 20 points or 0.5 percent along the way. The Straits Time Index now sits just beneath the 3,900-point plateau and the losses may accelerate on Tuesday. The global forecast for the Asian markets is broadly negative on recession fears and concerns over the health of the world economy. The European and U.S. markets finished sharply lower and the Asian bourses are expected to open under pressure as well. The STI finished modestly lower on Monday following losses among the financial shares, property stocks and industrial issues. For the day, the index fell 15.41 points or 0.39 percent to finish at the daily low of 3,899.07 after peaking at 3,922.66. Among the actives, CapitaLand Investment sank 0.77 percent, while City Developments declined 1.19 percent, Comfort DelGro shed 0.68 percent, DBS Group eased 0.28 percent, Frasers Logistics & Commercial Trust spiked 1.79 percent, Genting Singapore rallied 1.41 percent, Hongkong Land stumbled 1.79 percent, Keppel DC REIT added 0.49 percent, Keppel Ltd slid 0.44 percent, Mapletree Industrial Trust advanced 1.00 percent, Mapletree Logistics Trust skidded 0.80 percent, Oversea-Chinese Banking Corporation lost 0.64 percent, Seatrium Limited jumped 1.43 percent, SembCorp Industries retreated 1.27 percent, Singapore Technologies Engineering slumped 1.14 percent, SingTel tumbled 1.75 percent, UOL Group climbed 1.38 percent, Venture Corporation rose 0.24 percent, Wilmar International fell 0.61 percent, Yangzijiang Financial dropped 0.78 percent, Yangzijiang Shipbuilding dipped 0.42 percent and Thai Beverage, Mapletree Pan Asia Commercial Trust, DFI Retail, Frasers Centrepoint Trust, CapitaLand Integrated Commercial Trust, Emperador and SATS were unchanged.

RTTNews | 4h 3min ago

Losing Streak May Continue For Malaysia Stock Market

The Malaysia stock market has tracked lower in three straight sessions, slumping almost 30 points or 2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,535-point plateau and it may take further damage again on Tuesday. The global forecast for the Asian markets is broadly negative on recession fears and concerns over the health of the world economy. The European and U.S. markets finished sharply lower and the Asian bourses are expected to open under pressure as well.

RTTNews | 4h 33min ago

Japan Stock Market Tipped To Open In The Red

The Japanese stock market rebounded on Monday, one session after snapping the two-day winning streak in which it had rallied more than 370 points or 1 percent. The Nikkei 225 now rests just shy of the 37,030-point plateau although it figures to head south again on Tuesday. The global forecast for the Asian markets is broadly negative on recession fears and concerns over the health of the world economy. The European and U.S. markets finished sharply lower and the Asian bourses are expected to open under pressure as well. The Nikkei finished modestly higher on Monday following gains from the automobile producers, weakness from the technology stocks and a mixed picture from the financial shares. For the day, the index added 141.10 points or 0.38 percent to finish at 37,028.27 after trading between 36,705.02 and 37,113.48. Among the actives, Nissan Motor retreated 1.46 percent, while Mazda Motor added 0.68 percent, Toyota Motor advanced 0.93 percent, Honda Motor accelerated 0.91 percent, Softbank Group strengthened 1.43 percent, Mitsubishi UFJ Financial eased 0.13 percent, Mizuho Financial declined 1.53 percent, Sumitomo Mitsui Financial skidded 1.17 percent, Mitsubishi Electric tumbled 1.60 percent, Sony Group tanked 3.11 percent, Panasonic Holdings slumped 1.57 percent and Hitachi surrendered 2.81 percent.

RTTNews | 4h 48min ago

Renewed Consolidation Called For South Korea Shares

The South Korea stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had advanced almost 50 points or 2 percent. The KOSPI now sits just above the 2,570-point plateau although it's likely to hand back those gains on Tuesday. The global forecast for the Asian markets is broadly negative on recession fears and concerns over the health of the world economy. The European and U.S. markets finished sharply lower and the Asian bourses are expected to open under pressure as well.

RTTNews | 5h 3min ago