Stocks Crushed as Earnings Results, Outlooks Spook Wall Street
Growing concerns about the future earnings outlook for major U.S. companies set off a broad flight from equities on Tuesday. The major market averages all sold off more than 1%.
As of 11:00 a.m. ET, the Dow Jones Industrial Average slid 229 points, or 1.7%, to 13117, the S&P 500 dropped 22.2 points, or 1.5%, to 1412 and the Nadsaq Composite slumped 32.7 points, or 1.1%, to 2984.
Every major sector was in the red, with financials, industrials and energy stocks taking the heaviest selling. In a sign of the breadth of the selling in equities, more than 97% of S&P 500 components were to the downside. The number of trades in declining shares outpaced that in advancing shares by more than 19-to-one.
The yield on the U.S. 10-year Treasury bond was down 0.047-percentage point to 1.774% as traders bid up the safe-haven asset. Meanwhile the VIX, seen as Wall Street’s fear gauge, surged 11.1%.
Other risky assets were thrashed as well. The benchmark crude oil contract traded in New York tumbled $2.73, or 3.1%, to $85.92 a barrel — its lowest level since July. Wholesale New York Harbor gasoline slid 2.9% to $2.572 a gallon.
In metals, gold dropped $19.90, or 1.2%, to $1,706 a troy ounce.
Read more: Fox Business.