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Overnight Markets: Wall Street falls on lower oil, weak China data
Energy shares plunged with the price of oil and soft Chinese trade figures rekindled fears about the global economy.
US stocks declined on Tuesday, ending a five-session winning streak, after energy shares plunged with the price of oil and soft Chinese trade figures rekindled fears about the global economy.
The Dow Jones industrial average fell 110 points, or 0.64%, to 16,964, the S&P 500 lost 23 points, or 1.12%, to 1,979 and the Nasdaq Composite dropped 59 points, or 1.26%, to 4,649.
Energy and materials stocks fell after US crude oil lost 3.7% to $36.50 a barrel and disappointing Chinese trade data dragged metals prices lower, including a 2.7% decline in copper. China reported its largest monthly drop in exports since the financial crisis, while imports also contracted sharply.
Shares of Dow components Exxon (XOM.N) and Chevron (CVX.N) fell more than 2%.
The largest percentage decliner on the Nasdaq 100 was Micron (MU.O), down 7.9%.
Shake Shack (SHAK.N) tumbled 11.8% after the burger chain issued disappointing results and forecast.
Shares of Urban Outfitters (URBN.O) were up 16.1%, after better-than-expected sales for its Free People brand.
In deal news, shares of SunEdison Inc. closed 5.3% higher after Vivint Solar said it has terminated its merger agreement with SunEdison after mounting financial woes kept the solar-energy company from meeting obligations of the deal.
JetBlue Airways Corp. closed down 9.1% after the airliner projected a first-quarter unit revenue decline.
Shares of Apple Inc. finished 0.8% weaker, after the Supreme Court declined Apple’s request for a review of an e-books antitrust case, leaving the iPad maker facing a payment of $400 million to e-book consumers.
In Asia, most markets stumbled on Wednesday in late morning trade, with China shares tumbling, as analysts pointed to renewed concerns about China's economy.
In China, the Shanghai composite dropped 1.97%, while the Shenzhen composite fell 1.38% in early trade.
Elsewhere, the Japanese benchmark Nikkei 225 was lower by 1.22%, Hong Kong's Hang Seng index fell 0.66% and South Korea's Kospi was flat. Down Under, the S&P/ASX 200 bucked the trend, tacking on 0.26%.
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by Gavin Lumsden on Oct 23, 2016 at 00:01