Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

FTSE slides after major Wall Street sell off

FTSE slides after major Wall Street sell off

The FTSE 100 has got off to a poor start after a  major sell off on Wall Street overnight. 

Around 10 minutes after the opening bell run in London, the blue chip index was down by 53 points at 7,335.  The FTSE 250 had lost 113 points at 19,659. 

The S&P 500 recorded its biggest daily percentage drop in three months overnight, amid increasing concerns about the Trump administration's ability to push through its economic agenda.

The Dow Jones Industrial Average ended down 274 points, or 1.24%, to 21,751, the S&P 500 lost 38 points, or 1.54%, to 2,430.  The Nasdaq Composite dropped 123 points, or 1.94%, to 6,222.

Disappointing corporate results weighed as well. Shares of Dow component Cisco Systems (CSCO.O) fell 4% a day after its results, while Wal-Mart (WMT.N) was down 1.6% after the retailer reported a drop in margins due to continued price cuts and e-commerce investments.

Meanwhile L Brands, the parent of Victoria's Secret, tumbled 4.9% after it cut its annual profit forecast because of weakening sales. Other retailers slipped as well. Amazon fell 1.4% and Macy's lost 2.5%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Read More
Wealth Manager on Twitter