
USA stocks started to rebound on Tuesday from their worst loss of the year after China took steps to stabilize its currency, staving off the imminent possibility of a currency war between the world's two largest economies.
China's offshore yuan fell through the key level of 7-per-dollar mark after recovering partly on Tuesday that had sparked a 1% gain in the three main Wall Street indexes.
United States stocks have plunged once again, with the Dow Jones falling more than 450 points in early trade.
The S&P technology index, which includes companies that have a big exposure to China and were at the heart of Monday's sell-off, provided the biggest boost to the S&P index, rising 1.61 per cent. The Nasdaq Composite was down 96.50 points, or 1.23%, at 7,736.77.
U.S. stocks plunged on Monday as investors worry that U.S. President Donald Trump's threatened new tariffs on Chinese imports will worsen trade prospects.
China's central bank allowed the yuan to sink below seven per dollar.
The S&P 500 fell 93 points, or 3.2%, to 2,837.
"Markets have gone full circle again hoping for the best while preparing for the worst where even the tiniest gestures could see investors respond more positively than warranted given how emotionally invested market participants are", said Stephen Innes, managing partner at VM Markets in Singapore.
Some of the stocks that were the most beaten down on Monday staged strong comebacks on Tuesday.
Ezekiel Elliott Informs Cowboys He Won't Play Without New Contract in 2019
He mentioned the Le'Veon Bell deal, which averages $13.5 million with the New York Jets , in relation to the Elliott discussions. Bell is three years older than Elliott, who has been essential to Dallas' success since he entered the league.
This caused the worst sell-off of the year on Wall Street, with the Dow closing 767.27 points down, a loss of nearly three percent. China struck back on Monday, allowing its currency, the yuan, to weaken against the USA dollar. JPMorgan Chase fell 2.8% and Bank of America fell 2.7%.
With the second-quarter earnings season winding down, about 73% of the 426 S&P 500 companies that have reported results so far have topped earnings estimates.
Allowing the yuan to depreciate makes Chinese exports cheaper and offsets some of the burden of punitive United States tariffs, which could soon see virtually all of the roughly Dollars 660 billion in goods traded annually between the world's top two economies subject to duties.
The Dow Jones Industrial Average lost 601 points, or 2.3%, to 25,875.
Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.
Meanwhile, the Australian dollar was steady at 67.6 U.S. cents - but has risen sharply to buy $NZ1.05. The yield on the 10-year Treasury dropped to 1.64% from 1.74% late Tuesday, a large move.
Industrial and financial stocks posted the biggest drops early Monday. Ahead of Wednesday's opening bell, Dow futures and the broader S&P 500 futures were flat.
The Dow Jones Industrial Average dropped 409 points, or 1.6%, to 25,611.
That recovery in yields helped stocks, which have been tracking the movement in 10-year yields, said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. The Nasdaq fell 104 points, or 1.3%, to 7,730.
Related News:
-
The Beverly Hills, 90210 cast dances through the reboot's opening credits
While costars like Jennie Garth , 47, and Tori Spelling , 46, are at a fan convention, Doherty checks in via a live-stream. "It was nothing against the show", she continued.Dolphins receiver takes issue with team owner's Trump connections
SoulCycle , which is also owned by Ross, is under fire as well, with many calling for a boycott of both fitness brands. Sophia Bush , Billy Eichner , Jamie Chung and more celebrities are taking action and are canceling their memberships.Rocket League is saying farewell to loot boxes
Traditional DLC, the premium pass, and Esports shop items will continue to be on sale alongside these direct purchase cosmetics. These crates were earnable in-game, but were also purchasable and items obtained could be sold or traded on the Steam market. -
Storms Fire Later Today & Tonight
Forecasters there said damaging winds from downbursts will be the main threat with any stronger storms that develop. As the evening progresses into overnight, the air cools and the storms usually weaken.Freak injury rules Frampton out of Dominguez fight
The Northern Irishman said a "large ornament" had fallen on his left hand in a hotel lobby, fracturing his fifth metacarpal. He signed a lucrative deal with United States promoters Top Rank and was due to make his debut on ESPN this weekend.Disney+ bundle with Hulu and ESPN will cost less than Netflix
Now, it appears a bundle deal including Disney +, Hulu and ESPN will launch November 12 for an astounding $12.99 per month. Hulu with ads is available for $5.99/month, while ESPN + costs $4.99/month. -
LG reveals video teaser for IFA 2019, hints at a foldable smartphone
The LG V50 ThinQ is the first 5G smartphone of the company-and one of the first 5G phones to be started in the United States. Beyond what's teased in the video, we don't know too much more about what LG is preparing to announce at the show.What is the online forum 8chan?
BitMitigate already had a similar philosophy to Epik, agreeing to host The Daily Stormer after it was dropped by Cloudflare. The company isn't legally required to provide its services to any website, regardless of content.Iran's Rouhani to Trump: Lift sanctions first
Iranian state TV said President Hassan Rouhani made the comments during a meeting with Foreign Minister Mohammad Javad Zarif . Washington can not force the Iranian people to change their views through sanctions and pressure, he was quoted as saying. -
Greek police find body of missing Briton on Ikaria island
The pair were on the last day of their three-day trip to the island, police told CNN . Her Facebook page suggested her hobbies also included rock climbing.Filmmaker to create Netflix documentary on Cyntoia Brown
She told police that she pulled a pistol out of her purse and fatally shot Allen because she thought he was reaching for a gun. Her case also inspired the introduction of state legislation aimed at protecting minors who are victims of sex trafficking.FedEx dumps Amazon after online retailer ramped up its own delivery service
Amazon doesn't say how much of its packages flow through FedEx, but it's likely a much smaller amount compared to UPS and the U.S. Some of the ground packages that FedEx handled for Amazon will migrate to UPS, said David Ross, an analyst with Stifel Financial.