Wall Street loses profits in 2018, as FAANG shares will get into the bear market

  • US stocks lost their profit for the year at a trade on Tuesday, driven by lower-tech technology companies.
  • FAANG inventories have entered the bear market market and mark the first seven years of the Google alphabet.
  • Follow the US real-time indexes.

Wall Street wiped out earnings from shares on Tuesday, when high-flying companies hit the bear market, adding to fears of slowing growth and trade strain.

Tech-heavy Nasdaq Composite fell 1.7% to a seven-month low while the S & P 500 declined by 1.74%. Dow Jones Industrial Average declined by more than 2% or by 550 points.

"Last week, after a strong two-week deadline, we have retreated because investors have a confusing behavior that is in line with the market that forms the bottom," said Mark Hackett, head of investment research at Nationwide. "We saw similar activity in the spring of this year, and this week will be interesting as the volume is likely to be limited, which will cause exaggerated moves."

So-called shares of FAANG – Facebook, Amazon, Apple, Netflix, and Google Alphabet – have moved on to the bear market on Monday, which is more than 20% since June's maxims. The Alphabetical Book has recorded its first bear market in seven years. The FANG + index was about 1.5% on Tuesday.

The Wall Street Journal announced on Monday that Apple, the world's largest technology company, has cut production orders in recent weeks for all three new iPhones unveiled in September.

Not in the mood, Target dropped by more than 11% after reporting weaker-than-expected quarterly earnings and sales for the same business before the holiday season. Lowe recorded revenue that exceeded expectations but announced that it plans to end retail operations in Mexico.

Other vendors – including Kohl's (-8.77%) and Macy's (-3.31%) – were significantly lower after the news, with the SPDR S & P Retail ETF drawing by 3.38%. Victoria's Secret-parent company, L Brands, which cut its annual dividend half a day earlier, plunged more than 17%.

Best Buy, on the other hand, increased by more than 2% after revenue, third-quarter sales and revenue estimates.

Chipmakers also continued to decline, a day after China accused Samsung Electronics, SK Hynix and Micron Technology of distorting competition.

The S & P 500 index fell by more than 3% after oil prices reached the lowest level since 2017, shifting the bear market as a result of fears of oversupply. Western Texas Intermediate declined 6.8% to $ 53.30 a barrel, while the Brent International Brent Index fell 6.9% to $ 62.36 a barrel.

The ten-year bond yield was slightly lower by 3.056% and the dollar by 0.66% against the basket of currencies.

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