Trader Michael Milano worked on the floor of the New York Stock Exchange, Nov. 28.
Shares were moderately lower in Asia on Wednesday following a bloodletting on Wall Street as goodwill generated by a truce between the US and China over trade evaporated in confusion over exactly what the two sides had agreed upon.
The Dow dropped 799 points, or 3.1 percent, to 25,027.
Wall Street opened with the Dow Jones Industrial Average surging 1.6 percent higher, joining a rally kicked off in Asia and maintained in Europe - though most major markets later pulled back somewhat.
The broad-based S&P 500 lost 90.31 points (3.24 per cent) to 2,700.06, while the tech-rich Nasdaq Composite Index dropped 283.09 points (3.80 per cent) to 7,158.43. Investors' confidence in that truce faltered Tuesday, contributing to renewed fears that the disagreement between the two economic powerhouses could slow the global economy. "Concerns were also compounded by increasing news narrative on inverted curves and risks of a recession".
But late on Monday, the reverse happened: Five-year notes paid less than three-year notes, an indication that bond investors aren't too sure what the next few months will bring. Cirrus fell 4.6 percent. But with time, investors appeared to reassess their views of the market on Tuesday, sending stock prices and bond yields lower.
ANALYST'S TAKE: "Positive sentiment from the China-U.S. trade war truce dissipated quickly", said Eugene Leow and Radhika Rao of DBS Group in a report.
Markets reacted enthusiastically to the announcement on Monday, which was accompanied by hopeful commentary in Chinese state media. Copper fell 1.8 percent to $2.78 a pound.
The Dow lost 536 points, or 2.1 percent, to 25,292. Benchmark U.S. crude gained 0.6 percent to settle at $53.25 per barrel in NY.
The S&P 500 index slid 79 points, or 2.9 percent, to 2,710 as of 1:29 p.m.
By 10.05 am the NZX-50 was off by 112 points at 8753, following an 800-point fall on Wall Street's Dow Jones index. Brent crude, used to price global oils, dropped $1.48 to $60.08 per barrel.
Apple Inc, one of Monday's leaders, dropped 2.0 percent as supplier Cirrus Logic Inc trimmed its revenue outlook, adding to growing evidence that the latest iPhones are not selling well.
Bank of America fell 5.1 percent. The FTSE 100 index of leading British shares slid 0.6 percent. The S&P ASX/200 in Australia gave up 1 percent. The euro declined to $1.1330 from $1.1343.
Gold gained 0.6 percent to $1,246.60 an ounce.
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