US stocks losses deepen amid global sell-off
Wall Street stocks tumbled early Tuesday amid mixed corporate earnings and mounting geopolitical unease over Saudi Arabia and Italy's budget standoff with the European Union.
The Dow Jones Industrial Average was down 1.7 percent to 24,880.98, near 1445 GMT, after earlier sinking more than two percent.
The broad-based S&P 500 fell 2.0 percent to 2,701.57, while the tech-rich Nasdaq Composite Index lost 2.4 percent to 7,272.54.
The losses added to declines posted in stock markets around the world, with several leading bourses across Asia and Europe also down close to two percent or more.
Analysts cited a speech by Turkish President Recep Tayyip Erdogan, who said Saudi Arabia had carried out the premeditated murder of journalist Jamal Khashoggi that has prompted international condemnation.
Another worry is Italy's budget standoff with the European Union, which has revived worries about the stability of the trading bloc.
In New York, Caterpillar dived nearly 10 percent despite reporting better-than-expected third-quarter earnings, while 3M, another Dow component, sank 7.5 percent after trimming its full-year earnings forecast, in part due to the impact of the strong dollar.
The deep declines reflected worries over Caterpillar and 3M's vulnerability to global growth and the Chinese economy in light of trade conflicts and other questions.
"Those two companies are very exposed to global growth," said Gregori Volokhine, president of Meeschaert Financial Services.
Shares of large technology companies -- another group tied closely to global economic trends -- also suffered sharp losses. Amazon shed 3.5 percent, Microsoft 4.4 percent and Expedia 3.8 percent.
Some companies that reported results saw their shares gain ground, including McDonald's, which jumped 6.5 percent and United Technologies, which advanced 1.7 percent.
(Source: AFP)
JPMorgan boss warns US facing most severe risks since World War II
Americans skipping meals to afford housing: Poll
Biden claims Chinese smart cars spy on US citizens, infrastructure
VIDEO | Erdogan breaks silence, backs Iran’s reprisal attack on Israel
IRGC warns of 'tit-for-tat' retaliation if Israel attacks Iran's nuclear facilities
Israel retreats, delays striking back at Iran after US call: Sources
Qatar says reassessing role as mediator in Gaza truce talks
EU to expand sanctions on Iran over retaliation against Israel
'US, West must abandon double standards towards Israel's acts of terror'
April 17: ‘Axis of Resistance’ operations against Israeli occupation
UN Security Council to vote on full Palestinian UN membership on Friday
This makes it easy to access the Press TV website
