Wall Street down, steel tariff fears hit industrial stocks

Wall Street down, steel tariff fears hit industrial stocks

His address to congress signalled the Fed will keep raising interest rates to contain inflation. Mainland markets traded slightly higher after recent losses: The Shanghai composite edged up by 0.15%.

The trade worries are piling onto a market that was already nervous. U.S. investors have been on edge over the prospect of higher interest rates.

Big U.S. companies are heavily reliant on global trade, and companies in the S&P 500 got 43 per cent of their sales from outside the United States in 2016, according to the most recent data from S&P Dow Jones Indices.

The late-day weakness underscored lingering skittishness amongst investors.

The Dow Jones industrial average slipped 0.3% and the S&P 500 shed 0.1%, while the Nasdaq Composite clung to a fractional gain.

The S&P 500 fell 30 points, or 1.1 percent, to 2,713.

SEC CALLING: Overstock.com dropped 5 percent after the online retailer disclosed in a regulatory filing that the Securities and Exchange Commission asked the company last month for information about a $250 million offering by its blockchain subsidiary, tZero, related to digital tokens.

Earlier in the week, Powell's testimony helped send Treasury yields jumping and stocks tumbling when he said that he's feeling more optimistic about the economy. The two-year yield, which moves more on expectations of Fed movements, held steady at 2.22 per cent.

Non-bailable warrants issued against Nirav Modi and Mehul Choksi
The official said the seized documents are "very important" and the chawl address is related to Nirav Modi's company. The special court was set up to hear matters under the Prevention of Money Laundering Act (PMLA).

"Certainly Powell will not want to pre-empt the March policy decision - albeit one that seems very likely to result in a further 25 basis points rate hike", said Deutsche Bank strategist Ken Crompton. The Dow took the worst of the punishment with losses over 300 points.

The ASX 200 year to date was down 0.8% at the end of February - yesterday's fall took that to 1.5% and today's drop could push it well past 2%.

SHARP BITE: Patterson Companies fell to the biggest loss in the S&P 500 after it reported weaker earnings for the latest quarter than analysts expected and said that its chief financial officer was leaving. The FTSE 100 in London gave up 1.5 per cent.

On the commodities front, the April crude contract was down 65 cents to US$60.99 per barrel and the April natural gas contract was up three cents at US$2.70 per mmBTU. Brent crude, the global standard, lost 62 cents to $64.11 per barrel.

Market anxiety has also eased, with CBOE's volatility index (VIX) falling 1.3 per cent to 16.28.

The dollar fell to 105.54 Japanese yen from 106.24 yen late Thursday. The euro rose to $1.2255 from $1.2203, and the British pound slipped to $1.3768 from $1.3771.

Japan's Nikkei 225 declined 1.39%.

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