U.S. stocks skid deeper on tech sell-off

[DonViejo]

Source: The Washington Post



By Thomas Heath October 26 at 11:00 AM

October’s stock skid deepened losses Friday on a global sell-off in technology companies.

The Dow Jones industrial average dropped more than 500 points, or 2.1 percent, in morning trading. The tech-heavy Nasdaq Composite declined 3.6 percent. Nasdaq is having its worst month in 10 years.

The S&P 500 was down 2.8 percent. All 11 S&P sectors are down Friday as the index is having its worst month since 2009. The S&P has dipped into correction territory , which is a 10 percent drop from its high.

Friday’s declines erased all of the Dow and S&P’s gains for 2018 for the second time in a week.

Read more: https://www.washingtonpost.com/business/economy/us-stocks-skid-again-on-tech-sell-off/2018/10/26/cf9607f4-d920-11e8-aeb7-ddcad4a0a54e_story.html

[mahatmakanejeeves]

1. Jeff Bezos's Net Worth Down As Much As $14 Billion As Amazon Stock Drops

BRIEFING AMAZON EARNINGS

Jeff Bezos's Net Worth Down As Much As $14 Billion As Amazon Stock Drops

By NATASHA BACH 10:55 AM EDT

Amazon CEO Jeff Bezos’s wallet is looking a little lighter. ... After the e-commerce giant announced lower-than-expected earnings in the third quarter on Thursday night, it wasn’t just Amazon’s stock that fell.

While Amazon shares were down 8% at the opening of the market on Friday morning, Bezos, who is the company’s largest shareholder, lost as much as $14 billion in personal wealth, according to CNBC estimates. Stock market selloffs earlier this month had already negatively impacted the CEO’s personal wealth, with his net worth falling from $161 billion in early October to $140 billion on Oct. 11—a drop of $15 billion.

This is the second time that Amazon’s results have fallen short of Wall Street’s targets. As part of its earnings call, the company also warned that its fourth quarter would likely do the same, despite including the busy holiday season. However, the company reportedly expects its cloud and advertising businesses to see more robust growth.

As of Thursday, Bezos’ net worth was roughly $138 billion. Even with the losses he’s incurred since then, that estimate still puts him firmly ahead of the second richest man, Bill Gates, whose net worth is currently estimated at $93 billion.

[onenote]

8. Amazon stock is now higher than it was before this story was published

[Rizen]

2. Right before midterms

This is the silver lining. It sucks people are losing money but at least they'll see how abysmally republicans are fucking up.

[bucolic_frolic]

3. 5% of stocks make 90% of the money

The rest is hope and dreams. Late cycle the lack of earnings catch up with them.

[sandensea]

4. The Trump slump

"Soros is behind this!"

[Achilleaze]

5. #TrumpSlump (R)

republicans have pissed on the Obama-Dem Bull market

[SWBTATTReg]

6. So much for their artificial stimulus of the 2018 tax cuts and jobs act, eh? All this act did is...

overinflate the economy and the republicans ignored the economists advice and still passed it (economy didn't need it, said the economists). Republicans passed the tax cuts not for us, but for their donors and rich corporations only.

Now of course w/ everything coming down (or the tendencies or there for a prolonged downwards movement), rump is blaming the Federal Reserve. I think that rump and his crony republicans need to look in the mirror and they'll see the reasons staring right back at them.

Irresponsible, reckless, and too stupid to listen to rational, thought out logic, they overstimulated the economy when it didn't need it. And make things worse by not paying for this tax cut by incurring more debt, just like they did in the gulf wars.

Since 2008-2009, everyone knows that the economy has been chugging along at over 9 years w/o a downturn, and this trend started right after the Bush administration ended w/ the stock market and real estate collapse, and Barak Obama's term began.

When Barak Obama and others came in, they did some serious stimulus of the collapsed economy, which is at the end of his term, was robust and healthy. However, when the republicans and rump inherited the reins of government in early 2017, the republicans are proving themselves to be economic blockheads. They proving themselves to be solely interested in themselves by giving tax breaks to their donors and told us so (tax cuts are for our donors). They got power illegally w/ foreign intervention. They're in a unholy partnership w/ ultra Christian conservatives who are in process of taking rights away from those they don't like right and left.

They proved themselves to be the party of NO NO NO!

Don't vote for these scumbags. Don't let our religious freedoms and other freedoms be trampled by the likes of a Pat Robertson, Alex Jones or others just as bad. I'll bet these scumbags don't give a hoot about a single one of us but instead, on how much they can game the system and rip all of us off even more.

Please vote.

[ck4829]

7. Kick

[pimpbot]

9. why?

Why are you kicking a week old article in LBN?