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10 Febrero 2018, 07:07 | Dolorita Barahona
Stock markets continue to fall amid interest rate hike fears
Stocks have failed to hold a strong rebound since Friday, when a better-than-expected report on wages added to worries about higher United States inflation.
Volatility surged across the European market, with the gauge of STOXX 50 volatility posting its biggest one-day gain ever. The percentage gain of 2.3% is the biggest since January 2016. The VIX, an index that measures traders' expectations of market volatility, was coming back with a vengeance.
"The market has become a much more risky place", billionaire Carl Icahn told CNBC.
USA crude oil dropped 1 percent to settle at $61.15 a barrel, while Brent fell 1.1 percent to $64.81. The S&P 500 ended 6.2 percent below its January 26 peak.
"The U.S. has been ridiculously bloated by the euphoria of Trump's tax cut and deregulation", he said. "Sometimes the market does get disconnected from economic reality to the upside and it needs to get in line", said Jack Ablin, chief investment officer at Harris Bank.
The market uptrend remains under pressure. High frequency trading and buildup in volatility trading played a role in the drop, especially in the late afternoon when the Dow dropped 6% in just a few minutes. Neither index has closed in a correction in two years.
The Dow Jones industrials are down 500 points, extending the market's losses. It's about 6% off its all-time high. Britain's FTSE 100 fell 1.5 percent and the French CAC 40 lost 2 percent. I think the fundamentals are quite strong, ' Mnuchin told lawmakers during a scheduled hearing on Capitol Hill.
Rick Meckler, president of investment firm LibertyView Capital Management, said: "It's over in terms of the severe down move we've seen but reminds us that we're kind of in an aftershock phase". The tremors on Wall Street spread around the globe.
"The stock market is not the economy: It has no direct effect on GDP, the availability of jobs, and the like". Asia's bid for a recovery faltered late in that session, with the MSCI Asia Pacific Index nearly completely erasing a gain of as much as 2.4 percent. That combination usually carries stocks higher.
U.S. BUDGET BATTLE: Uncertainty overshadowed the fitful market recovery as Senate leaders brokered a long-sought budget agreement Wednesday that would bring the Pentagon and domestic programs an extra $300 billion over the next two years. On Tuesday, stocks opened sharply lower before recovering slightly and rebounding in late trading.
"While today would be crucial in seeing if the bulls can wrestle back control for Asian markets, it does appear that we have finally entered a period of increased volatility", says Jingyi Pan, market strategist at IG in Singapore.
This market selling began days ago due to fears of higher inflation, stronger wages, and a rapid rise in long-term interest rates, with the 10-year Treasury yield rising from 2.40% to 2.85% in a single day. But it receded significantly on Tuesday, to 2.79%. Exiting Fed Chairwoman Janet Yellen did suggest stock prices were high. Last Friday, official USA data showed rising wages, renewing concern about inflation and rate hikes by the Federal Reserve.
A key is to build what he calls an "all-weather portfolio" - a diversified basket of investments in which some parts go up to ease the pain when stocks go down - instead of trying to time the market, Schlafer said. Futures markets suggested another, but more moderate drop, in the US, with the Dow and S&P 500 futures down 0.8 percent and 0.2 percent.
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