Wall Street drops sharply one day after giant rally

Dow plunges 724 points as trade war fears rock Wall Street

USA stock markets are coming off their worst week in more than two years.

SEOUL, South Korea (AP) - Asian stock markets were in the red Wednesday as tech stocks extended losses following sell-offs of their US peers overnight.

Technology companies accounted for much of the broad rally, which powered the Dow Jones industrial average to a gain of almost 670 points.

Microsoft, which outgained all the other companies in the S&P 500 Monday, gave up $4.31, or 4.6 percent, to $89.47.

PRESCRIPTION FOR GROWTH: Walgreens Boots Alliance gained 2.6 percent after the largest USA drugstore chain reported quarterly earnings and revenue that came in ahead of analysts' forecasts. Drugstore chains and health care stocks posted solid gains.

"Certainly nothing's settled", said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

"This is nearly becoming a market that previously had a buy the dips. and now slowly you're seeing investors focusing on selling the strength, and that's becoming something more of a theme".

Grab buys Uber's business in Southeast Asia
For instance, Grab let passengers text drivers via a chat feature within the app with in-built automated translation feature. The cease-fire marks a victory for Grab as well as SoftBank Group Corp ., the biggest shareholder in both companies.

The S&P 500's 200-day simple moving average (2,587) could be in play after finishing yesterday just 25 points above the key technical level.

The Dow Jones Industrial Average surged 670 points on Monday, but it will hit bottom on March 4, 2019, at 18,328.27.

The Dow Jones industrial average slipped 9 points to 23,848. Nasdaq took the day's heaviest drop, with a 2.9 percent tumble, or 212 points. The Russell 2000 index of smaller-company stocks picked up 33.63 points, or 2.2 percent, to 1,543.72.

The Dow is still on pace for one of its worst-performing months since 2015 as investors grow anxious that Trump's trade policies and their fallout could upset a robust global economy.

China also hit back on Trump's earlier aluminum and steel tariffs by threatening its own tariffs on about $3 billion worth of imports of United States goods, including pork, fruit and wine. That prompted fears the spat might depress trade worldwide and set back the global economic recovery. The selloff followed Monday's 690-point spike.

Wall Street got over its trade war fears for a day.

Trump trade czar Peter Navarro on Monday appeared on CNBC's Squawk Alley, where he bolstered US efforts to renegotiate the North American Free Trade Agreement.

Bolton May Herald Rightward Shift In Trump's Foreign Policy
Experts further say that Bolton and Pompeo may limit the scope of Asia policy within the White House in a big way. Trump is proud of the diplomatic pressure campaign he thinks forced Kim to invite him to a nuclear summit.

"This declaration of tariffs on the president's part was his typical opening salvo into a negotiation process", said Randy Frederick, vice president of trading and derivatives at Charles Schwab.

Of course, we don't know yet whether we're in a major bear market.

Technology companies recouped some of the sector's big losses last week.

Bank of America and Merck each rose 1 percent.

Financial stocks surged as bond yields rose. The FTSE 100 index of leading British shares added 1.6 percent.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.75 percent.

Facebook ended barely higher after erasing an early slide triggered by new questions about collecting phone numbers and text messages from Android devices. Amazon, Netflix and other consumer-services and technology companies weighed on the market. The stock eked out a gain of 67 cents, or 0.4 percent, to $160.06.

Tuesday forecast: cloudy, high 60
With high pressure in control to our north, it's keeping us wedged with cool, damp and at times, breezy conditions. By Tuesday , skies will become partly sunny and we will see another day of below average temperatures.

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