US Stocks Lower Overnight, Asian Markets Follow Suit

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US stocks were lower after the close on Thursday night, with losses in the Technology, Industrial, and Basic Materials sectors led the shares lower.

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At the close in NYSE, the Dow Jones Industrial Average dropped 2.83 percent, while the S&P 500 index slipped 2.48 percent, and the NASDAQ Composite index slid 3.04 percent.

Among the best performer of the session on the Dow Jones Industrial Average was Verizon Communications Inc., climbing 0.36 percent or 0.20 points to trade at 56.22 at the close. Meanwhile, Walmart Inc. slipped 0.51 percent or 0.48 points to end at 92.86 and the Coca-Cola Company was lower 0.62 percent or 0.29 points to 46.64 in the late trade.

The worst performers of the session were Apple Inc., slumped 9.96 percent or 15.73 points to trade at 142.19 at the close. Intel Corporation slipped 5.50 percent or 2.59 points to end at 44.49. United Technologies Corporation was down 4.45 percent or 4.82 points to 103.48.

The best performer on the S&P 500 were Celgene Corporation, which soared 20.69 percent to 80.43, Incyte Corporation, which was higher 7.08 percent to settle at 68.06, and HCP Inc., which increased 3.60 to close at 27.95.

The worst performer was Bristol-Myers Squibb Company, having fallen 13.26 percent to 45.12 in late trade. Skyworks Solutions Inc. lost 10.65 percent to settle at 60.72. Apple Inc. was down 9.96 percent.

Meanwhile, on the NASDAQ Composite, the top performer was Phunware Inc., having risen 87.07 percent to 26.68. Ohr Pharmaceuticals Inc. was higher 61.36 percent to settle at 0.177. Histogenics Corp increased 50.08 percent to close at 0.184.

The worst performer was Aevi Genomic Medicine Inc., having been down 75.32 percent to 0.190 during the late trade. Sesen Bio Inc. lost 36.74 percent to settle at 0.9299. China Ceramics Co. Ltd. was lower 26.98 percent to 1.3800 at the close.

Falling stocks dominated advancing ones on the New York Stock Exchange by 1818 to 1243, while 79 ended unmoved. Meanwhile, on the NASDAQ Exchange, 1869 sank and 785 rose. The unchanged were at 61.

The CBOE Volatility Index, which gauges the Implied volatility of S&P 500 options, was higher 9.60 percent to 25.45.

Meanwhile, Asian markets extended their losses in morning trade on Friday after US stocks closed steeply lower.

Apple-related stocks continued to fall after the technology giant slashed its quarterly revenue forecast on Wednesday.

iPhone supplier Taiyo Yuden Co Ltd slipped more than 10 percent, while TDK Corp decreased nearly 8 percent and Japan Display Inc lost more than 5 percent.

Foxconn Technology Co Ltd, which trades as Hon Hai Precision Industry, was lower 3 percent.

“Stock flows are very limited, with many investors choosing to sit and simply wait to see what happens, which is causing mass volatility,” said Masato Futoi of Tokai Tokyo Securities. “Those who are selling are getting rid of Apple-related stocks.”

Japan’s Nikkei 225 plummeted as much as 3.9 percent in morning trade as traders returned from a prolonged new-year break. Data on Friday showed the final Markit/Nikkei Japan Manufacturing Purchasing Managers’ Index (PMI) was seasonally adjusted 52.6 in December.