U.S. stockmarkets suffer worst month in over two years

Stocks Fall on News of Steel Tariffs

Stocks slumped on Wednesday, breaking the longest streak of positive monthly returns in the history of the Standard & Poor's 500 index.

THE QUOTE: "Federal Reserve Chairman Powell erred to the hawkish side and had speculation running rampant that the Feds will trigger quicker pace of interest rate increases as the economy accelerates", says Stephen Innes, head of trading at Oanda, referring to remarks earlier in the week that has the market anticipating higher interest rates in the U.S.

"We have also seen continued strength around the globe".

Energy shares dropped with oil prices and the sector had the biggest daily decline in the S&P 500, but a break below the 50-day moving average on the S&P 500 triggered further selling in afternoon trading.

New era of economic ties between Egypt and Saudi Arabia
The visit of Salman to Cairo during the Sinai 2018 operation suggests Saudi Arabia's strong support for the Egyptian leadership. Bin Salman's visit to Egypt is the first since he was appointed a crown prince in June 2017.

"You get the algorithms responding to the technical break and initiating sell programs", said Ken Polcari, director of the NYSE floor division at O'Neil Securities in NY. The Nasdaq declined 1.9%, its biggest monthly percentage fall since October 2016. But Trump, who has consistently supported protectionist measures for decades, may be willing or even eager to wage a tit-for-tat trade war.

Equity markets in Paris, Frankfurt and Tokyo all lost more than two percent as USA trading partners and several leading industry groups criticized Trump's plan. Britain's FTSE 100 shed 0.8 percent at 7,177.

Best Buy Co.(BBY) earnings and revenue came in above expectations, sending shares 2% higher.

On Tuesday, Powell gave an upbeat view on the US economy and said data had strengthened his confidence on inflation. That will have implications for a United States central bank that's debating how fast to raise interest rates this year.

China defends planned scrapping of presidential term limit
China usually announces the estimated growth rate of its military budget for the year a day before the opening of the annual parliamentary session.

Retailer shares were among the bright spots of the day.

The yield on the 10-year Treasury note dipped to 2.81 per cent from 2.86 per cent late Wednesday.

Celgene, a drugmaker, sank 9 percent after the FDA said it's not ready to review the company's multiple sclerosis drug.

Declining issues outnumbered advancing ones on the NYSE by a 2.55-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners. Investors wondered if that will lead to other countries putting up barriers that will hurt the global economy as well as profits for US exporters like Apple. Volume was almost 19 million compared to the daily average volume of roughly 3.5 million.

How to Watch Real Madrid vs. Getafe
Bale opened the scoring from close range in the 24th minute. "It's true that it's going to be the first time for me", he said. Madrid are now third in La Liga, 15 points behind leaders Barcelona and only one point above fourth-placed Valencia.

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