The 3 major U.S. indices all closed down more than 1% Thursday despite a recovery in the last hour of trading. Industrials, tech and energy were the lowest-performing sectors as trade worries continue to weigh on investors.
dropped 1.6% to 7,628.28. The Dow fell more than 400 points at its lows, but regained some of its losses in the final hour of trading as Intel shares turned around to close 1.2% higher.
"The trade landscape looks bleaker than ever," said Adam Crisafulli, executive director at J.P. Morgan, in a note. "Anyone bullish on the SPX has to be conducting a lot of soul searching at the moment." to $225 per share from $235. The analyst kept his buy rating on the stock, but noted that "a slightly lower multiple is prudent given soft smartphone market and ongoing US/China trade issues."
Traders work ahead of the opening bell on the floor of the New York Stock Exchange , December 10, 2018 in New York City. The Dow Jones Industrial down slightly on Monday morning, after a 4 percent drop last week."Long term, six-to-12 months, this won't derail the bull market. A lot of this rests on what the Fed is going to do and they have not given any indication they will raise rates," said John Davi, chief investment officer at Astoria Portfolio Advisors.
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