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Stocks slide, tobacco shares feel the heat

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Stock markets slid Tuesday, with Wall Street continuing to retreat from record highs, while shares in tobacco firms plunged on reports the US will crack down on cigarette nicotine levels.

While both the Dow and the S&P 500 finished last week at new peaks and also posted their fourth consecutive weekly gains, this week has seen shares slide as the earnings season enters its second week.

Wall Street’s main indices were showing losses in late morning trading, with the Dow down 0.8 percent. Japan’s Nikkei ended the day down two percent after investors took in calls for new states of emergency in the Osaka region and possibly Tokyo, prompted by rising case numbers. “Along with increased new coronavirus infections, the possibility of a state of emergency declaration is growing, which is turning on an amber light for economic recovery,” Okasan Online Securities said in a commentary.“Stocks in Europe appear to have run out of steam after the gains of the last seven weeks, with profit-taking appearing to be the order of the day,” said Michael Hewson, chief market analyst at CMC Markets UK.

 

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