USA stocks down as industrials begin to feel tariff pain

Dow Jones drops almost 500 points after major stock market declines in Europe & Asia

Stocks are falling sharply on Wall Street, sending the Dow Jones Industrial Average down 400 points and extending the market's recent string of losses.

The S&P 500.SPX opened lower by 34.85 points, or 1.26 percent, at 2,721.03. Its shares fell about 3.0%.

Energy, meanwhile, also kept a lid on gains in the broader market, even as oil prices shrugged off a larger-than-expected rise in crude inventories.

Investors are starting to fret about slowing growth in both the USA and China, the world's two largest economies, according to Capital Economics.

Some of the 30 companies in that index suffered big falls, with Caterpillar down 5.6% and 3M off 4.2% compounding declines on Tuesday in the wake of disappointing results.

Nate Thooft at Manulife Mutual Funds said: "Costs are increasing and it's often tariff-related". "If tariffs didn't come up in earnings calls and commentary, then maybe you could say we were moving away from that, but the opposite is happening". The Dow Jones Industrial Average fell 608 points, or 2.4 percent.

Australia S&P/ASX 200 Index futures fell 1.6 percent. The average was briefly down more than 540 points. The Russell 2000 index of smaller-company stocks gave up 17 points, or 1.1 percent, to 1,509.

Along with worries over profit growth, concerns over events such as the upcoming U.S mid-term elections and Italy's budget have also sent investors scrambling out of stocks.

The S&P index and Dow has moved back to unchanged on the year.

Record US$1.6 billion jackpot too much for some US lottery players
The next Powerball drawing is Wednesday, Oct. 24, and it's worth $ 620 million with a $354.3 million cash value. States have generally reported increased Mega Millions and Powerball sales since the change.

No. 2 Ohio State rocked by Purdue
The show, which was a homecoming of sorts for Ol' Crimson, was up +17% from 2017's Week 8 show surrounding Michigan-Penn State. Cracking the top four also requires teams to pass the so-called eye test, and Ohio State didn't do that on Saturday.

No Mega Millions victor , jackpot climbs to $1.6 billion
Big money is on the line as the Powerball and Mega Million jackpots continue to grow without a lucky victor in sight. Two lottery jackpots continue to grow after no winners were selected in this weekend's drawings.

Markets have been rattled in recent weeks by increased worries over the impact that rising interest rates, inflation and the escalating trade dispute between the USA and China may have on Corporate America.

-China trade dispute. Among the big companies slated to release quarterly results this week are Microsoft, Amazon and Colgate-Palmolive.

STMicroelectronics (NYSE:STM) slumped about 14% and Texas Instruments (NASDAQ:TXN) fell about 8%.

Despite the tumbling stock prices, the US economy looks solid. The stock gained 5.7 percent to $176.16. Traders also had to deal with reports that potential bombs were sent to two former US presidents and the NY headquarters of CNN. Marathon Oil dropped 3.5 percent to $19.74. Valero Energy slid 4.6 percent to $87.44.

The dollar weakened to 112.19 yen from 112.82 yen on Monday.

MARKETS OVERSEAS: Major indexes in Europe were trading higher.

Hong Kong Hang Seng Index futures lost 0.3 percent. The euro rose to $1.1486 from $1.1466. Copper was little changed at $2.76 a pound. It's anxious that the plans would prevent Italy from lowering its debt, which is second only to Greece among its members.

Worldwide credit rating agency Moody's has downgraded Italy's credit ratings in response.

The US stock decline was preceded by a sharp sell-off in Asia, where China's Shanghai Composite declined 2.26 percent and Japan's Nikkei plunged 2.67 percent. Britain's FTSE 100 picked up 0.9 percent.

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