USA stocks close lower, post October’s first back-to-back declines

At the closing bell, the Dow Jones Industrial Average dropped 157 points, or 0.9 per cent to 16,925.

EMC’s (EMC.N) shares were up 1.8% after Dell said it would buy the data storage company in a $67 billion deal.

European stocks were seen consolidating gains on Monday after a stellar week, with spreadbetters expecting Britain’s FTSE 100 to open down 0.3 percent.

Industrials, Financials, IT, Consumer Discretionary and Health Care all hold double-digit exposure in the fund. However, it is subject to company-specific concentration risks as it invests more than half of its portfolio in the top 10 holdings.

On Friday, US stocks ticked up as investors continued to digest minutes from the U.S. Federal Reserve’s September meeting.

S&P 500 companies are expected to report a 4.2 percent decline in third-quarter profit, the biggest in six years, according to Thomson Reuters data.

Bond prices rose. The yield on the 10-year US Treasury fell to 1.98 percent from 2.06 percent Tuesday, while the 30-year declined to 2.84 percent from 2.90 percent.

Other retailers were not immune to the selloff.

The shares were off 3.1% at US$36.36. Shares rose 6.2%.

“Retail investors and general consumers are uncertain and are anxious”, said Omar Aguilar, chief investment officer for equities at Charles Schwab Investment Management.

In Asia , the Shanghai Composite surged more than 3 percent and the Hang Seng closed up 1.2 percent.

A new partnership for TripAdvisor Inc (NASDAQ:TRIP) and Priceline Group Inc (NASDAQ:PCLN) sent one stock soaring 25%.

Third-quarter results from major US banks have been mixed so far, with only Wells Fargo reporting a rise in revenue and income from interest on loans.

Also on Thursday, the Labor Department announced first-time unemployment claims reached their lowest point in 42 years last week.

The IEA, in its oil market report for October, said global growth in oil demand is expected to slow from its five-year high of 1.8 million barrels a day in 2015 to 1.2 million barrels a day in 2016.

US data today showed retail sales in September rose less than forecast as Americans increased their savings, while the prior month was weaker than previously reported.

The dollar was on the back foot against the main currencies, losing 0.31% and 0.48% against the yen and the euro respectively. Separately, the Fed’s Beige Book suggested modest economic expansion, but manufacturing was “generally sluggish” due to a stronger dollar.