USA stocks facing another fire-sale session as futures dip

The Federal Reserve is not pleasing President Trump with its policy on interest rate increases

Asian markets plunged on Thursday following the worst session on Wall Street for months, as US President Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates. "It's so tight. I think the Fed has gone insane", Trump told reporters as he arrived for a campaign rally ahead of the U.S. mid-term elections.

"The Fed has gone insane", Mr. Trump told reporters while traveling to Erie, Pennsylvania, for a campaign rally.

But he's also calling the drop "a correction we've been waiting for for a long time".

"I believe this selling is an overdone panic", Feinseth said.

And while stocks could get a boost from strong corporate earnings, there are concerns the U.S. trade conflicts will start to undermine profits. "But I think the Fed has gone insane", he went on.

The broad US stock market sell-off Wednesday took the S&P 500 to the lowest in three months, the Dow Jones Industrial Average plunged as much as 836 points and the Nasdaq 100 Index tumbled more than 4 percent for its worst day in seven years. The S&P 500 was down 3.3 percent, and the Nasdaq saw losses of 4.1 percent.

One reason why the Fed has been raising interest rates even with little sign of an inflation breakout is because the unemployment rate, which fell to 3.7 percent in September, is at a level that many officials expect will cause wage and price gains to accelerate over time.

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Adams said investors have concerns about their future profitability, too, making technology stocks more volatile in the last few months.

"I like low interest rates".

In fact it is his policies that are behind the changes: tax cuts and spending policies are expected to juice the economy, adding to the Fed's justification to raise interest rates, while trade conflicts raise costs for companies, which could hit the bottom line in quarterly earnings - something analysts said helped prompt Wednesday's sell-off.

In September, the Fed raised interest rates by 25 basis points for the third time in 2018, raising the target range for its benchmark rate to 2%-2.25%.

"The fundamentals and future of the US economy remain incredibly strong", Sanders said in a statement.

"It's shifting the tectonic plates", said Jack Ablin, chief investment officer at Cresset Wealth Advisors.

At market close on Wednesday, the Dow (^DJI) lost 3.15%, or 831.83 points, and the S&P 500 (^GSPC) fell 3.29%, or 94.66 points. An additional 1.5-percentage-point fall would confirm a correction for that index. In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent.

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