Stock market news: Opening bell, October 11, 2018

A
woman walks past an electronic board showing the stock market
indices of various countries outside a brokerage in Tokyo,
Japan.
Reuters/Kim
Kyung-Hoon

Here is what you need to know.

The Dow suffers its 3rd-biggest one-day point drop in
history. The Dow Jones industrial average
tanked 831 points, or 3.15%, on Wednesday as traders grappled
with global growth concerns, trade fears, and the possibility of
more Fed rate hikes. 

Global markets are getting pounded. China’s
Shanghai Composite plunged 5.2% and Britain’s FTSE is down 1.76%.
Dow futures are showing a drop of more than 330 points at the
open. 

Trump rails against the Fed over rate hikes. “I
think the Fed is making a mistake,” Trump told reporters before a
campaign rally on Wednesday. “They are so tight. I think the Fed
has gone crazy.”

The market is doing something rarely seen over the past 20 years
— and it could mean the meltdown is just getting
started. Stocks and bonds have been battered in
recent days and their negative correlation means there could be
further pressure ahead, according to Jim Paulsen, the chief
investment strategist at Leuthold Group.

Bitcoin tanks as cryptocurrencies join in global market
bloodbath. The number one cryptocurrency by
market capitalization plunged as much as 7%, to a low of $6080.99
a coin, before slightly paring its losses. 

Elon Musk denies report that James Murdoch is the top choice to
replace him as Tesla’s chairman.  “This is
incorrect,” Musk tweeted in response to a story from the
Financial Times saying Murdoch was the “lead candidate” to
replace him atop Tesla’s board.  

Altria is reportedly in talks to buy a stake in a Canadian
cannabis producer. The maker of Marlboro
cigarettes is reportedly talking to the Canadian cannabis
producer Alphria about a taking a minority stake, the Canadian
newspaper The Globe & Mail reports. Alphria shares jumped
more than 16% Wednesday, following the news. 

Hurricane Michael weakens to a tropical
storm. Michael made landfall in the Florida
panhandle as the strongest hurricane to hit the US in nearly 50
years, and is now a tropical storm as it makes its way across
Georgia. 

Earnings reports trickle out. Delta Air Lines
and Walgreens Boot Alliance report ahead of the opening bell.

US economic data flows. CPI and initial claims
will both be released at 8:30 a.m. ET. The US 10-year yield is
little changed at 3.16%.