U.S. stocks had the biggest weekly retreat since June as the International Monetary Fund reduced its global growth forecasts and projections from Advanced Micro Devices Inc. and Alcoa Inc. disappointed investors.
U.S. stocks slid amid concern corporate earnings will disappoint investors and after the International Monetary Fund cut growth forecasts. Oil surged as Mideast tensions flared; Treasuries rose and the euro weakened.
U.S. stocks dropped, sending the Standard & Poor’s 500 Index lower for a third day, after the International Monetary Fund cut estimates for global growth and investors awaited quarterly results from Alcoa Inc.
Nokia Oyj’s handset revenue estimates were cut by Nomura Holdings Inc. analysts after Microsoft Corp. said the Finnish company’s current Lumia phones won’t be supported by its upcoming mobile operating system.
Nokia Oyj Chief Executive Officer Stephen Elop, seeking to stem market-share losses to cheap Android smartphones and unbranded handsets, will get his first opportunity tomorrow to win back Asian customers.
Nokia Oyj, the Finnish smartphone maker using Microsoft Corp.’s operating system, fell to a 16- year low after analysts said sales may be hurt as the U.S. supplier’s new program won’t work on its current phones.