Wall Street drops: Aus market to open lower

Traders work on the floor of the New York Stock Exchange

The Dow Jones has surged by 1.6 per cent, or 399 points, to 25,709 - while the S&P 500 and Nasdaq indexes have jumped by 1.2 per cent each.

"You start putting tariffs on stuff you're importing into your country, the prices are going up and obviously you have higher inflation, you have higher interest rates".

Film industry technology company Vista Group International (ASX:VGL) has reported its net profit after tax (NPAT) fell from $50 million to $10 million for the full year to December 2017.

The S&P 500 and the Dow erased their year-to-date gains to turn negative for 2018, while the Dow was hanging on to a return for the year of about 3.6%, according to FactSet data. The two-year yield slipped to 2.23 percent from 2.26 percent, and the 30-year yield dropped to 3.11 percent from 3.13 percent.

The month also included a confirmation of a 10-percent correction for the stock market but that was followed by a rebound that made the monthly losses less steep.

An afternoon recap of the day's most important business news, delivered weekdays.

Total revenue rose 20 per cent on a year ago to $107 million. The stock sank $2.90 to $57.48.

United States stocks fluctuated between gains and losses in the morning session on Thursday as Wall Street meditated on a string of economic reports.

BUSY ECONOMIC DAY: A raft of reports on the economy provided a mixed picture.

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Best Buy has been one of the best performing retail stocks over the last few years.

Other reports showed that manufacturing is growing at its fastest rate in almost 14 years, while construction spending was weaker than economists expected last month.

Dental supplies maker Patterson Companies plunged 22 percent after reporting weak earnings for the latest quarter.

The Dow was down 470 points, or 1.9 percent, at 24,554.

Energy (-2.3%) was the weakest of the S&P 11 industry groups, moving lower alongside the price of crude oil after the weekly US crude oil inventory report showed inventories rising by 3M barrels last week; April WTI futures dropped 2.2% to $61.64/bbl. Benchmark U.S. crude fell 49 cents to $61.19 per barrel. Brent crude, the global standard, rose 54 cents to $64.37 a barrel.

CURRENCIES: The dollar inched up to 106.86 from 106.66 yen late Wednesday. The euro rose to $1.2255 from $1.2203, and the British pound slipped to $1.3768 from $1.3771.

OVERSEAS: France's CAC 40 fell 1.1 percent and Germany's DAX was down 2 percent.

European markets closed mostly lower: London's FTSE 0.1 per cent, Paris closed flat and Frankfurt was 0.3 per cent lower. In Asia, Japan's Nikkei 225 lost 1.6 percent and Hong Kong's Hang Seng rose 0.6 percent.

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