Like the Nasdaq, emerging markets are no strangers to booms and busts. Unlike the US market, valuations no longer matter much outside the developed world. That’s because sell-side analysts’ earnings estimates are unreliable. The 10% correction in the Nasdaq 100 Index shouldn’t have surprised US analysts — they’ve been revising down earnings estimates since April, when trade tensions started to ...

Resisting unusual pressure from both politicians and notable market participants, Federal Reserve chairman Jerome Powell and his colleagues on the Open Market Committee raised interest rates by 25 basis points and slowed the path for future hikes by less than markets hoped. In doing so, the central bank reaffirmed that its focus remains firmly domestic and economic. But the markets’ ...

Bloomberg US stocks tumbled to a 19-month low as the turmoil in Washington kept investors on edge after the worst week for American equities in almost a decade. The S&P 500 slid for a fourth straight day, edging ever closer to a bear market as Treasury Secretary Steven Mnuchin unnerved investors by calling a crisis meeting with financial regulators. The ...