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Markets

Brexit aftermath sinks Wall Street

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Opening sequence

Markets

Brexit aftermath sinks Wall Street

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COMING UP:Brexit aftermath sinks Wall Street

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Transcript

00:00:02
>> Wall Street is still dazed and confused after Britain shocked the world by deciding to leave the European Union. I'm Reuters reporter, Conway Gittens in New York. The Dow falling 300 points in early Monday trade, but that is nowhere near the losses we saw on Friday. Friday turned out to be the worst day for the stock market ever, more than $2 trillion of wealth wiped of the table.
00:00:26
Now that said, we aren’t seeing those kinda losses today, but this market is still worried and still confused, there’s still a lot of uncertainty out there. So much so that Federal Reserve chair Janet Yellin was supposed to be in Portugal this week for a summit of financial central-bank leaders, she is now staying in the US.
00:00:49
The sector getting wacked on the had the most, banks. There's still a lot of uncertainty about their operations, how things are gonna work in Europe and also in the UK. Shares of Invesco and Asset Manager moving sharply lower. This company has 13% of the money it manages coming from the UK.
00:01:09
10% of the money it manages comes from continental Europe. The other group on the downside. Travel stocks, Susquehanna Financial cutting its price target on shares of Carnival Cruise Line. The Wall Street firm says that the cruise line could lower guidance for the second half of the year because of Brexit.
00:01:31
Another sector on the downside, Software. There are concerns that sales are gonna slow overseas because of all of the uncertainty. The other thing is a stronger dollar, and companies that do business overseas, once they translate their sales back to dollars, that means it's going to be worth less.
00:01:50
And so companies on the downside today include Salesforce, Microsoft, Workday, and Oracle.