Stocks Drop Together With Home Sales (SAP, MT, IBM, AMD)

With the news of dropping Sales of Home, US Stocks tumbles as well in early morning trading. New Home sales for September fell 3.6% to a 402,000 annual rate. The Figures for august sales were also readjusted lower.

On early trading, the 30 Stock Dow Jones Industrial Average fell by 19.5 points to 9,862.22. The S&P500 Stock Index went down 6.16 points 1,057.25. and NASDAQ fell 17.99 points to 2098.10.

On the other side of the planet, European and Asian Stocks took a defensive position as benchmark indices declined 1.84% in Hong Kong, 1.62% in London, 1.35% in Tokyo, and 1.31% in Frankfurt and Paris. Meanwhile, the Shanghai Index closed higher with an increase of 0.33%.

US Stocks that set the tone include SAP (NYSE: SAP) and ArcelorMittal (NYSE: MT) which did not quite meet analyst expectations. However, good news from Visa beating analyst expectations and buy back program help slow down the decline. IBM (NYSE: IBM) is also increasing its Share Buy Back Program. Finally, AMD (NYSE: AMD) is under extreme pressure after news came out that their former CEO, Hector Ruiz is involved in Galleon Insider Trading Scandal.