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Good morning.

From the newsroom of the Financial Times, today is Wednesday, November 21st, and this is your FT news briefing.

Today we'll be looking at why the S&P 500 lost all its gains for the year, U.S. President Donald Trump's defense of Saudi Arabia,

and more fallout from Donskabank's 200 billion-year-olde-olde-

scandal. Then we'll take a look at the future of a huge global car alliance

now that its chairman has been arrested. I'm Eric Krupky and here's the news

you need to start your day. Hi, I'm Robin Walesworth.

I'm the U.S. Markets Editor at the Financial Times.

It was another bad, bad, bad day for Wall Street.

The biggest cause was the ongoing reverberations coming out from

the Tech Rec. Tech stocks have been falling for quite some time and that is just started

feeding on itself and causing a global sell-off that spread around the world.

The worst performing sector, however, were energy stocks, because oil prices are also free-falling.

Brent oil and W-T-ITR which are the two main oil benchmarks

both fell by over 6% and that sent energy stocks on Wall Street tumbling. That sent the S&P 500 down by 1.8%, the

NASDAQ down by 1.7% and the Dow down by 2.2%. That means that the S&P has now lost all its gains for the year once more.

The Dow Jones is down 1% this year and the NASDAQ is only barely, barely hanging

on to some of its gains. The five big fang stocks have led the market

rally since the financial crisis really have now lost over a trillion dollars

of market capitalization since their peaks earlier this year.

...