Twenty people, including three flight attendants, were injured after a Hawaiian Airlines flight en route to Honolulu experienced severe turbulence, in what’s being called a “very rare” event, according to officials.
Hawaiian Airlines Flight 35 was flying from Phoenix Sky Harbor International Airport to Daniel K. Inouye International Airport in Honolulu when the pilots reported severe turbulence around 10:30 a.m. Hawaii Standard Time on Sunday, the Federal Aviation Administration said in a statement.
The Airbus A330 was about 30 minutes outside of Honolulu when it began experiencing turbulence, according to Honolulu EMS. The flight landed safely in Honolulu at about 10:50 a.m., according to a statement from Hawaiian Airlines.
Officials said paramedics and emergency medical technicians who responded to the scene treated 36 patients.
Jon Snook, Hawaiian Airlines COO, said during a press conference that 20 injuries have been recorded, and 13 people were transported to local hospitals, including three crew members. Seven of those injured were initially triaged as serious, and nine were triaged as minor, according to Jim Ireland, director of the Honolulu Emergency Services Department.
No one is in critical condition at this time, officials said.
Officials had said earlier Sunday that 11 patients were initially listed as in serious condition, while nine were listed as in stable condition.
They’re “grateful that it seems at this moment that none of those guests that were transported to [the] hospital are in critical condition,” Snook said.
Seats in the emergency exit row of a airplane are seen in an undated stock photo.
STOCK PHOTO/Fotoamp/Shutterstock
The youngest patient treated was 14 months old, according to Honolulu EMS.
Injuries included head lacerations, bumps, bruises and loss of consciousness, officials said, and several people experienced nausea and vomiting.
The seatbelt sign was on at the time of turbulence, Snook said. There was unstable air in the area but no warning that the particular patch of air was dangerous, officials said. Specifics on how much altitude was lost were not immediately available.
The flight crew declared an emergency and made a direct descent into the airport where emergency responders were staged, officials said.
This type of event is “very rare,” Honolulu EMS Director Jim Ireland said.
There were 278 passengers and 10 crew members on board the flight, the airline said.
“We feel it’s fortunate that there were not any deaths or other critical injuries,” Ireland said. “And we’re also very hopeful that all will recover and make a full recovery, and our thoughts are with all of them and their families. It was a team response today.”
The FAA is investigating the incident, the agency said. The National Transportation Safety Board will also be involved in the investigation, officials said.
ABC News’ Marilyn Heck and Alex Stone contributed to this report.
HONOLULU (AP) — Nearly a dozen people were seriously injured when a flight to Hawaii was rocked by severe turbulence on Sunday about 30 minutes outside Honolulu, an emergency response agency said.
Eleven people on the Hawaiian Airlines flight from Phoenix were taken to multiple emergency rooms in serious condition, and nine others were transported in stable condition, the Honolulu Emergency Medical Services said in a statement. A call about the episode came in shortly after 11 a.m.
Responders treated 36 people, the agency said. Of those, 20 people were transported for further medical treatment, the youngest of whom was 14 months old. The agency said the wounds included a serious head injury, lacerations, bruising and loss of consciousness.
Passenger Kaylee Reyes told Hawaii News Now that her mother had just sat down when the turbulence hit, and did not have a chance to buckle her safety belt.
“She flew up and hit the ceiling,” Reyes said.
Hawaiian Airlines in a statement said 13 passengers and three crew members were taken to area hospitals for further care. The airline said the plane was carrying 278 passengers and 10 crewmembers, and landed safely in Honolulu about 10:50 a.m.
The differing number of injuries could not immediately be reconciled. The airline said it plans to hold a news conference later Sunday.
Thomas Vaughan, a meteorologist with the National Weather Service in Honolulu, said there had been a weather advisory out for thunderstorms that included Oahu and areas that would have included the flight path at the time of the incident.
Turbulence can make even the most frequent flier a little unnerved or perturbed. And with nearly 240,000 flights expected over the long Thanksgiving weekend, according to the Federal Aviation Administration, at least a few will encounter rough air.
“It almost always starts getting bumpy as soon as we turn off the fasten seatbelt sign,” joked Morgan Smith, a Boeing 737 pilot. “But honestly, almost everything about turbulence is annoying and not dangerous.”
Fortunately, the start of the Thanksgiving weekend is not forecast to be especially bumpy. “There’s nothing extreme in the jet stream,” said Alek Mead, an Alaska Airlines dispatcher. “Only into Friday there could be some thunderstorms in the Gulf Coast, around Houston and Memphis that could affect turbulence.”
To help pilots find “smooth air,” researchers at the National Center for Atmospheric Research developed a forecast model that takes a meteorological measurement of atmospheric turbulence, called the eddy dissipation rate, and forecasts it over an 18-hour period.
The forecast at the top of this article shows the maximum turbulence predicted across all altitudes where commercial planes fly — so an area shown as predicting moderate turbulence could include altitudes of calmer air. Pilots can use tablets in the cockpit to view more specific forecasts showing which areas of turbulence exist at which altitudes, helping them to navigate over, under or around those zones.
“It’s not an exact science,” said Ms. Smith. “But it helps us plan for turbulence during a flight — like having the flight attendants delay service until we’ve passed an area or giving passengers a heads up about possible turbulence during the welcome aboard announcement.”
Airline dispatchers such as Mr. Mead prepare flight plans hours in advance using software with dozens of weather and air traffic sources to try to avoid turbulence-prone zones. During flight, the dispatchers communicate continuously with the pilots and guide them through unexpected bumps. “These models work well, they’re a valuable tool in our pocket. They let us see the big picture, where everything is going to be,” he said.
Aircraft also have sensors that read the G-forces stressing the plane during flight and file reports automatically. These reports get added into a database that other flight dispatchers are monitoring. If turbulence starts to appear in an area, then other planes coming through the same route can start avoiding it.
What is turbulence?
“To really simplify it, turbulence is basically disturbed airflow,” Ms. Smith said. “When air changes direction or speed, we get some bumps.”
She compared it to being on a boat on the water.
“As the water moves, so does the boat,” she said. “Like water, air is fluid and has the same effect on a plane.”
Turbulence levels
Occupants may feel a slight strain against seatbelts or shoulder straps. Unsecured objects may be displaced slightly. Food service can still be conducted, and walking can be done with little or no difficulty.
Occupants feel definite strains against seatbelts or shoulder straps. Unsecured objects are dislodged. Food service and walking are difficult.
Occupants are forced violently against seatbelts or shoulder straps. Unsecured objects are tossed about. Food service and walking are impossible.
An aircraft is violently tossed about and practically impossible to control. May cause structural damage.
Most people encounter only the lowest levels of turbulence, “light” and “moderate,” according to a review of pilot reports.
“I’ve never experienced severe turbulence,” Ms. Smith said. “It’s pretty rare, and many pilots I know either haven’t experienced it or only encounter it once or twice throughout their entire careers.”
Turbulence almost always feels worse than it is, and even official reports can be rather subjective.
“What some passengers have described to me as severe turbulence, where they thought we dropped thousands of feet, was really more moderate with maybe 10 feet of altitude change and a couple of knots of airspeed variation,” Ms. Smith said.
That said, unexpected turbulence does occur, and injuries happen from time to time.
Of the seven million scheduled passenger flights last year, there were six serious injuries reported in the United States last year that were because of turbulence, according to data from the National Transportation Safety Board. So far in 2022, there have been eight episodes in which someone was seriously injured.
Turbulence travel tips
“The only thing people should fear from turbulence is possibly spilling their drink on a flight,” Ms. Smith said. “Most injuries from turbulence come from people being out of their seats or not having their seatbelts on when it gets bumpy. So keep your seatbelt fastened, and don’t set your drink on your laptop!”
She has other tips for nervous fliers, including sitting near the front, where the ride is smoother, and flying in the morning. As the day warms into the afternoon, heat rising off the land increases the chance for turbulence near the ground and turbulence caused by storms. She also has advice for younger passengers who might be fearful and have not yet chosen their career path.
“It’s almost always a better ride in the flight deck than the rest of the plane,” Ms. Smith said. “So, if you don’t like the feeling of turbulence, become a pilot!”
The unexpected appearance of a live snake on a plane caused some turbulence among business-class passengers aboard a United Airlines jet at the end of a flight from Florida to New Jersey.
The reptile stowaway, identified as a harmless garter snake, turned up on United Airlines Flight 2038 from Tampa shortly after landing Monday afternoon at Newark Liberty international airport, according to the Port Authority of New York and New Jersey.
As the plane taxied from the runway to the gate, passengers in the business-class cabin began shrieking and pulling their feet up off the floor, one passenger told regional cable outlet News 12 New Jersey.
Airport animal-control officers and Port Authority police officers were at the gate when the plane arrived, and removed the snake, which was later released into the wild, Port Authority spokesperson Cheryl Ann Albiez said by email on Tuesday.
There were no injuries, no impact to airport operations, and the plane later departed Newark, she said.
A spokesperson for United, when asked about the incident, said only that crew members who were alerted by passengers “called the appropriate authorities to take care of the situation”.
No mention was made by any of the parties involved as to how the snake might have gotten aboard a commercial airline flight.
But the situation no doubt reminded some passengers of the 2006 movie thriller Snakes on a Plane, a fictional story about dozens of venomous snakes being released by criminals on a passenger plane in an attempt to kill a murder trial witness.
Monday’s incident was not the first real-life instance of a serpentine creature hitching a ride aboard a commercial jet. A large snake was found slithering through the passenger cabin of an Aeromexico flight to Mexico City in 2016, and a python was spotted by passengers clinging to the airplane wing – on the outside – of a flight from Australia to Papua New Guinea in 2013.
With the right physics, it’s possible to blast a box of circuits clear across the Solar System with pinpoint accuracy to come within a whisker of distant worlds.
But stir a splash of milk in your tea and the best physicists can do is hazard a guess at the kinds of patterns you’ll see swirling in the beverage.
Fluids are truly chaotic elements as far as science goes, but a new way to calculate their motion could soon make their flow a lot more predictable.
Not only could scientists use this to improve our understanding of hydrodynamics, but it could make everything from weather forecasts to vehicle design vastly more accurate.
Physicists from the Georgia Institute of Technology have shown it’s possible to identify moments when turbulence reflects measurable patterns, effectively finding flickers of mathematically ordained order within the pandemonium.
“For nearly a century, turbulence has been described statistically as a random process,” says Georgia Tech physicist Roman Grigoriev.
“Our results provide the first experimental illustration that, on suitably short time scales, the dynamics of turbulence is deterministic – and connects it to the underlying deterministic governing equations.”
Turbulence is tricky to predict largely because of the way small whirlpools, or eddies, form in a fluid. When material flows in a straight line in a smooth current, it’s easy to predict its speed and trajectory. Should any path in the current become sluggish, perhaps by being dragged along a less mobile surface, the fluid will curl back on itself.
With each new curling current, a new surface forms that can produce new eddies.
Just to make it even more complicated, each vortex behaves at the whim of a number of factors – from pressure to viscosity – quickly adding up to a tempest in a teacup that no computer could hope to keep track of.
Up close, it all seems so random. Take a step back, and statistics make it clear the overall process remains firmly embedded in the same old rules that govern every other moving object in the Universe.
“Turbulence can be thought of as a car following a sequence of roads,” says Grigoriev.
“Perhaps an even better analogy is a train, which not only follows a railway on a prescribed timetable but also has the same shape as the railway it is following.”
Just as with our analogical railway, it’s possible to describe turbulence as either a numerical simulation or by way of physical models. And just as a train timetable is useful for getting you to work on time, sticking to a mathematical approach for turbulence is the only way to go if you want reliable predictions.
Unfortunately, all of those numbers can quickly add up, making computations costly.
To see if there was a way to simplify predictions, the team set up a tank with transparent walls and a fluid containing tiny fluorescent particles. Channeling the fluid between a pair of independently rotating cylinders and keeping track of the glowing contents was like watching trains roll through the station in real time.
However, the researchers actually needed to come up with timetables first and see which ones resembled what they were seeing.
Doing so involved computing solutions to a set of equations devised nearly 200 years ago. By aligning the experiment with the mathematical results, the team could identify when particular patterns of turbulence called coherent structures appeared.
While they regularly arise in moving fluids, the timing of coherent structures is unpredictable. In this particular setup, the coherent structures adhered to a quasiperiodic pattern comprising of two frequencies – one pitched around the axis of symmetry of the flow, the other based on another set of shifts in the surrounding current.
Though it’s not exactly a simple set of equations that can describe turbulence in all its forms, it does demonstrate the role coherent structures could play in making them more predictable.
By expanding on this work, future research could make their ‘timetables’ of turbulence more dynamic, describing them in greater detail than statistical averages could provide.
“It can give us the ability to dramatically improve the accuracy of weather forecasts and, most notably, enable prediction of extreme events such as hurricanes and tornadoes,” says Grigoriev.
“Dynamical framework is also essential for our ability to engineer flows with desired properties, for instance, reduced drag around vehicles to improve fuel efficiency, or enhanced mass transport to help remove more carbon dioxide from the atmosphere in the emerging direct air capture industry.”
It might even finally tell you what to expect to see in your next cup of tea.
The researchers’ experiment featured transparent walls to allow full visual access, and used a state-of-the-art flow visualization. Credit: Photo: Michael Schatz
Turbulence plays a key role in our daily lives, making for bumpy plane rides, affecting weather and climate, limiting the fuel efficiency of the cars we drive, and impacting clean energy technologies. Yet, scientists and engineers have puzzled at ways to predict and alter turbulent fluid flows, and it has long remained one of the most challenging problems in science and engineering.
Now, physicists from the Georgia Institute of Technology have demonstrated—numerically and experimentally—that turbulence can be understood and quantified with the help of a relatively small set of special solutions to the governing equations of fluid dynamics that can be precomputed for a particular geometry, once and for all.
“For nearly a century, turbulence has been described statistically as a random process,” said Roman Grigoriev. “Our results provide the first experimental illustration that, on suitably short time scales, the dynamics of turbulence is deterministic—and connects it to the underlying deterministic governing equations.”
The findings were published in Proceedings of the National Academy of Sciences on August 19, 2022. The team of researchers was led by Grigoriev and Michael Schatz, professors in the School of Physics at Georgia Tech who have collaborated on various research projects over the past two decades.
Schatz and Grigoriev were joined in the study by School of Physics graduate students Chris Crowley, Joshua Pughe-Sanford, and Wesley Toler, along with Michael Krygier, a postdoctoral scientist at Sandia National Laboratories, who developed the study’s numerical solvers as a graduate student at Georgia Tech.
The setup allowed the researchers to reconstruct the flow by tracking the motion of millions of suspended fluorescent particles. Credit: Photo: Michael Schatz
A new ‘roadmap’ for turbulence research
Quantitatively predicting the evolution of turbulent flows—and, in fact, almost any of their properties—is rather difficult. “Numerical simulation is the only reliable existing prediction approach,” Grigoriev said. “But it can be awfully expensive. The goal of our research was to make prediction less costly.”
The researchers created a new “roadmap” of turbulence by looking at a weak turbulent flow that was confined between two independently rotating cylinders—giving the team a unique way to compare experimental observations with numerically computed flows, due to the absence of “end effects” that are present in more familiar geometries, such as flow down a pipe.
“Turbulence can be thought of as a car following a sequence of roads,” said Grigoriev. “Perhaps an even better analogy is a train, which not only follows a railway on a prescribed timetable but also has the same shape as the railway it is following.”
The experiment featured transparent walls to allow full visual access, and it used a state-of-the-art flow visualization to allow the researchers to reconstruct the flow by tracking the motion of millions of suspended fluorescent particles. In parallel, advanced numerical methods were used to compute recurrent solutions of the partial differential equation (Navier-Stokes equation), governing fluid flows under conditions exactly matching experiment.
It is well-known that turbulent fluid flows exhibit a repertoire of patterns—referred to as “coherent structures” in the field—that have a well-defined spatial profile but appear and disappear in an apparently random manner. By analyzing their experimental and numerical data, the researchers discovered that these flow patterns and their evolution resemble those described by the special solutions they computed. These special solutions are both recurrent and unstable, meaning they describe repeating flow patterns over short intervals of time. Turbulence tracks one such solution after another, which explains what patterns can appear, and in what order.
A schematic of the physicists’ research. Credit: Michael Schatz, Roman Grigoriev.
Recurrent solutions, two frequencies
“All the recurrent solutions that we found in this geometry turned out to be quasi-periodic—that is, characterized by two different frequencies,” said Grigoriev. One frequency described the overall rotation of the flow pattern around the axis of symmetry of the flow, while the other described the changes in the shape of the flow pattern in a reference frame co-rotating with the pattern. The corresponding flows repeat periodically in these co-rotating frames.
“We then compared turbulent flows in experiment and direct numerical simulations with these recurrent solutions and found turbulence to closely follow (track) one recurrent solution after another, for as long as turbulent flow persisted,” Grigoriev said. “Such qualitative behaviors were predicted for low-dimensional chaotic systems, such as the famous Lorenz model, derived six decades ago as a greatly simplified model of the atmosphere.”
The work represents the first experimental observation of chaotic motion tracking recurrent solutions actually observed in turbulent flows. “The dynamics of turbulent flows are, of course, far more complicated due to the quasi-periodic nature of recurrent solutions,” Grigoriev added.
“Using this method, we conclusively showed that the organization of turbulence in both space and time is well captured by these structures,” the researchers said. “These results lay the foundation for representing turbulence in terms of coherent structures and leveraging their persistence in time to overcome the devastating effects of chaos on our ability to predict, control, and engineer fluid flows.”
A new dynamical foundation for 3D fluid flows
These findings most immediately impact the community of physicists, mathematicians, and engineers who are still trying to understand fluid turbulence, which remains “perhaps the greatest unsolved problem in all of science,” Grigoriev said.
“This work builds and expands on previous work on fluid turbulence by the same group, some of which was reported at Georgia Tech in 2017,” he added. “Unlike the work discussed in that publication, which focused on idealized two-dimensional fluid flows, present research addresses the practically important and more complicated three-dimensional flows.”
Ultimately, the team’s study lays a mathematical foundation for fluid turbulence which is dynamical, rather than statistical, in nature—and hence has the capability to make quantitative predictions, which are crucial for a variety of applications.
“It can give us the ability to dramatically improve the accuracy of weather forecasts and, most notably, enable prediction of extreme events such as hurricanes and tornadoes,” said Grigoriev. “Dynamical framework is also essential for our ability to engineer flows with desired properties, for instance, reduced drag around vehicles to improve fuel efficiency, or enhanced mass transport to help remove more carbon dioxide from the atmosphere in the emerging direct air capture industry.”
Researchers reveal multi-scale characteristics of helicity in wall-bounded turbulent flows
More information:
Christopher J. Crowley et al, Turbulence tracks recurrent solutions, Proceedings of the National Academy of Sciences (2022). DOI: 10.1073/pnas.2120665119
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Physicists uncover new dynamical framework for turbulence (2022, August 29)
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The International Monetary Fund has warned of further turbulence ahead for financial markets, particularly as governments around the world shift gears into recovery mode.
Central banks’ moves to tighten monetary policy and curb rising inflation could push riskier stocks deeper into the red even as policymakers pledge a smooth transition, the IMF’s Tobias Adrian, financial counsellor and director of monetary and capital markets, told CNBC’s Geoff Cutmore.
“We could certainly see further tightening of financial conditions, and that means that risk assets such as equities could sell off further,” Adrian said.
The market reaction will hinge largely on central banks’ ability to communicate their intentions, Adrian said, urging order and transparency.
On Wednesday, the Federal Reserve signaled that it could halt its asset purchasing program and start raising interest rates as soon as March.
“This is hopefully not going to be disorderly, but it’s going to be an orderly adjustment in terms of valuations,” he said.
Traders work at New York Stock Exchange Feb. 25, 2020.
Zhang Mocheng | Xinhua | Getty Images
“We are estimating, for example, for an unexpected further tightening of 50 basis points you could see a substantial further sell-off in the equity markets,” he added, noting that some sectors would be worse affected than others.
Such disruption could translate into crypto markets too, Adrian said, which have exhibited an “increase in correlations” with traditional financial markets and have witnessed a major sell-off this year.
Adrian’s comments come as the IMF released on Thursday its Global Financial Stability report. It follows the release of its World Economic Outlook earlier this week, which downgraded global growth to 4.4% in 2022.
Despite downward pressure from rising interest rates, Thursday’s report noted that corporate earnings are forecast to surpass pre-pandemic levels in 2022 in most sectors.
Meanwhile, bond spreads —a key metric for measuring the price of a group of bonds — remain below average 2019 levels.
Emerging markets under pressure
The IMF’s report also highlighted the “spillover” risks to emerging markets from policy normalization among advanced economies.
The IMF had previously warned that U.S. policy tightening will hamper the economic recovery in emerging Asia.
“We have certainly seen capital flows through many emerging markets slow down already in the past three months, and we could see a further slowdown going forward,” Adrian said.
Inflationary pressures within emerging markets have also led many central banks to raise policy rates, putting nascent growth recovery at risk.
“Such further tightening of domestic financial conditions at a time of high fiscal deficits and external financing needs could generate significant strains,” the report said.
One asset holding up through the early 2022 market turmoil: gold.
Rising geopolitical tensions in Europe and a slide in major U.S. stock indexes has sent investors rushing into the haven metal. On Friday, they poured a record net $1.6 billion into
SPDR Gold Shares,
GLD 0.54%
the world’s largest physically backed gold exchange-traded fund, according to Dow Jones Market Data. When individuals buy shares of an ETF backed by physical gold, they are buying a stake in a trust. The ETF tracks the metal’s price since the asset held by that trust is metal.
Demand for gold climbed after tensions between Russia and Ukraine escalated last week. Investors often flock to gold during geopolitical turbulence, expecting it to hold value even when other assets struggle.
“Gold thrives on uncertainty, and we’ve got that by ladle full,” said
Rhona O’Connell,
head of market analysis EMEA & Asia at StoneX. She estimates that gold will trade at an average of $1,900 a troy ounce in the second half of 2022.
Gold prices have traded in a relatively narrow range in 2022, hovering below their November highs of $1,870.20 a troy ounce and 2020 record of $2,051.50. Bets the Federal Reserve will act aggressively to curb inflation helped pull the metal back from those levels, reducing the appeal of gold as protection against rising prices. Expectations for rate increases also have sent U.S. government bond yields higher, making them more competitive with gold, which pays no regular income.
Most actively traded gold futures ended Tuesday up $10.80, or 0.6%, to $1852.50.
Analysts said recent declines in the stock market also could support gold, with the S&P 500 and Nasdaq Composite recently wrapping up their worst week since March 2020. Investors also have battered other speculative bets, including bitcoin, which some cryptocurrency enthusiasts have touted as another form of inflation protection.
“Gold has re-emerged as a safe haven and portfolio tail hedge given repricing and selloff in equities and crypto assets,” said Aakash Doshi, head of commodities for North America at Citi Research.
One potential new source of pressure for gold prices is this week’s Fed meeting, which investors plan to watch closely for clues on the path of interest-rate increases. Yields on two-year Treasury bonds, which typically climb when investors expect tighter central bank policy, have lately risen to their highest levels since February 2020.
Some investors said expectations for Fed policy tightening were already weighing on gold, helping push it down to a 3.5% loss in 2021, its largest percentage decline since 2015.
“Gold was the problem child last year, but it might be the star student this year,” said Robert Minter, director of ETF investment strategy at abrdn, which offers the Aberdeen Standard Physical Gold Shares ETF with net assets around $2.4 billion as of Dec. 31.
U.S. stock futures dropped, putting markets on course for another day of bumpy trading, as investors awaited the Federal Reserve’s policy meeting and parsed a docket of earnings.
S&P 500 futures fell 1.1%, while futures tied to the technology-heavy Nasdaq-100 slumped over 1.7%. Futures linked to the blue-chip Dow Jones Industrial Average dropped 0.6%.
General Electric
fell 2.6% in premarket trading after reporting a fourth-quarter loss of $3.8 billion, while
Raytheon Technologies
declined 2.7% after posting quarterly revenue that missed analysts’ expectations. Meanwhile,
3M
shares rose 1.4% after the company reported a better-than-expected performance.
Market volatility has spiked in recent sessions, as investors have grown anxious about how rapidly the Federal Reserve will act to combat inflation by raising interest rates and shrinking its balance sheet. Meantime, earnings have failed to deliver the bumper beats investors became accustomed to last year, while geopolitical tensions surrounding Ukraine and Russia have weighed on sentiment.
While earnings in 2021 were a source of strength for equity markets, recent results suggest companies are beginning to struggle with inflation and slowing economic growth, said
David Donabedian,
chief investment officer at CIBC Private Wealth.
“We have gotten so used to this cycle of companies blowing the roof off of earnings expectations, but so far that is not happening,” he said.
Markets whipsawed Monday, with the Nasdaq Composite declining as much as 4.9% before rallying to close 0.6% higher. The S&P 500 and Dow Jones Industrial Average staged similar comebacks.
Meme stocks continued to suffer Tuesday.
Gamestop
and AMC declined 4% and 5%, respectively, in premarket trading, after falling sharply on Monday.
The U.S. dollar last year saw its largest increase in value since 2015. That is good for many American consumers, but it could also put a dent in stocks and the U.S. economy. WSJ’s Dion Rabouin explains. Photo illustration: Sebastian Vega/WSJ
Federal Reserve officials are set to debate the path of monetary policy, including the speed at which they could shrink the nearly $9 trillion bond portfolio, at their two-day meeting that starts Tuesday. Chairman
Jerome Powell
is expected to use his postmeeting comments to lay the groundwork for a cycle of interest-rate rises.
The yield on the benchmark 10-year U.S. Treasury note rose Tuesday to 1.785%, from 1.735% Monday. Bond yields move inversely to prices.
Overseas, Japan’s Nikkei 225 closed down 1.7%, with major decliners including technology and telecom giant SoftBank Group, which fell more than 5%. Australia’s S&P/ASX 200 and South Korea’s Kospi Composite both retreated more than 2%. Hong Kong’s Hang Seng Index shed 1.7%.
European stocks rebounded, having closed Monday before U.S. indexes rallied. The pan-continental Stoxx Europe 600 index was up 0.6% Tuesday.
Asia markets fell following a volatile day on Wall Street.
Photo:
Ahn Young-joon/Associated Press
Write to Will Horner at william.horner@wsj.com, Rebecca Feng at rebecca.feng@wsj.com and Quentin Webb at quentin.webb@wsj.com
An unprecedented trend appears to be underway between the booming energy sector and the turbulent stock market.
Over the past ten trading days, the Bespoke Investment Group’s Paul Hickey finds energy has never performed this well while the S&P 500 is trading lower.
“The energy sector is up close to 17% and the S&P 500 is down,” the independent research firm’s co-founder told CNBC’s “Trading Nation” on Tuesday. “This is an unheard of situation that we’re in.”
He highlights the relationship in a special chart with data going back to 1990.
“You have a big disparity where one end of the rubber band is stretched way to the left and the other is stretched way to the right,” he noted. “When you’ve seen that happen, you tend to see a reversion to the mean.”
He also mentions the Energy Select Sector SPDR Fund is up 3% in three of the last four trading days. It’s a longer-term bullish trend, according to Hickey, that has happened only a few times in about the last two decades.
“Following prior periods of similar strength in XLE, the sector has seen short-term profit-taking, but a year later it was higher all five times,” Hickey wrote to investors this week. “Performance of the broader equity market following similar surges in the Energy sector was uniformly weak in the short-term, but uniformly positive six and twelve months later.”
On Tuesday, the XLE rose 0.58% to close at $55.04, and is up more than 13% over the past month.
