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Boeing's big gain ends five-day losing streak for the Dow

29 April, 2018, 13:24 | Author: Samuel Sharp
  • US stocks set to open little changed as 10-year yield approaches 3

US stocks slid on Tuesday as 10-year Treasury yields hit the highly anticipated 3 per cent mark for the first time in four years, stoking concerns over higher borrowing rates for companies already facing rising costs, and as quarterly results failed to deliver positive outlooks.

The Dow Jones Industrial Average fell 424.56 points, or 1.74%, to 24,024.13, the S&P 500 lost 35.73 points, or 1.34%, to 2,634.56 and the Nasdaq Composite dropped 121.25 points, or 1.7%, to 7,007.35. The S&P 500 index, meanwhile, ended up about 0.2% at 2,639, as gains in the energy sector (XLE) health-care, consumer discretionary and industrials supported the broad-market benchmark.

On Tuesday Caterpillar fell 6.2 percent despite its earnings beat, when investors were spooked by the company's warning of higher costs.

Rising interest rates should eventually be absorbed into the market, but this doesn't mean the bull market will resume.

INDUSTRIAL WEAKNESS: Caterpillar executives told analysts on a conference call in the late morning that they don't expect the company to report a larger per-share profit for the rest of the year. 3M said raw materials costs are rising, especially for materials derived from crude oil, whose price has been rising, and transportation and logistics expenses are rising as well.

The 10-year bond note yield traded at highest level since January 2014, breaking above 3 percent for the first time in more than four years.


Other companies, including Lockheed and 3M, also gave disappointing updates, adding to the sting of rising Treasury yields. Industrial and basic materials companies and technology firms are taking some of the worst losses.

Investors expected strong profit growth this year thanks to the growing global economy and tax cuts President Trump signed last year. Gina Martin Adams, chief equity strategist for Bloomberg Intelligence, said that hasn't happened yet. It shed 1.4 percent to $67.70 a barrel in NY the previous day. Eastern time. The Dow Jones industrial average was down 509, or 2.1 percent, to 23,982.

Stocks were pressured early in the session as key US interest rates reached levels not seen in years.

Other big technology companies also fell, as Facebook dropped 3.7 percent to $159.69 and Microsoft skidded 2.3 percent to $93.12.

The Nasdaq is down 138.77 points, or 1.9 percent. The Dow finished up about 60 points, or 0.23, at 24,083, with Boeing's stock contributing about 96 points to the blue-chip average.

Japan's benchmark Nikkei 225 slipped 0.3 percent to 22,206.51 and Hong Kong's Hang Seng lost 0.8 percent to 30,378.89.

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