Boeing's big gain ends five-day losing streak for the Dow
29 April, 2018, 13:24 | Author: Samuel Sharp
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.
However, the German joked the same courtesy would not be afforded should Everton or Manchester United ever come calling. He had that hard part of the season and it was quite quick learning - and he did.
Voting was 316 to 245, majority 71, to carry over most of the EU Charter of Fundamental Rights into domestic law post-Brexit. Prime Minister Theresa May doesn't really have a choice, the bank's PowerPoint slideshow says.
He said: 'It is a great joy to have another grandchild; the only trouble is I don't know how I am going to keep up with them'. Prince William joined his brother Prince Harry and his fiancée Meghan Markle at Westminster Abbey for an Anzac Day service.
Pope Francis has offered prayers and support for Alfie and his parents, including meeting Tom Evans in an audience. On Tuesday, a high court judge decided that the boy's parents could not take him overseas for further treatment.
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Brolin casts a large shadow as Thanos , and it's a good thing because this movie deserves an epic villainous performance. The movie speeds along from gargantuan moment to gargantuan moment with death hovering above each spectacular sequence.
Emi Murphy, a campaigner at Friends of the Earth said: "This a major victory for science, common sense and our under-threat bees". The use of the active ingredients imidacloprid, clothianidin and thiamethoxam will henceforth be only allowed in greenhouses.
On the second day of the 2018 NFL Draft , news broke regarding the expected retirement of Dallas Cowboys' tight end Jason Witten . However, the plot twist in this situation is Witten wants to be in the broadcasting booth with FoxSports this year.
Judge Brinkley, who has been barred to speak publicly about the case, appears that she will not recuse herself from the case. Ordering Mill out on bail, the state's Supreme Court cited "credibility issues" over a police officer who was a witness.
The co-founder and CEO of Facebook Mark Zuckerberg has apparently agreed to meet with MEPs at the European Parliament next month. Stevens pressed him on whether Facebook read any terms and conditions of developers who put apps on the platform prior to 2014.
To date, Marler Clark, the food safety law firm , has been contacted by over 50 people, 7 of whom have contracted HUS. Pennsylvania leads the country with 18 cases, while California is second with 13 cases, according to the CDC.
Nintendo sold 15 million Switch consoles in FY2017
The success of the Switch has been a huge development for Nintendo after the company whiffed on its last console, the Wii U. As for the company's Labo cardboard peripherals, there is no sales information since they were launched only recently.
Jeremy Corbyn apologises for Labour anti-Semitism
He added: "The Jewish Leadership Council and the Board of Deputies of British Jews requests were hardly unreasonable". Allegations of Labour anti-Semitism have grown since pro-Palestinian socialist Corbyn was elected leader in 2015.