Saturday, 26 May, 2018

Treasury yields surge pushes Wall Street lower

Dow drops nearly 200 points US Market Indexes Close Lower on Tuesday
Orlando Vargas | 16 May, 2018, 09:15

The Dow lost 193 points, or 0.8 percent, to 24,706. The Dow Jones industrial average lost 0.9%.

The S&P 500 declined 0.7 percent to 2,711.45 as health care and real estate stocks lagged. The Dow Jones Small-Cap Value TSM Index closed at 10,162.47 for a gain of 1.12 points or 0.01%.

ENERGY: Benchmark U.S. crude oil gave up 15 cents to $71.16 per barrel in electronic trading on the New York Mercantile Exchange. The Nasdaq composite dropped 0.8 percent to 7,351.63 as Amazon, Microsoft and Google-parent Alphabet all pulled back more than 1 percent.

United States stocks fell firmly on Tuesday after a surge in U.S. government bond yields to their highest level in nearly seven years challenged appetite for equities compared with climbing rates for risk-free bonds.

The prospect of higher mortgage interest rates weighed on homebuilders, while the rise in bond yields sent shares in high-dividend paying stocks lower.

Viacom slumped 6 percent and CBS rose 4 percent after CBS sued to block efforts to force the company combine with Viacom.

Cardi B addresses "Girls" controversy: "We never try to cause harm"
I apologize for that. "& have met them all and respect them. there. were. harmful. lyrics. period. love y'all". I have had romantic relationship with women and men throughout my life and this is my personal journey.


Laurel or Yanny? This audio clip is driving the internet insane
Laurel is starting some real fights", as social media users continue to debate which name they heard. Obviously this also depends on individual physiology and on what you "expect" to hear.


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The yield on the 10-year Treasury rose to 2.99 percent. The agency also revised March sales higher to 0.8 percent from 0.6 percent. "The most notable of these is the retail sales data for April, which is expected to be relatively good for a second consecutive month following a few poor numbers that were a little worrying", Craig Erlam, a senior market analyst for Oanda, said in a commentary. Bond yields tend to rise when investors expect faster economic growth and higher inflation.

Stocks are moving mostly lower in midday trading on Wall Street, led by technology and health care companies. The technological Nasdaq Composite expanded by 0.1% and ended at 7,411.32 points.

Benchmark US crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY. Brent crude, used to price worldwide oil, added 20 cents to close at $78.43 a barrel in London. The euro weakened to $1.1884 from $1.1974. The S&P 600 closed at 982.43 for a gain of 0.30 points or 0.03%.

Japan's benchmark Nikkei 225 edged down 0.2 percent to 22,818.02.

NORTH KOREA: North Korea canceled a high-level meeting with South Korea, threatening to scrap a historic summit next month between President Donald Trump and North Korean leader Kim Jong Un over military exercises between Seoul and Washington that Pyongyang has long claimed are rehearsals for invasion. Hong Kong's Hang Seng dropped 1.2 percent.

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