Wednesday, 18 July, 2018

Dow Drops 200 Points as Yields Rise…and Rise…and Rise

Dow Jones recorded the eighth consecutive winning session The Dow is doing something it hasn't done since the '80s, and it could signal new highs
Laurie Berry | 16 May, 2018, 09:01

A surge in USA government bond yields to their highest level in nearly seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China.

The Dow Jones industrial average lost 162 points, or 0.6 percent, to 24,739. The S&P 500 index fell 18.69 points, or 0.7% to 2,711.44. 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. Among the worst performers on the S&P 500, Agilent Technologies (A) shares dropped almost 10% after the maker of medical instruments and other equipment posted quarterly earnings that matched forecasts late Monday.

Retail sales reported a monthly increase of 0.3%.

Stocks are opening moderately higher on Wall Street, led by gains in technology, health care and energy companies. The Dow Jones Small-Cap Value TSM Index closed at 10,162.47 for a gain of 1.12 points or 0.01%.

The yield curve steepened from near its flattest levels since 2007, with the spread between the 2 year and 10 year bond yields widening 5bps to 50bps.

Ederson signs new seven-year contract with Manchester City
Pep Guardiola has done the impossible. "We were better than our opponents and the records we broke came from the way we played". Those who questioned whether Guardiola could cut it in England after a hit-and-miss first season must be eating their words.

The Russell 2000 is down 6.45 points, or 0.4 percent.

The prospect of higher mortgage rates weighed on home builders, while the rise in bond yields sent stocks that pay high dividends lower. The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday.

The Nasdaq is up 448.24 points, or 6.5 percent.

ENERGY: Benchmark U.S. 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. NXP's share price rose by 11.9% and Qualcomm added 2.7% to its value. The euro weakened to $1.1884 from $1.1974. Gold fell $27.90, or 2.1 percent, to $1,290.30 an ounce. Copper slipped 4 cents, or 1.2 percent, to $3.06 a pound. Williams said he thought the "new normal" for the neutral rate was around 2.5% (he added that he didn't expect the fiscal stimulus to have any more than a 0.25% impact on neutral) while Kaplan put it in a range of 2.5-3%.

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