|Day's range||23,823.08 - 24,091.23|
|52-week range||20,553.45 - 26,616.71|
It has been a tough year for the Dow Jones industrial average thus far as the 30-stock index struggles for gains. History shows it could get a lot tougher because of the midterm elections scheduled for later in 2018.
After Caterpillar spooked investors by warning about higher material costs on Tuesday, Boeing executives, on a post-earnings call noted that it was not seeing a material effect from raw material costs. "With earnings reports that are coming out, the focus is on the forward guidance for where the interest rate environment is going," said William Norris, chief investment officer at CIBC Bank USA. Comcast rose 3.7 percent after the U.S. cable company topped Wall Street's profit estimates and offered $30.7 billion in a bid for Sky.
The yield on the benchmark 10-year U.S. Treasury note (XTUP:TMUBMUSD10Y=X) briefly touched 3% on Tuesday, notching a more-than-four-year high before pulling back to end just below 2.99%. Stocks took the Tuesday move in stride, at first, but later tumbled sharply in afternoon trade, leaving the Dow (^DJI) to finish down more than 420 points, or 1.8%, while the S&P 500 (^GSPC) dropped 1.4%. On Wednesday, stocks traded modestly lower.
It isn’t the 10-year Treasury yield topping 3% that’s spooking the markets, says one market watcher. It might have more to do with the 2-year yield.
No, neither could the promising news that Treasury Secretary Steve Mnuchin—along with the president’s top economic adviser Larry Kudlow—is heading to Beijing next week for trade talks. The Dow Jones Industrial Average was in negative territory all morning and was still down about 60 points by lunchtime, while the S&P 500 was also slightly in the red. A mid-morning rally quickly ran out of steam, but by lunch stocks were gamely trying to climb back out of the hole. The rate on the 10-year Treasury is now firmly at 3%, reaching nearly 3.02%.
Investing.com - Wall Street opened lower on Wednesday, as worry over rising bond yields offset a surge in corporate earnings.The S&P 500 was down over 21 points or 0.81% to 2,612.12 as of 9:45 AM ET (13:45 GMT) while the Dow composite decreased 200 points or 0.83% to 23,823.70 and tech heavy NASDAQ Composite fell 55 points or 0.79% to 6,951.73.Bond yields have risen to their highest levels in four years, as inflation has added to expectations of continued rate hikes from the Federal Reserve. ...
The “big bear market” for stocks that market timer Tom McClellan has been expecting appears to have begun, as Tuesday’s broad selloff turned a key technical indicator down from an already negative position to convey a “promise” of lower lows. McClellan, publisher of the McClellan Market Report, said there could be a pause in the downtrend this week, as his market-timing signals point to a minor top due on Friday.
Credit Suisse shares rally after earningsVCG via Customers wait outside Gucci Store in Shanghai. Investors shoved European stocks lower Wednesday in the wake of a selloff on Wall Street where equities were spooked by rising bond yields and mixed earnings reports. Germany’s DAX 30 index (^GDAXI) was the worst performing among the major national indexes.
U.K. stocks dropped Wednesday, with the blue-chip market’s winning streak coming to an end as elevated U.S. bond yields triggered a selloff on Wall Street.
U.S. stocks remain under pressure on Wednesday, as investors grapple with a mixed bag of earnings reports and bond yields that have been steadily climbing for the past six sessions.
A gauge of global equities was poised for its longest losing streak of the year on Wednesday as 10-year U.S. Treasury yields once again rose above the 3 percent mark, stoking concerns about rising costs that could dampen corporate earnings this year. The benchmark 10-year note yield edged up to 3.033 percent as jitters about growing federal borrowing spurred more selling in U.S. government debt. Yields' climb above 3 percent sapped demand for equities for a second straight session after major Wall Street indexes dropped more than 1 percent on Tuesday, when large companies such as Caterpillar (LSE: 0Q18.L - news) warned about increased costs from rising metals prices.
Freeport-McMoRan (FCX) released its 1Q18 results yesterday. The company’s adjusted EPS (earnings per share) from continuing operations were $0.46 in 1Q18, compared with $0.13 in 1Q17.
The stock market is not getting its usual bounce from strong earnings because it had already priced them in late last year, the longtime bull says.
Metal and mining stocks, including Alcoa (AA), have whipsawed amid frequent policy changes. Meanwhile, despite Section 232 tariffs, US steel stocks have been subdued this year. Steel stocks’ price action could be attributed to two key factors.
What are currencies doing? The ICE U.S. Dollar Index (IFUS:DX-Y.NYB), which gauges the buck against a basket of six currencies, rose 0.4% to 91.118, its highest level since mid-January according to FactSet data. The WSJ Dollar Index (CALCULATED:BUXX), which measures the greenback against a wider basket of currencies, gained 0.4% to 85.22, also its highest since January.
U.S. stocks headed lower on Wednesday with technology bearing the brunt of falls soon after opening as investors worried over rising bond yields, corporate costs and rising trade tensions with China. Shares ...
Want to know why the Dow Jones Industrial Average and other major indexes are doing what they're doing? This morning's decline seems like more like a hangover from yesterday than based on anything new.
While the 10-year Treasury note is garnering all the headlines, investors might be better off watching much shorter duration debt to figure out what's really happening in the markets. The 2-year note rose above 2.5 percent Wednesday, a level it last saw in August 2008, just a month before the financial crisis imploded with the collapse of Lehman Brothers.
The Nasdaq Composite Index was under selling pressure early Wednesday, with the technology laden index on the verge of erasing all of its hard-earned 2018 gains. The Nasdaq most recently was ...
Markets ended in negative territory on Tuesday after the 10-year Treasury yield briefly hit the psychological 3% mark for the first time since January 2014.
The U.S. stock market has been struggling to break out of a tight trading range for months, and increasingly investors seem concerned about the implications this could hold for the lengthy bull run.
U.S. stocks fell on Wednesday, in a decline that threatened to take the S&P 500 below a key technical level. The benchmark index lost 0.7% to 2,616, a decline that put it within a few points of its 200-day moving average, which is 2,608.86. It would need to drop another 0.3% to fall below the moving average.