Major US stock indexes head lower

16 May, 2018, 16:15 | Author: Corey Lynch
  • E-mini Dow Jones Industrial Average

Higher borrowing costs sent stocks sharply lower.

MGM Resorts rose 1.6 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. The Dow lost 193 points, or 0.8 percent, to 24,706.41. The Nasdaq composite dropped 0.8 percent to 7,351.63 and the Russell 2000 index of smaller-company stocks finished flat at 1,600.34.

Canada's main stock index reversed course to edge higher on Tuesday, as gains in industrial stocks led by Air Canada more than offset a drop in miners due to declining gold prices.

Technology and health care sector companies took some of the worst losses.

Banks bucked the downward trend Tuesday and rose along with bond yields.

In Asia, shares declined on Wednesday in morning session after North Korea pulled out of high-level talks with Seoul and as US Treasury yields rose to the highest level in seven years overnight.

Apple fell 1 percent, Amazon fell 1.9 percent and Wells Fargo climbed 0.9 percent.




USA equity markets closed solidly lower on Tuesday with the Dow industrials halting their eight-day advance.

Markets focused early on economic reports with sales at U.S. retailers rising for a second straight month in April. The yield on three-month Treasury bills just jumped above that on the S&P 500 for the first time since the financial crisis 10 years ago. The S&P 500 closed at 2,711.45 for a loss of -18.68 points or -0.68%. Australia's S&P/ASX 200 lost 0.6 percent. The Nasdaq is up 4 percent.

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. That yield is used to set interest rates on mortgages and other kinds of loans.

Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3 per cent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014.

Benchmark U.S. crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY.

"U.S. oil prices have flip-flopped on a strong dollar", said Phil Flynn, analyst at Price Futures Group in Chicago.

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