Finance

Industrials Wreck the Dow Industrials

Industrials Wreck the Dow Industrials

Eight of the index's 10 main groups ended lower.

Australia reports quarterly import prices. The S&P/Case-Shiller index rose a seasonally adjusted 0.5% and was up 6.3% compared with a year ago in February.

Google Parent company Alphabet's stock fell 5 percent despite reporting a $9.4 billion first-quarter increase in net profit on Monday. The company and its franchisees will spend C$700-million over four years to revamp coffee chain Tim Hortons following a round of bad publicity over its management of the Canadian chain.

Stocks are opening broadly higher on Wall Street as a handful of solid company earnings reports put investors in a buying mood. 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 S&P 500 is now down 1.5 per cent year-to-date.

"It makes borrowing costs more expensive for corporations".

In Asia, share markets were trading lower on Wednesday in morning session, following an overnight drop in U.S. stocks. Southeast Asian shares were also mostly lower. The yield on the 10-year is one of the most closely followed financial measures in the world; mortgages and corporate loans are closely tied to the government bond. The sell-off was particularly driven by materials and industrials stocks.

Gary Kaltbaum, president of Kaltbaum Capital Management, said stocks were "flushing out" the earnings optimism that investors had already priced into the market. "They didn't see it as recurring or indicative of the core business".

Apple Inc shares lost 1.39% as worries over softening demand for high-end smartphones were underscored as Corning Inc reported a drop in screen glass sales for the first time in at least four quarters. Shares of Facebook, Netflix and Amazon shed more than 4% each.

"They're kind of pulling each other down", said Nolte. What matters is the difference between the two-year yield and the 10-year yield.

Shares of Lockheed Martin Corp, the Pentagon's largest weapons supplier, dropped per cent. But stocks were already "priced to perfection", leaving little room for error as companies reported financial results, he added. The U.S. economy is still on track for a strong 2018 with record low unemployment and steady growth, but rising interest rates and inflation could spur a slowdown in equities investment.

Oil topped $75 a barrel before plunging more than 2.5%. -European differences on Iran, easing concerns that the United States might reinstate sanctions against Iran.

The Dow Jones industrial average slipped more than 2 percent - 550 points - at its low in trading Tuesday as a key USA government bond yield hit 3 percent for the first time in more than four years and in reaction to a seemingly innocuous comment from a Caterpillar executive.


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