Published: Wed, May 16, 2018
Money | By Armando Alvarado

Tech and health care lead USA stocks lower

Tech and health care lead USA stocks lower

US shares were set to drift slightly lower, with Dow futures down 0.4 percent and S&P 500 futures 0.3 percent lower.

Losses in technology and health care companies helped pull USA stocks lower Tuesday, snapping an eight-day winning streak by the Dow Jones industrial average.

The S&P 500 rose by 0.1% and closed at 2,730.13 points, with energy, health and resource makers increasing most.

The Dow lost 183 points, or 0.7 percent, to 24,715.

"A little bit of today's jitters are related to a hangover to yesterday's wrongly placed exuberance that a trade deal was imminent, and the reality is we are in for a long slugfest between the USA and China", said Jon Mackay, investment strategist at Schroders North America in NY. The Nasdaq Composite closed at 7,351.63 for a loss of -59.69 points or -0.81%.

WALL STREET: Losses in technology and health care companies helped pull US stocks lower Tuesday, snapping an eight-day winning streak by the Dow Jones industrial average.The broad sell-off followed a slide in bond prices, which sent the 10-year Treasury yield to its highest level in nearly seven years, paving the way for higher borrowing costs on mortgages and other loans. The Nasdaq is up 4 percent.

Treasury yields surged higher after April retail sales came in as expected with a 0.3% month-over-month increase, but the March increase was revised higher to 0.8% from 0.6%, and core retail sales jumped 0.4%. Mortgage rates, which have been rising this year, tend to track the 10-year Treasury yield.

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He confirmed they are white. "An independent set of eyes is appropriate", Lopinto said. "It's whether the force was excessive". He said Louisiana State Police, the Federal Bureau of Investigation and his office will continue to investigate.

Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent. The retail sales data suggest consumers are spending more after a weak first quarter.

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

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

The benchmark 10-year note's yield climbed to 3.09% in afternoon trading, and it is up more than 67.1 basis points in 2018, according to data from bond platform Tradeweb.

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, gained 77 cents to $79.00 a barrel in London.

The dollar rose to 110.38 yen from 109.66 yen late Monday.

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. In China, the Shanghai Composite Index fell 0.43%. In Japan, the Topix index was off 0.2%. Hong Kong's Hang Seng dropped 1.2 percent.

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