Markets Right Now: Stocks are mostly lower; bond yields rise

16 May, 2018, 14:21 | Author: Brooke Harris
  • Dow Jones recorded the eighth consecutive winning session

Oil prices ended a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that USA sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.

Stocks fell on Tuesday, with the Dow Jones industrial average closing in the red for the first time in eight sessions, as bond yields spiked to multi-year highs on the back of strong economic data and the U.S. entered another round of trade talks with China. 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. The Dow Jones Small-Cap Growth TSM Index closed at 9,941.29 for a loss of -8.02 points or -0.08%. Treasuries were a key factor for the market Tuesday as investors watched 10-year Treasury yields climb to 3.08%.

The S&P 500 posted 10 new 52-week highs and seven new lows; the Nasdaq Composite recorded 82 new highs and 51 new lows. "A stronger dollar means downward pressure". Bond yields tend to rise when investors expect faster economic growth and higher inflation.

U.S. retail sales increased at a moderate 0.3 per cent in April as rising gasoline prices took a bite out of discretionary spending, according to the U.S. Commerce Department. The move raised expectations for further interest rate hikes from the Federal Reserve.

"The stock market was due for a digestion of the gains that we've seen over the last eight trading sessions", said Quincy Krosby, chief market strategist at Prudential Financial.

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The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday. Small-company stocks also rose. KeyCorp rose 1.5 percent.

Home Depot dropped 1.4 percent to $187.98 after the home-improvement retailer reported weaker-than-expected sales, partly because of inclement weather, and said the second quarter got off to a slow start.

Gains in health care and energy stocks outweighed losses in real estate companies and other sectors.

The Russell 2000 is up 64.83 points, or 4.2 percent. Gold fell $27.90, or 2.1 percent, to $1,290.30 an ounce.

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