US Market Indexes Report Another Day of Losses

US stocks retreat from records ahead of packed week for corporate earnings
Wall Street slips at open, Apple weighs
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02 February, 2018

The Dow had tumbled almost 540 points over Monday on Tuesday amid a broad market sell-off as U.S. Treasury yields surged. Investors keep a close eye on the indices because the United States is the world's largest economy and the health of its companies influences share prices worldwide.

The seven biggest percentage losers among the S&P 500 components trading premarket were health stocks. S. Treasury long-dated yields rose in choppy trading ahead of a slew of events this week such as a Federal Reserve monetary policy decision which could help shed more light on the outlook for interest rates this year.

Wall Street suffered losses last night, and European markets are expected to drop this morning.

However, the Fed said it will "carefully monitor" inflation, which it expects to "move up this year".

At 11:00 a.m. ET (1600 GMT), the Dow was down 248.23 points, or 0.94 percent, at 26,191.25.

Wall Street backed off from record levels on Monday, with the Dow slipping more than 100 points, dragged lower by a slide in Apple shares after a report said iPhone X demand was waning. The index fell as much as 352 points, its steepest intraday point drop since May 17.

More than the rise in bond yields, the pace of the increase is what could hurt equity markets, said Hussein Sayed, chief market strategist at FXTM.

Nokia 3310 4G can make an LTE-powered a Wi-Fi hotspot
It is also expected that HMD Global might showcase the Nokia 3310 4G at the upcoming Mobile World Congress in Barcelona, Spain. There is no clarity over the price of this handset as HMD Global has not revealed the pricing and availability details yet.

The CBOE Volatility Index, the most widely followed gauge for investors' "fears", rose to as much as 15.42, its highest level since August. Caterpillar's 2.3 per cent drop weighed the most on the index.

According to Bespoke Investment Group the S&P 500 could end its record streak without consecutive declines of 0.5 per cent.

HONG KONG - Asian shares extended their bull run on Monday amid upbeat corporate earnings and strong global economic growth, while the dollar struggled to bounce as the White House continued to complain of "unfair" trade practices by competitors.

Lockheed Martin rose 2.3 per cent after the weapons supplier forecast higher 2018 earnings. 17 and its worst two-session percentage slump since September 9, 2016.

Harley-Davidson Inc (HOG.N) closed down 8.0% after announcing it would close a Kansas City plant in the face of declining shipments.

Advancing issues outnumbered decliners on the NYSE by 2,146 to 461. On the Nasdaq, 2,201 issues fell and 691 advanced.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets.


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