Sell-off in industrial, tech stocks sends Dow down for 5th straight day

26 April, 2018, 12:39 | Author: Marjorie Miles

Equity futures attempted a rebound from Tuesday's losses, then turned lower. The yield on the 10-year Treasury note rose to 2.99 percent from 2.98 percent. Heating oil dipped 0.6 percent to $2.13 a gallon.

On Wednesday, the USA stocks fell drastically adding up to the losses of the last session, as the investors fretted over interest rates reaching multiyear highs.

The Dow Jones industrial average gave up 424.56 points, or 1.7 percent, to 24,024.13. The Nasdaq composite dropped 121.25 points, or 1.7 percent, to 7,007.35. Oil prices have also jumped and investors are anxious that new tariffs will also drive up costs and affect company earnings in the months to come.

"Both Polaris and Caterpillar reported top and bottom line beats". Its shares jumped 23% to reach an all-time high of US$36 after the company swung to a profit in the first quarter.

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However, as more companies report earnings over the next few weeks, things could change, said Kate Warne, principal investment strategist at Edward Jones. NBC Universal-parent Comcast also posted stronger-than-forecast earnings and revenue. "I wouldn't be surprised if higher spending and lower margins are a theme with tech companies as regulations ramp up".

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So far, 24 per cent of S&P 500 companies have reported first-quarter results, with 77.1 per cent coming in above the Street consensus, versus the 64 per cent average since 1994.

Asia-Pacific stocks were broadly lower Wednesday following sizable declines on Wall Street as the yield on the 10-year U.S. Treasury note hit 3%.

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"One of the benefits of the incessant fall in interest rates has been a continued shift towards stock markets, which became the only game in town", said Joshua Mahony, Market Analyst at IG. Earlier this month, JPMorgan CEO Jamie Dimon suggested a sharp rise in interest rates to halt economic growth and increase unemployment. The S&P/Case-Shiller index rose a seasonally adjusted 0.5% and was up 6.3% compared with a year ago in February.

The market finds itself in a more cautious stance heading into Wednesday's open, with all three leading indexes having been shut down by resistance at their 50-day moving averages.

In Tokyo, the Nikkei 225 closed at 22,215, down 63 points while in Hong Kong the Hang Seng index tumbled 308 points to 30,828.

Chain's Shanghai Composite was off 0.4%. At last check, London's FTSE 100 and the French CAC 40 are each 0.7% lower.

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The S&P is down 35.58 points, or 1.3 percent.

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