Boeing ends Wall St's slide, Fed warning…

02 February, 2018, 00:27 | Author: Salvatore Jensen
  • US stocks retreat from records ahead of packed week for corporate earnings

A rise in the key 10-year Treasury rate is being watched closely by Wall Street as yields have climbed to the highest levels since 2014. Shares of healthcare-related companies fell afterAmazon, Hathaway and said they plan to form a venture aimed at lowering healthcare costs for their USA employees. Its quick ratio for the most recent quarter is N/A. Analysts mean recommendation for the stock is 2.80.

NOT GOOD ENOUGH: Textron shares fell 2.6 percent after the industrial conglomerate's earnings and revenue fell short of forecasts.

Some investors said the drops earlier in the week were healthy following a rapid run-up in stocks that pushed major indexes to fresh records. "You're also seeing some cracks in the global story with interest rates rising".

The Dow Jones industrial average ended a two-day slide early Wednesday with a almost 1 percent surge that came on the heels of a better-than-anticipated private-sector jobs report.

Apple (AAPL.O) down about 1.0 percent in after hours trading after posting results. The S&P 500 fell 7 points, or 0.23%, to 2,866.

The S&P 500 saw a 5.6% January rise, however. "Many people have been waiting for it to dip as it's marched higher and higher, and we finally had two days of weakness, particularly yesterday".

The CBOE Volatility index, widely considered the best fear gauge in the stock market, rose 6.86 percent to 14.79.

The Federal Reserve held the fed funds target rate steady on Wednesday but indicated it was concerned about inflation rising. Market expectations for a rate hike are 5.2 percent, according to the CME Group's FedWatch tool.

The central bank raised rates three times past year and sees three additional hikes in 2018 even as it continues to trim its balance sheet on a largely pre-set schedule.

"Investors are getting a bit anxious about inflation which has led some people to believe that the Fed might be more aggressive when it comes to raising rates", said Robert Pavlik, chief investment strategist at SlateStone Wealth. The euro strengthened to $1.2416 from $1.2404.

CURRENCIES: The dollar rose to 108.94 yen from 108.78 yen on Tuesday. President Donald Trump also vowed to tackle high health-care prices in Tuesday night's State of the Union address.

Wynn Resorts was down 8.5 percent after the company announced the formation of a committee to investigate sexual misconduct allegations against its CEO Steve Wynn.

The Dow fell 177 points on Monday, on the back of a rise in the 10-year treasury yield, raising concerns that higher interest rates could douse the bull market.

Among earnings, shares of Harley-Davidson dropped 5.4 percent after the motorcycle maker forecast a drop in shipments this year. The stock slid $1.54 to $58.64.

Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored advancers.



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