US Market Indexes Lower for the Week

05 February, 2018, 06:27 | Author: Gladys Mathis
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The Dow Jones industrial average lost 633 points, or 2.4 percent, to 25,563. On average, profit growth expectations fall by four percentage points from the start of the quarter to the start of earnings season, said David Aurelio, senior research analyst at Thomson Reuters.

Wall Street also looked to the release of key corporate earnings. The index closed at an all-time high of 26,616.71 January 26. Its that combo of factors thats starting to mount, ” Jim Paulsen, chief investment strategist at Leuthold Weeden, said by phone.

Some were ascribing the market decline to nervousness over special counsel Robert Mueller's probe into whether there was collusion between Mr Donald Trump's presidential campaign and Russian Federation, and reports about a sensitive memo.

The U.S. added a stronger-than-forecast 200,000 jobs in January - and the report appears to have cemented expectations for another rate hike sooner rather than later, with 10-year Treasury yields surging to a four-year high.

"What is good for the average American worker ends up being negative for stocks because it increases the odds of further rate hikes", Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee.

Janet Yellen, the Federal Reserve's departing chair who had her last working day Friday, was viewed by some as being more concerned about measures of weakness in the job market than by the risk of rising inflation, and therefore more willing to keep rates low. In fact many say a pull back was overdue.

Apple fell 4.3 per cent after reporting a record $20 billion profit in the fourth quarter on higher revenues.

"For months I've been saying the market is underestimating what the Fed will do in raising interest rates", Jurrien Timmer, director of global macroeconomics for Fidelity Investments, told NBC News.

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Investors headed for the exits amid growing fears over a bond market rout, triggered by early signs of inflation in the USA as economic growth accelerates and wages appear to finally be rising after years of stagnation.

Any increase in rates puts upward pressure on business and consumer borrowing, where rates could trend higher for home mortgages, auto loans and other big-ticket purchases.

But the excluding tax reform bonus, earnings translated to 88 cents a share, below the $1.04 expected by financial analysts.

For instance, the benchmark Standard & Poor's 500 index jumped an eye-popping 7.5 percent in January alone. The index's five-day rout reached 3.9%-marking its first pullback of at least that much in a record 404 days.

The last time it dropped by over 600 points was after the Brexit vote in June 2016.

Looking ahead, observers advise watching the Asian markets Monday for its likely negative reaction to NY trading today.

S&P 500 e-mini stock futures EScv1 extended losses after 4 p.m. ET close in the cash market.

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