U.S. stocks fall as bond yields hit 3%

26 April, 2018, 12:38 | Author: Sherri Guerrero

Comcast rose 2.7 percent after the largest USA cable company confirmed its $31 billion bid for Sky on the heels of its better-than-expected earnings report.

Boeing rose 4.2 percent after reporting quarterly results that easily beat analyst expectations. Fox rose 1.6 percent to $36.58, while Disney, which plans to buy most of Fox's overseas and entertainment assets, climbed 1.7 percent to $101.15. The Dow Jones industrial average finished with a loss of 424.56 points, or 1.7 percent, to 24,024.13.

Japan's benchmark Nikkei 225 slipped 0.3 percent to 22,206.51 and Hong Kong's Hang Seng lost 0.8 percent to 30,378.89.

On Wednesday Goodyear Tire & Rubber said higher raw materials costs and weaker demand hurt its business in the first quarter.

INDUSTRIAL WEAKNESS: Caterpillar executives told analysts on a conference call in the late morning that they don't expect the company to report a larger per-share profit for the rest of the year.

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Volume on US exchanges was 7.22 billion shares, compared to the 6.80 billion average for the full session over the last 20 trading days.

The US markets ended the Tuesday trading session on red territory because of investors' concerns about a possible increase in interest rates and skeptical statement by the Caterpillar's President.

The Nasdaq is down 138.77 points, or 1.9 percent. That optimism helped send stocks to record highs in January. The Fed raised rates in March and is expected to do so at least twice more in 2018, though a growing number of central bank members are predicting a third additional hike by year's end. Meanwhile, the Alphabet stocks fell by more than 4.5%. JPMorgan hiked the Dallas-based chipmaker's price target to 132, from 122, following a healthy first-quarter beat reported last Tuesday. Brent crude, used to price worldwide oils, fell 1.1 percent to $73.86 per barrel in London. The 10-year Treasury is seen as a proxy for interest rates and a predictor of the long-term outlook for the U.S. economy. Earlier this month, JPMorgan CEO Jamie Dimon suggested a sharp rise in interest rates to halt economic growth and increase unemployment. The euro rose to $1.2237 from $1.2205. 3M, the maker of scotch tape and Post-it notes, saw its shares fall by 6.8 percent. The Nasdaq 100 outpaced the market's general losses on Tuesday, diving 2.1%. Heating oil rose 0.4 percent to $2.14 a gallon.

The Russell 2000 is down 10.84 points, or 0.7 percent.

In European trading, London's FTSE was down 0.67%.



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