Thursday, 24 May, 2018

Industrials Wreck the Dow Industrials

Stock futures flat as U.S. bond yields near 3 percent Stock futures flat as U.S. bond yields near 3 percent
June Sullivan | 26 April, 2018, 12:40

On the earnings front, Boeing rolled up a 2.7% premarket gain after reporting first-quarter revenue and earnings significantly above expectations.

The Dow is down 438.81 points, or 1.8 percent. The blue-chip index Dow Jones Industrial Average fell by 423 points (-1.7%) to 24,024.13 points, wiping out an increase of 131 points from the beginning of the session.

The S&P 500 gained 0.2 per cent, while the Nasdaq closed slightly below breakeven point. The company, S&P 500, slides down by 0.3 percent whereas "Nasdaq Composite" came down by 0.4 percent.

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

But the industrial giant's shares sunk later in the day, sparking a mass sell-off throughout the stock market, after Caterpillar Chief Financial Officer Brad Halverson said the company's first-quarter profit "will be the high-water mark for the year" because of expected increases in investment later in 2018.

A late round of buying erased early losses on Wall Street, leaving major indexes mixed at the close of trading.

The Dow opened slightly higher on Wednesday, boosted by Boeing's 3.4 per cent jump after strong results, while the Nasdaq and S&P 500 were little changed as USA bond yields climbed above the 3 per cent level.

Higher rates, which are rising on expectations of stronger USA economic growth and inflation, are also helping shore up the dollar. The yield on the 10-year Treasury note rose to 2.99 percent from 2.98 percent. Many investors now believe the Fed will hike rates four times this year.

Shares of Boeing rose 4.2percent after the company posted better-than-expected profits amid strong commercial airliner sales, leading it to raise its forecasts after a record 2017. Bond prices slipped again Tuesday. The 10-year Treasury is seen as a proxy for interest rates and a predictor of the long-term outlook for the United States economy. It's been climbing because investors expect higher economic growth and inflation. The euro rose to $1.2237 from $1.2205. Industrials fell 0.6 per cent as shares of railroad companies lost ground.

Oil rose above $75 a barrel to its highest level since November 2014, but then reversed course as U.S. President Donald Trump and French President Emmanuel Macron pledged to try to resolve U.S. The S&P 500 is lower by 0.36% and the Nasdaq Composite is off by 0.55%. At last check, London's FTSE 100 and the French CAC 40 are each 0.7% lower.

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