Wednesday, 20 June, 2018


Tech, health care lead stocks lower

Tech, health care lead stocks lower Tech, health care lead stocks lower
Conrad Doyle | 16 May, 2018, 10:21

On the economic front, advance estimates of U.S. retail and food services sales for April were 497.6 billion U.S. dollars, an increase of 0.3 percent from the previous month, in line with market expectations, said U.S. Commerce Department on Tuesday. Essex Property Trust fell 3 percent to $234.69.

TECH TUMBLES: A slide in technology stocks weighed on the market. KeyCorp rose 1.5 percent.

The yield on the benchmark 10-year Treasury note rose to 3.05 percent, its highest level since July 2011. Higher mortgage rates can make it harder for would-be buyers to afford to purchase a home.

Viacom slumped 6 percent and CBS rose 4 percent after CBS sued to block efforts to force the company combine with Viacom.

US stocks dropped sharply on Tuesday after Home Depot reported quarterly sales that fell short of Wall Street's expectations and interest rates breached new highs.

The Dow lost 193 points, or 0.8 percent, to 24,706. The retail sales data suggest that consumers are spending more after a weak first quarter.

Technology and health care sector companies took some of the worst losses. Agilent Technologies slid 9.2 percent to $62.88. A move in the yield above 2.9 percent earlier this year triggered a correction for US equities. Chipmaker Nvidia fell 3.8 percent to $245.56. Brent crude, used to price global oil, added 20 cents to close at $78.43 a barrel in London.

US companies that would stand to benefit from an effort to rescue ZTE, a Chinese technology company hurt by USA tariffs, rose in early trading Monday. The euro weakened to $1.1847 from $1.1944. The Dow Jones Small-Cap Value TSM Index closed at 10,162.47 for a gain of 1.12 points or 0.01%. Silver dropped 38 cents, or 2.3 percent, to $16.27 an ounce.

In other energy futures trading, heating oil was little changed at $2.25 a gallon.

Major indexes in Europe finished mixed Tuesday. The Nasdaq climbed 8 points, or 0.1 percent, to 7,411. Britain's FTSE 100 added 0.2 percent.

The Dow Jones industrial average lost 162 points, or 0.6 percent, to 24,739. South Korea's Kospi slipped 0.7 percent.

Google's parent company, Alphabet, was up 1 percent in early trading, and Exxon Mobil was also up 1 percent.

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