• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Saturday, April 1, 2023
McLennan County News
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

U.S. Stocks Slide As Rising Bond Yields Hit Growth Stocks – Reuters

us.-stocks-slide-as-rising-bond-yields-hit-growth-stocks-–-reuters
Share on FacebookShare on Twitter
Register now for FREE unlimited access to Reuters.com
  • Twitter slips on Elon Musk’s $43 bln buyout offer
  • Big banks beat expectations, report profit drops
  • All three major U.S. stock indexes post weekly declines
  • Indexes down: Dow 0.33%, S&P 1.21%, Nasdaq 2.14%

NEW YORK, April 14 (Reuters) – Wall Street closed lower on Thursday at the end of a holiday-shortened week as bond yields resumed their uphill climb and investors contended with mixed earnings and economic data.

All three major U.S. stock indexes posted weekly losses ahead of the Good Friday holiday.

“It’s a combination of continued worries still there,” said Ryan Detrick, chief market strategist at LPL Financial in Charlotte, North Carolina. “It’s a mixed bag earning season so far, and that, coupled with high inflation and the hawkish Fed have led to selling ahead of the holiday weekend.”

Register now for FREE unlimited access to Reuters.com

Rising 10-year Treasury yields pressured growth stocks, dragging the S&P 500 and the Nasdaq deeply into negative territory, while the Dow posted a more modest loss.

“The higher yields pressure higher growth stocks as their net present value … takes a hit when yields go higher,” Detrick said.

A quartet of large U.S. banks shifted the first quarter reporting season into overdrive, with Goldman Sachs Group Inc (GS.N), Citigroup Inc (C.N), Morgan Stanley (MS.N), and Wells Fargo & Co (WFC.N) all posting results. read more

While all four beat Street estimates, they also reported steep profit declines. Their share price reaction was mixed, and were last moving in the range of up 1.6% (Citigroup) to down by 4.5% (Wells Fargo). The broader S&P 500 Finance index fell 1.0%.

“There’s some concerns this earnings season,” Detrick added. “Expectations are the lowest since the recovery started and it’s got investors cautious of how companies will step up to the earnings altar in the comings weeks.”

A host of economic data showed spiking gasoline prices helped retail sales beat consensus and prompted the largest jump in import prices in nearly 11 years. read more

A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo

The data falls in lockstep with other recent indicators, which appear to cement aggressive inflation-curbing actions from the Federal Reserve in the coming months, including a series of 50 basis point interest rate hikes.

Tesla Inc (TSLA.O) Chairman Elon Musk offered to take Twitter Inc private with a $41 billion cash offer. The social media company’s shares oscillated throughout the session but closed down 1.7%.

The Dow Jones Industrial Average (.DJI) fell 113.36 points, or 0.33%, to 34,451.23, the S&P 500 (.SPX) lost 54 points, or 1.21%, to 4,392.59 and the Nasdaq Composite (.IXIC) dropped 292.51 points, or 2.14%, to 13,351.08.

Of the 11 major sectors in the S&P 500, tech shares (.SPLRCT) fared the worst, sliding 2.5%.

The first-quarter reporting season is still in its infancy, with 34 of the companies in the S&P 500 having reported.

Analysts now expect aggregate annual S&P 500 earnings growth of 6.3%, less optimistic than the 7.5% growth projected at the beginning of the year.

Thursday marked the monthly expiration for options contracts, an occurrence that has in the recent past helped amplify stock market gyrations as investors make adjustments to account for millions of expiring options contracts on stocks, ETFs and indexes.

Declining issues outnumbered advancing ones on the NYSE by a 1.83-to-1 ratio; on Nasdaq, a 2.02-to-1 ratio favored decliners.

The S&P 500 posted 33 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 66 new highs and 218 new lows.

Volume on U.S. exchanges was 10.45 billion shares, compared with the 12.22 billion average over the last 20 trading days.

Register now for FREE unlimited access to Reuters.com

Reporting by Stephen Culp; additional reporting by Saqib Ahmed in New York, Bansari Mayur Kamdar and Devik Jain in Bengaluru; editing by Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

McLennan County News

© 2021 McLennan County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 McLennan County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT