Monday, 28 May, 2018

Major US stock indexes head lower as bond yields spike

Global stock markets mixed amid trade uncertainty Dow breaks 8-day winning streak
Preston Stone | 16 May, 2018, 10:08

The US indexes closed Monday trading session with growth, hoping to reassure trade pressure between the two largest economies in the world, the United States and China. By afternoon, those gains were mostly gone.

The S&P 500 is up 37.84 points, or 1.4 percent.

Japan's Nikkei 225 stock index lost 0.2 percent to 22,766.69 and the Kospi in South Korea edged less than 0.1 percent lower to 2,457.88.

The Dow Jones Industrial Average declined 193 points, or 0.78%, to 24,706, ending its eight-session winning streak. The surge came after the Commerce Department said retail sales climbed 0.3 percent in April. The Russell 2000 was down only 0.1% thanks mainly to relative strength in small-cap banks. Mortgage rates, which have been rising this year, tend to track the 10-year Treasury yield.

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.

On Sunday, the US President Donald Trump pledged to help the Chinese technology company ZTE to "get back into business quickly" after US sanctions hurt the Asian company significantly. Acacia Communications also grew by 8.7%.

Judge refuses to dismiss ex-Trump aide Manafort's criminal case
He said Mueller didn't care about Manafort's alleged bank and tax fraud and wanted to use Manafort as a vehicle to get to Trump. She had previously thrown out a civil lawsuit Manafort filed against Mueller seeking to narrow his investigation.

President Donald Trump tweeted over the weekend that the USA could ease sanctions on ZTE. The Nasdaq composite fell 75 points, or 1 percent, to 7,335.

The S&P 500 posted 10 new 52-week highs and seven new lows; the Nasdaq Composite recorded 82 new highs and 51 new lows.

The broad sell-off followed a slump in bond prices, which sent the 10-year Treasury yield to its highest level in nearly seven years.

USA companies that would stand to benefit from an effort to rescue ZTE, a Chinese technology company hurt by US tariffs, rose in early trading Monday. The so-called "fear index" jumped more than 13% to 14.63 after spending the better part of a weeks at more than three-month lows.

Among the technology stocks pressuring the overall market, Alphabet Inc., the parent company of Google, fell 2%, while Facebook Inc. lost 1.2%. USA shares were set to drift slightly lower, with Dow futures down 0.4 percent and S&P 500 futures 0.3 percent lower.

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