Markets

Major US stock indexes head lower

Major US stock indexes head lower

THE QUOTE: "There's a number of data releases that will grab traders' attention today and could determine whether we see an early rebound in stock markets".

Casino operators and equipment companies got a boost from a Supreme Court decision that cleared the way for states to legalize sports betting. The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday. The Dow Jones industrial average lost 0.9%.

MARKETS OVERSEAS: In Europe, Germany's DAX fell 0.1 percent after new data showed the country's economy slowed in the first quarter. The Russell 2000 index of smaller-company stocks finished flat at 1,600.34.

"Yields on treasuries with shorter maturities are at their highest closing and intraday points in about a decade, continuing the basis point increases that began in September 2017 and have sustained so far this year", Tradeweb noted.

The prospect of higher mortgage rates weighed on home builders, while the rise in bond yields sent stocks that pay high dividends lower.

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%.

President Donald Trump tweeted over the weekend that the USA could ease sanctions on ZTE.




Home Depot dropped 1.4 percent on weaker-than-expected sales, partly because of inclement weather.

The Dow Jones industrial average gained 114 points, or 0.5 percent, to 24,941.

The yield on the 10-year Treasury note-the most important single figure in the financial world-charged through the 3% threshold without blinking Tuesday morning, rising a full 0.07 percentage point to a four-year high of 3.06%.

Stocks are moving mostly lower in midday trading on Wall Street, led by technology and health care companies.

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 S&P 500 fell 0.7 percent, to 2,711.45. The Nasdaq Composite Index was down 59.69 points, or 0.81 percent, to 7,351.63.

CURRENCIES: The dollar rose to 109.97 yen from 109.53 yen late Monday.


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