U.S. Stocks Retreat From Highs After European Shares Close Mixed

U.S. Stocks Retreat From Highs After European Shares Close Mixed
None

(Bloomberg) -- U.S. stocks declined as raw-material shares slid with commodity prices and investors assessed the rally that has pushed equities to new highs.

The S&P 500 Index dropped 0.6 percent to 2,381.91 at 4 p.m. in New York as the Dow Jones Industrial Average lost 43 points, about 0.5 percent, to 21,002. The gauge passed 21,000 for the first time Wednesday.

  • Financial shares down 1.5% for biggest loss since Jan. 17
  • Industrial companies lose 1%
  • Raw-material stocks down 1.1%; Bloomberg Commodity Index falls 1.5%
  • VIX down 6% for a second day of declines, back below 12
  • Traders are betting on an 88% chance the Federal Reserve will raise rates this month, versus 40 percent at the end of last week, after several central-bank officials signaled their willingness to increase borrowing costs
  • “If the Fed had wanted to keep its options open, a move back to around 60 percent would have been sufficient,” Michael Hewson, a market analyst at CMC Markets in London, wrote in a note. “In raising expectations to such an extent in such a short space of time, to not act now would deal a serious blow to their credibility, and also prompt quite a sharp market reaction”
  • The earnings season is drawing to a close, with about 73% of S&P 500 members that have already reported beating profit estimates and a little over half exceeding sales forecasts, according to data compiled by Bloomberg
  • Monster Beverages Corp. jumped 16% after posting better-than-forecast quarterly sales, while Broadcom Ltd. climbed 2.9% after the chipmaker predicted revenue that beat analysts' estimates
  • ECONOMY:
  • EARNINGS:
Unlock this article for free
Sign up to access exclusive stories, fewer ads, and a personalised experience.
Live TV
Apps
Social
Hello Reader
Sign In / Register
Set as Trusted Source
on Google Search
Add NDTV Profit As Google Preferred Source