Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1090458

Overnight Markets: Wall Street finishes lower in volatile trade

Technology shares fell 1.4%, with Apple down 2.1%, while energy dropped 1.7% as oil prices slumped.

 
Overnight Markets: Wall Street finishes lower in volatile trade

US stocks finished lower on Wednesday after an early surge, capping two days of volatile trading following a rout that began on Friday.

The Dow Jones Industrial Average declined 19 points, or 0.08%, to 24,893, the S&P 500 lost 13 points, or 0.50%, to 2,682 and the Nasdaq Composite dropped 64 points, or 0.9%, to 7,052.

While yesterday’s trading lacked the wild swings of the prior two sessions, the Dow industrials moved in a roughly 500-point range, more than three times the average daily swing over the past year.

The market’s move south came amid a spike in the 10-year Treasury yield after the US Senate reached a two-year bipartisan budget deal that would increase fiscal spending by $300 billion on the back of a big increase in military spending.

Technology shares fell 1.4%, with Apple (AAPL.O) down 2.1%, while energy dropped 1.7% as oil prices slumped. Gains for the industrials and financials sectors supported the market.

Wynn Resorts (WYNN.O) climbed 8.6% after casino mogul Steve Wynn resigned as the chief executive following sexual misconduct allegations.

Snapchat owner Snap (SNAP.N) soared 47.6% after it reported surging growth in users and revenue in its latest quarter.

Walt Disney Co.’s stock reversed early gains to drop 1.3% after the entertainment giant reported stronger-than-anticipated earnings late Tuesday.

Chipotle Mexican Grill Inc. tumbled 11% even as the burrito chain’s profit topped forecasts and revenue met expectations.

Shares in Tesla Inc. rose 3.3% as the maker of electric cars is scheduled to post earnings after the bell.

Media company Tronc Inc. jumped 19% after announcing its sale of the Los Angeles Times and the San Diego Union-Tribune for $500 million to businessman Patrick Soon-Shiong.

Shares in Hasbro Inc. rallied 8.8% after the toy maker beat fourth-quarter profit expectations but missed on revenue.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet