Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Overnight Markets: US stocks snap six-day winning streak

Overnight Markets: US stocks snap six-day winning streak

Wall Street declined on Wednesday to snap a six-session winning streak as reports showed weakness in home sales and global manufacturing.

The Dow Jones industrial average declined 13 points or 0.08%, to end at 16,502. The S&P 500 lost four points or 0.22%, to 1,875. The Nasdaq Composite dropped 34 points or 0.83%, to 4,127.

In economic news, new home sales tumbled more than expected to an eight-month low in March. The PHLX housing sector index fell 1.1%, with D.R. Horton Inc (DHI.N) off 2.2%.

In China, manufacturing is contracting for a fourth month, according to a preliminary survey from HSBC Holdings Plc and Markit Economics Ltd.

AT&T Inc (T.N) fell 3.8% a day after the Dow component reported earnings that beat expectations, offset by weak service revenue growth.

Verizon Communications (VZ.N) shed 1% while the S&P telecom sector index dropped 2.2%, easily making it the session's worst-performing sector.

Biotech shares pulled the Nasdaq lower. Amgen Inc (AMGN.O) slid 5%, a day after earnings missed forecasts. On the positive side, Gilead Sciences Inc (GILD.O) rose 1.4% and Illumina Inc (ILMN.O) gained 3.9% after the companies posted results late Tuesday.

Boeing Co (BA.N) reported first-quarter revenue that beat expectations and lifted its core earnings forecast to reflect a tax settlement gain, sending its stock up 2.4%.

After the closing bell, Apple Inc jumped 7.3% after the iPhone maker reported quarterly results, approved a seven-for-one stock split and expanded its share-buyback authorisation by $30 billion.

In another big move after the close, Facebook Inc (FB.O) gained 4.8% after its mobile advertising business continued to accelerate in the first three months of the year, helping the social networking company top Wall Street's revenue target.

Procter & Gamble Co's (PG.N) earnings topped forecasts but sales were flat. The stock slipped 0.3%.

In Asia, shares oscillated between gains and losses on Thursday as investors weighed better-than-estimated earnings from Apple Inc. and Facebook Inc. and an unexpected drop in home sales in the US.

The MSCI Asia Pacific Index fell 0.2% 139 as of 11 a.m. in Tokyo. South Korea’s Kospi index fell 0.2%, after rising 0.3% earlier. Japan’s Topix index lost 0.3%, retreating from a two-week high.

China’s Shanghai Composite Index slid 0.2%. Hong Kong’s Hang Seng Index was little changed, while Taiwan’s Taiex index slipped 0.1%. Australia’s S&P/ASX 200 Index added 0.2% and Singapore’s Straits Times Index rose 0.4%. New Zealand’s NZX 50 Index gained 0.2%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter