US Market Indexes Report Another Day of Losses

US Market Indexes Report Another Day of Losses

US Market Indexes Report Another Day of Losses

The three main stock gauges have slumped this week, with analysts saying rising bond yields have helped peel money away from equities. Hong Kong-listed Wynn Macau lost 6.5% after The Wall Street Journal reported allegations of sexual misconduct at parent Wynn Resorts by founder Steve Wynn.

Also, a quarter of the S&P 500 companies are set to report their earnings this week.

USA pending home sales ( rose 0.5% in December, the National Association of Realtors said Wednesday, marking the highest reading since March, even though the index stands just 0.5% higher than a year ago.

The Dow Jones Industrial Average had plunged more than 300 points by mid-afternoon with no sign of a rebound before the closing bell. Boeing, easily the best Dow stock since the start of 2017, soared 5% after reporting record annual profits.

At 12:33 pm ET (1733 GMT), the Dow Jones Industrial Average was down 333.27 points, or 1.26 percent, at 26,106.21.

Shares of utilities and real-estate companies, considered by many investors to be bondlike due to their relatively hefty dividends, were among the biggest decliners in the S&P 500, falling alongside U.S. Treasury prices.

Mr Pavlik said: "Investors are getting a bit anxious about inflation which has led some people to believe that the Fed might be more aggressive when it comes to raising rates".

The Cboe Volatility Index, the most widely followed barometer of expected near-term volatility for U.S.

The S&P 500 was down 27.82 points, or 0.97 per cent, at 2,825.71 and the Nasdaq Composite was down 60.17 points, or 0.81 per cent, at 7,406.33. The market was coming off a two-day drop that was its biggest since August.

"Investors are catching up to the fact that rates have risen", said Jonathan Mackay, investment strategist at Schroders.

But yields have gained more recently, as the USA has raised interest rates.

The manufacturing index for January will also be out, which fell the previous month.

CURRENCY: The dollar gained to 108.97 yen from 108.78 yen.

Elsewhere, the Stoxx Europe 600 fell 0.2%, pressured by declines in shares of utilities and real-estate companies.

Beside a host of earnings reports, this week includes US President Donald Trump's State of the Union address, the Federal Reserve's monetary policy meeting and the US jobs report. They had risen about 2 percent premarket, aiming for their 2002 highs, after the company's strong results and forecast.

Among earnings, shares of Harley-Davidson dropped 5.4 percent after the motorcycle maker forecast a drop in shipments this year. Shares of Apple fell 2.1 per cent on news that the company will halve production of its $999 iPhone X smartphone.

Advancing issues outnumbered decliners on the NYSE by 1,567 to 1,298. The S&P 600 Index closed at 964.63 for a loss of -9.71 points or -1.00%.

The S&P 500 posted 125 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 150 new highs and 29 new lows. The Dow's two-day loss of 2% was its worst since September 2016.

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