Stock Futures Signaled A Lower Open On Wall Street

16 February, 2018, 02:40 | Author: Darnell Patrick
  • Specialist James Denaro works on the floor of the New York Stock Exchange on Monday

The Nasdaq Composite was up 107.47 points, or 1.56%, at 6,981.96, eliminating this year's losses.

President Donald Trump unveiled the country's latest budget Monday, with the White House calling for $3 trillion in deficit reduction, which would include $1.7 trillion in mandatory spending cuts, while proposing to cut discretionary spending by 2 percent a year after 2019.

The Dow Jones Industrial Average .DJI rose 0.16 percent to end at 24,640.45 points, while the S&P 500 .SPX gained 6.94 points to close at 2,662.94.

In a relief to many investors, Wall Street stocks are bouncing back after facing two weeks of volatile trading.

All the S&P 500's major 11 sectors rose, though bond-proxy sectors real estate, utilities and telecommunications services underperformed as investors monitored rising interest rates after USA 10-year Treasury yields hit a new four-year high of 2.902 earlier in the day. Both S&P 500 and Nasdaq futures indicated a negative beginning to the Tuesday's trade.

The fear that the era of cheap money could be coming to an end proved the catalyst for a major sell-off for stock indices both in the U.S. and across the globe - widely seen as a "correction" after markets had surged to record highs. They're also now all in the red for the year. Dow delivered its worst performance since January 2016.


The S&P 500 is down 9.3 percent from the record high it set January 26.

According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500. It's up 32 percent since the beginning of the year.

Technology companies, the leading sector over the past year, and banks fell the most.

WELLINGTON: The S/NZX 50 index dropped 1.00 per cent, to 8092.37.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.93 per cent while Japan's Nikkei shed 2.3 per cent, sealing a weekly loss of 8.1 per cent - its biggest since February 2016. Brent crude, used to price global oils, slid $2.02, or 3.1 percent, to close at $62.79 in London. Silver lost 20 cents, or 1.2 percent, to $16.14 an ounce. "These things take a few weeks to get worked out", he said.

Even the real estate sector managed to eke out a 0.1 percent gain as the afternoon wore on but it was weighed down by US 10-year Treasury yields, which hit a new four-year high of 2.902 earlier in the day. Earlier Tuesday morning, major companies reported another round of strong profits, with General Motors, BP, Allergan, several health-care companies and others beating analysts' expectations. USA 10-year Treasury yields remained near 2.8312 percent, easing slightly back from Monday's four-year high of 2.9020 percent.

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