Dow rises as Boeing results buoy stocks

Screen Shot 2018 04 24

Wall Street dropped sharply on Tuesday as warnings by bellwether companies of higher costs reverberated as the benchmark USA 10-year Treasury yield pierced the 3$ level for the first time in four years. On Tuesday, the Dow fell more than 400 points, while the S&P 500 and Nasdaq dropped more than 1 percent each. The S&P 500 closed at 2,639.40 for a gain of 4.84 points or 0.18%.

After a strong start, US stocks abruptly sold off Tuesday after machinery maker Caterpillar said it doesn't expect to top its first-quarter profit for the rest of the year.

Wall Street limped into positive territory on Wednesday on optimism over a spate of upbeat earnings that was almost offset by jitters over rising US bond yields and corporate costs. The worries began to set in after construction and mining equipment maker Caterpillar said it doesn't expect to top its first-quarter profit for the rest of this year.

Google Parent company Alphabet's stock fell 5 percent despite reporting a $9.4 billion first-quarter increase in net profit on Monday.

The 10-year bond note yield traded at highest level since January 2014, breaking above 3 percent for the first time in more than four years.

Other industrial, technology and basic materials companies also took sharp losses.

Other technology stocks in the FAANG group, Facebook, Amazon.com Inc and Netflix Inc, also weighed on the Nasdaq. This is partly due to the company's president Brad Halverson's statement, according to which the company's forecasts are that the first quarter will be the culmination of the year.

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The Dow Jones industrial average fell 97, or 0.4 percent, to 23,928. The yield on the 10-year Treasury note rose to 2.99 percent from 2.98 percent.

"It's not a mystery why these things are happening", Baumohl said. Specifically, futures on the blue-chip index are trading above fair value this morning, thanks to a positive earnings reaction for Boeing (BA) - though pre-market upside is modest as the 10-year Treasury yield holds above the key 3% level.

Bond prices slipped again Tuesday. The futures on the U.S. oil variety WTI dropped its price by 1.14% to 67.86 United States dollars per barrel.

Mining and manufacturing company 3M, another Dow indicator, saw its stock drop 7 percent after lowering its full-year profit forecast.

Later in the day, energy companies got a boost after Exxon Mobil said it is raising its quarterly dividend.

The Nasdaq is down 138.77 points, or 1.9 percent. The Kospi in South Korea lost 0.4 percent and Hong Kong's Hang Seng added 1.4 percent.

METALS: Gold rose 0.7 percent to $1,333 an ounce.

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