Dow’s 10-day win streak ends

Los Angeles Times - - COMPANY TOWN -

Losses in health­care and con­sumer-fo­cused com­pa­nies pulled U.S. stocks broadly lower Tues­day, snap­ping a 10-day win­ning streak for the Dow Jones in­dus­trial av­er­age.

En­ergy stocks fell along with the price of crude oil. Only the util­i­ties sec­tor eked out a gain on a day of mostly list­less trad­ing.

Bond prices were lit­tle changed. The yield on the 10year Trea­sury note held steady at 2.26%.

The mar­ket in­dexes wa­vered be­tween small gains and losses for the first few hours of trad­ing, then veered lower. The slide deep­ened af­ter Pres­i­dent Trump de­nounced North Korea’s nu­clear pro­gram.

At a brief­ing on opi­oid ad­dic­tion, Trump warned North Korea not to make any more threats against the United States, adding that North Korea would be “met with fire and fury like the world has never seen.”

The re­marks fol­lowed a new re­port as­sert­ing that U.S. in­tel­li­gence has as­sessed that Py­ongyang has pro­duced a nu­clear war­head that can fit in its mis­siles.

The VIX, a mea­sure of how much volatil­ity in­vestors ex­pect in stocks, jumped 10.4%.

In­vestors also con­tin­ued to size up com­pany earn­ings re­ports.

Avis Bud­get Group slumped 9.9% to $30.09 af­ter the car rental com­pany cut its guid­ance fol­low­ing a weak sec­ond quar­ter.

SeaWorld En­ter­tain­ment slid 6.2% to $12.76 af­ter the theme park op­er­a­tor re­ported sec­ond-quar­ter rev­enue that fell short of Wall Street’s ex­pec­ta­tions.

Michael Kors soared 21.5% to $45.25 af­ter the lux­ury hand­bag and ap­parel firm’s sales im­proved and its lat­est quar­terly results beat an­a­lysts’ fore­casts. The stock was the big­gest gainer in the S&P 500.

Ralph Lau­ren climbed 13.3% to $88.53 while peer-topeer loan com­pany Lend­ing-Club leaped 18.1% to $6.45 af­ter re­port­ing results that pleased in­vestors. Con­struc­tion gi­ant Ae­com climbed 8% to $33.85.

Health­care equip­ment and ser­vices com­pany Henry Schein de­clined 5.3% to $174.02 amid a broader slide by health­care stocks.

De­pomed plunged 33.4% to $6.15 af­ter the drug­maker cut its rev­enue fore­cast for the year as scru­tiny of opi­oid pain med­i­ca­tions af­fects its sales.

Bench­mark U.S. crude fell 22 cents to $49.17 a bar­rel in New York. Brent crude, the in­ter­na­tional stan­dard, fell 23 cents to $52.14 a bar­rel in Lon­don.

In other en­ergy fu­tures trad­ing, whole­sale gaso­line slipped 1 cent to $1.62 a gal­lon. Heat­ing oil fell 1 cent to $1.63 a gal­lon. Nat­u­ral gas rose 2 cents to $2.82 per 1,000 cu­bic feet.

Gold fell $2.10 to $1,262.60 an ounce. Sil­ver rose 14 cents to $16.39 an ounce. Cop­per rose 4 cents to $2.94 a pound.

The dol­lar fell to 110.48 yen from 110.72 yen. The euro fell to $1.1752 from $1.1793.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.