US stocks join global selloff on rate-hike fears

Traders work on the floor of the New York Stock Exchange (NYSE) on April 10, 2018 in New York City. — AFP pic
Traders work on the floor of the New York Stock Exchange (NYSE) on April 10, 2018 in New York City. — AFP pic

NEW YORK, April 25 — stocks fell early today, joining a global stock selloff on worries about rising interest rates.

The retreat continued the trend from yesterday, when the yield on the US 10-year Treasury hit 3.0 per cent for the first time in over four years. That sparked selling in amid worries the US Federal Reserve will accelerate interest rate increases due to rising .

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.6 per cent at 23,886.95.

The broad-based S&P 500 also lost 0.6 per cent to 2,619.17, as did the tech-rich Nasdaq Composite Index which fell to 6,968.32.



Mixed corporate earnings reports continued to factor into stock movements at the open.

Dow-member Boeing rose 1.2 per cent after reporting a surge in first-quarter profits and lifting key 2018 targets amid strong demand for commercial jets and growth in its defense business.

Comcast advanced 1.2 per cent after formalizing a £22 billion (US$30.7 billion, 25.1 billion euros) cash bid for pan-European satellite TV group Sky. The cable giant, which owns NBC Universal, reported first-quarter earnings of US$2.6 billion, down 17.5 per cent from the year-ago period.

A host of other companies reported results including Twitter, which fell 3.8 per cent, Goodyear Tire & Rubber, which lost 4.4 per cent and Norfolk Southern, which jumped 6.0 per cent. — AFP

Source: The Malay Mail Online





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