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TSX retreats as oil prices fall, USA yields climb

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Screen Shot 2018 04 24

Shares of the world's biggest planemaker rose 2.8 percent after its profit jumped by more than half in the first quarter and the company raised its full-year forecasts for cash flow and earnings. Moves for the equity markets came against the backdrop of rising borrowing costs, which were causing a reassessment of stock valuations.

The rise in Treasury yields reflected the durability of the USA economic expansion and stoked views the three-decade-old bull market in bonds is coming to an end. Oil prices have also jumped and investors are anxious that new tariffs will also drive up costs and affect company earnings in the months to come.

Other technology stocks in the FAANG group, Facebook, Amazon.com Inc and Netflix Inc, also weighed on the Nasdaq.

Alphabet shares fell 4.77%, erasing the stock's year-to-date gains as rising expenses and shrinking margins overshadowed the company's better-than-expected quarterly profit.

The Dow Jones Industrial Average gained 59.7 points, or 0.25%, to 24,083.83, snapping a five-day losing streak. The Nasdaq Composite was lower at 7,003.74 for a loss of -3.61 points or -0.05%. A new four-year high for the yield on the benchmark 10-year Treasury note, which crossed above 3% for the first time since January 2014 on Tuesday, added to the negative tone on Wall Street. Eastern time. The Dow Jones industrial average was down 509, or 2.1 percent, to 23,982.

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USA crude oil futures settled 1.4 per cent lower at $67.70 a barrel as concerns faded over the possibility that the United States might reinstate sanctions against Iran.

"Fears of "peak earnings" are laughable considering that the average constituent in the S&P 500 has enjoyed year-over-year bottom line growth in excess of 20%", Klein wrote in a note. 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. The stock market had already been spooked by a climb in bond yields earlier in the year, sliding sharply in February.

The Nasdaq is down 138.77 points, or 1.9 percent.

CURRENCIES: The dollar rose to 109.17 yen from 108.67 yen. Copper rose 1 percent to $3.14 a pound. The euro rose to $1.2237 from $1.2205. Britain's FTSE 100 lost 1.2 percent. The VIX Volatility Index was lower at 17.84 for a loss of -0.18 points or -1.00%. Brent crude, used to price worldwide oils, lost 15 cents to $73.71 per barrel. By the close, Hong Kong's Hang Seng lost 1%, South Korea's Kospi fell 0.6%, China's Shanghai Composite shed 0.4%, and Japan's Nikkei dipped 0.3%.

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